President Trump's recent imposition of sweeping tariffs on products from Canada, Mexico, and China is expected to strain the import duty collection system and the agencies enforcing these fees. Previously, many goods from Canada and Mexico entered the U.S. duty-free, making the transition to a 25% tariff for some and an additional 10% for China significant. Importers, accustomed to a more straightforward process, may require larger customs bonds to ensure these new duties are paid, adding complexity to the tariffs payment system.
Collecting import duties is usually a routine task, but the new tariffs are being imposed on Mexican and Canadian goods, many of which have been imported into the United States duty-free for many years.
Adam Lewis, a co-founder and president of Clearit, noted that while it wouldn’t be challenging to tweak software for the tariffs, significant adjustments might be necessary for a crucial part of the payment system.
Many of their products were coming in duty-free, and all of a sudden there's going to be a 25 percent increase... It's quite large.
U.S. imports from China, Mexico, and Canada totaled over $1.3 trillion last year, accounting for about two-fifths of all imports.
Collection
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