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Monthly Imports Reach 2 Million Containers for First Time as Retailers Continue Rush to Beat Tariffs

Imports at the nation’s major retail container ports have set another new record, reaching 2 million containers in a single month for the first time as retailers continued to bring merchandise into the country ahead of a now-postponed increase in tariffs on goods from China.

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Imports at the nation’s major retail container ports have set another new record, reaching 2 million containers in a single month for the first time as retailers continued to bring merchandise into the country ahead of a now-postponed increase in tariffs on goods from China.

Here’s how the tariff wars are playing out in the world’s supply chains, and how good visibility, proactive thinking, and reliable supply chain partners can help protect companies of all sizes from the impacts.

The software technology available for customs declarations has developed rapidly in recent years and opens up substantially expanded possibilities for the public authorities as well as importers and exporters.

Proposed tariffs on Chinese goods are forcing retailers to buy early for the holidays to beat the tax but that could leave them with bloated inventories, organizations that have invested in digital inventory technology are gaining an edge in understanding inventory levels and being able to move inventory faster throughout the supply chain.

The tête-à-tête regarding trade between China and the US, the world’s two largest economies, has reached a new level.

The US economy advanced an annualized 4.1 percent on quarter in the second quarter of 2018, well above an upwardly revised 2.2 percent expansion in the previous period and in line with market expectations.

The Trump administration on Friday escalated a trade war between the world’s two largest economies, moving ahead with tariffs on $50 billion of Chinese goods and provoking an immediate tit-for-tat response from Beijing.

A mid-February 2017 report by Business Insider detailed the proposed border adjustment tax, currently under consideration in the U.S. Congress, which would impose a 20 percent tax on all goods entering the United States.

On October 28, 2016, the European Union has updated its EU Tariff, also known as the Combined Nomenclature.

Although payment of duties is an integral part of the import/export process, there is nothing to gain from paying more duties than necessary.

A new white paper from Purolator International, "The ABC’s of HST... Understanding the Harmonized System of Tariffs," offers a detailed look at what is one of the most complicated issues when dealing with cross border trade – proper tariff classification.