On June 20, 2018, the U.S. Trade Representative announced that an additional 25% tax will be imposed on certain products imported from China.
There are two lists that have been released naming the commodities that will be affected. (See links below) If you are subject to these tariffs, you’ll want to review your bond size.
The bond amount is 10% of the total duties, taxes, and fees an importer brings into the United States annually. Avoid bond insufficiency by determining your correct bond size using this formula. For example, anyone paying up to $500,000 in annual duties, taxes and fees would need a $50,000 bond.
For more information and to stay in the loop, you can visit the government message board, the Cargo System Messaging System, for posts regarding Customs updates.