Mexico Tomato Anti-Dumping Duty Bond Impact
The ripple effects of antidumping duties on tomatoes will impact all companies that are involved in the industry. We would like to remind importers of customs bond requirements and the potential for quick saturation of existing bonds.
Continuous bond amounts are calculated using 10% of the total duties, taxes, and fees paid for the previous 12-month period. The minimum continuous bond amount allowable is $50,000 USD, which covers up to $500,000 USD in duties, taxes, and fees to U.S. Customs and Border Protection (CBP).
The sharp increase in tariffs could result in rapid saturation of your customs bond. If your company’s bond becomes saturated and rendered insufficient by CBP, your company will not be permitted to import goods into the United States until a new bond with a higher limit of liability is established. Please be aware of the duties, taxes, and fees your company is paying and proactively monitor your bond saturation level.
If your bond begins to approach saturation, you will be notified by either CBP, the service provider that manages your bond, or the surety company. If your company is notified, your firm will have only fifteen (15) days to increase the bond.
If your company has questions regarding bond sufficiency, you can contact your service provider. The Willson U.S. Regulatory team can be reached via email firstname.lastname@example.org.