Latest news with #HarmonizedTariffSchedule
Yahoo
04-06-2025
- Business
- Yahoo
Flexport Debuts Tariff Simulator as Customers ‘Need Clarity on Costs'
Flexport wants to help businesses better estimate how much extra they're paying in tariffs when they're importing goods into the U.S. The digital freight forwarder launched the Flexport Tariff Simulator Monday as importers continue to navigate the stop-and-start environment. The simulator is accessible to the general public. More from Sourcing Journal US Pushes Global Partners for Trade Deals by Wednesday Trade Truce Crumbles as China Says US Violated Terms Trans-Pacific Ocean Freight Rates Continue Their Ascent on More Front-Loading With the Flexport Tariff Simulator, importers shipping to the U.S. can now estimate tariff and landed cost scenarios based on key shipment details, including: the Harmonized Tariff Schedule (HTS) code; shipment value; entry date; country of origin; and product-specific details such as material composition. For example, a business importing a men's T-shirt from China can either search their specific product category or enter the relevant HTS code and select an entry date to receive an estimated, detailed duty calculation with landed cost. The calculation also breaks out how much is owed for each individual duty that applies to the product's country of origin. Additionally, the tool also allows shippers to include potential exclusion codes to determine how much they would save if applied. Within the simulator, there is an interactive map that allows users to see trade data around the world including the total value of imports from a given country, the current average duty rate and the percentage of total U.S. imports coming from that country. The map also can break down total imports by individual HTS codes, and enables users to see the top trade partners for each individual product category. The simulator is built to enable dynamic scenario planning and cost forecasting as importers explore alternative trade lanes, manufacturing options and import timelines. According to Flexport, the user interface is updated in real time as tariff policies change. 'Our customers have been telling us loud and clear: they need clarity on costs,' said Ryan Petersen, founder and CEO of Flexport, in a statement. 'Our engineering team built The Flexport Tariff Simulator in response to meet that need in the face of all the uncertainty caused by rapid policy changes. We want to help merchants avoid expensive surprises.' Petersen has been vocal about the tariffs in recent months and how they could impact the Flexport business and its many customers. He told Fortune in a recent interview that the duties push back profitability projections for Flexport by six months to a year. And in a separate interview with The Wall Street Journal, he called the tariffs 'an extinction-level, asteroid-wiping-out-the-dinosaurs kind of event' for small businesses. In a LinkedIn post on Monday, Petersen called the tariff simulator 'the number one thing customers have asked for.' Retailers and brands alike of all sizes have had to endure a flurry of on-the-fly changes to U.S. tariff policy since April 2, when President Donald Trump's 'Liberation Day' announcements unveiled a slew of country-specific 'reciprocal' tariffs on dozens of American trade partners. A week later, on the day those duties initially went into effect, Trump put a 90-day pause on the country-specific tariffs, paring them back to a 10-percent baseline. Much of the attention is now on China, where plenty of Flexport customers still manufacture and source many of their products. China has seen the most tariff fluctuations of any U.S. trade partner as the White House continues its trade war against the country, likely creating confusion among those business leaders needing to stay abreast of the immediate impacts. On top of already existing Section 301 tariffs, China's 'Liberation Day' duties, including the 20-percent fentanyl-related tax, totaled 54 percent. These tariffs were then escalated to 145 percent as the remaining country-specific tariffs were scaled back, before being put largely on pause in May for 90 days. Chinese imports into the U.S. now have a duty rate of 30 percent. President Trump and China's President Xi Jinping could hold direct talks on the tariffs as soon as this week, according to the White House. Flexport's launch came the same day a Reuters report indicated that the White House wants its 'best offers' from U.S. trade partners by a Wednesday deadline. The official deadline for most countries to negotiate new deals with the Trump administration is July 9, before the 90-day pause expires and the original April 2 duties would go into effect. For China, the target date is Aug. 14. Alongside the tariff simulator launch, the freight tech company also is debuting a new, searchable catalog of HTS code content. Each entry is designed to provide detailed, easy-to-understand information to help businesses better navigate classification requirements, special duty rates and implications for their customs clearance process. Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Yahoo
02-06-2025
- Business
- Yahoo
Flexport Launches Tariff Simulator to Help Businesses Navigate Rapidly Changing Trade Policies
SAN FRANCISCO, June 02, 2025--(BUSINESS WIRE)--Flexport, the leading global logistics technology company, today announced the launch of the Flexport Tariff Simulator, a powerful new tool designed to help businesses estimate landed costs and navigate the evolving tariff landscape with greater speed and confidence. The tool is available to the general public at The launch marks the latest addition to Flexport's growing suite of customs and trade advisory technology—designed to provide importers with the data, insights, and transparency they need to make smarter, faster decisions in a complex global trade environment. With the Flexport Tariff Simulator, importers shipping to the United States can now estimate tariff and landed cost scenarios based on key shipment details, including: Harmonized Tariff Schedule (HTS) code; Shipment value; Entry date; Country of origin; and Product-specific details such as material composition. For example, a business importing aluminum-containing goods from China can enter the relevant HTS code, input the aluminum content, and select an entry date to receive an estimated, detailed duty calculation with landed cost. The Flexport Tariff Simulator enables dynamic scenario planning and cost forecasting as businesses explore alternative trade lanes, manufacturing options, and import timelines. "Our customers have been telling us loud and clear: they need clarity on costs," said Ryan Petersen, Founder and CEO of Flexport. "Our engineering team built The Flexport Tariff Simulator in response to meet that need in the face of all the uncertainty caused by rapid policy changes. We want to help merchants avoid expensive surprises." Within the simulator, there is an interactive map that allows users to see critical trade data around the world including the total value of imports from a given country, the current average duty rate, and the percentage of total United States imports coming from that country. Along with the tariff simulator, Flexport is also launching a new, searchable catalog of HTS code content. Each entry provides detailed, easy-to-understand information to help businesses better navigate classification requirements, special duty rates, and implications for their customs clearance process. While there are a number of other duty calculators that have launched, the Flexport Tariff Simulator is unique in its intuitive user interface and the fact it is updated in real time as tariff policies change. The technology is powered by Flexport's deep expertise in trade advisory, accurately applying tariff rates in an evolving, complex environment. As tariffs shift, the simulator and HTS catalog will evolve accordingly, ensuring customers always have the most accurate and transparent data at their fingertips. "As one of the largest customs brokerages in the U.S., Flexport is uniquely positioned to help businesses of all sizes stay compliant while managing risk and cost," Petersen added. The Flexport Tariff Simulator is available exclusively for U.S. imports and will be accessible to the general public for free at: About Flexport We believe trade can move the human race forward. That's why since our founding in 2013, it's our mission to make global commerce so easy there is more of it. Flexport is the tech-driven platform for global logistics—empowering buyers, sellers and their logistics partners with the technology and services to grow and innovate. Flexport was one of CNBC's Disruptor 50 Companies as well as one of Fast Company's Most Innovative Companies. Trusted by more than 10,000 brands, Flexport connects every step of the supply chain from factory floor to customer door - making it easy for businesses to ship anywhere, sell everywhere, and grow faster. View source version on Contacts Media Contact press@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
02-06-2025
- Business
- Business Wire
Flexport Launches Tariff Simulator to Help Businesses Navigate Rapidly Changing Trade Policies
SAN FRANCISCO--(BUSINESS WIRE)--Flexport, the leading global logistics technology company, today announced the launch of the Flexport Tariff Simulator, a powerful new tool designed to help businesses estimate landed costs and navigate the evolving tariff landscape with greater speed and confidence. The tool is available to the general public at The launch marks the latest addition to Flexport's growing suite of customs and trade advisory technology—designed to provide importers with the data, insights, and transparency they need to make smarter, faster decisions in a complex global trade environment. With the Flexport Tariff Simulator, importers shipping to the United States can now estimate tariff and landed cost scenarios based on key shipment details, including: Harmonized Tariff Schedule (HTS) code; Shipment value; Entry date; Country of origin; and Product-specific details such as material composition. For example, a business importing aluminum-containing goods from China can enter the relevant HTS code, input the aluminum content, and select an entry date to receive an estimated, detailed duty calculation with landed cost. The Flexport Tariff Simulator enables dynamic scenario planning and cost forecasting as businesses explore alternative trade lanes, manufacturing options, and import timelines. 'Our customers have been telling us loud and clear: they need clarity on costs,' said Ryan Petersen, Founder and CEO of Flexport. 'Our engineering team built The Flexport Tariff Simulator in response to meet that need in the face of all the uncertainty caused by rapid policy changes. We want to help merchants avoid expensive surprises.' Within the simulator, there is an interactive map that allows users to see critical trade data around the world including the total value of imports from a given country, the current average duty rate, and the percentage of total United States imports coming from that country. Along with the tariff simulator, Flexport is also launching a new, searchable catalog of HTS code content. Each entry provides detailed, easy-to-understand information to help businesses better navigate classification requirements, special duty rates, and implications for their customs clearance process. While there are a number of other duty calculators that have launched, the Flexport Tariff Simulator is unique in its intuitive user interface and the fact it is updated in real time as tariff policies change. The technology is powered by Flexport's deep expertise in trade advisory, accurately applying tariff rates in an evolving, complex environment. As tariffs shift, the simulator and HTS catalog will evolve accordingly, ensuring customers always have the most accurate and transparent data at their fingertips. 'As one of the largest customs brokerages in the U.S., Flexport is uniquely positioned to help businesses of all sizes stay compliant while managing risk and cost,' Petersen added. The Flexport Tariff Simulator is available exclusively for U.S. imports and will be accessible to the general public for free at: About Flexport We believe trade can move the human race forward. That's why since our founding in 2013, it's our mission to make global commerce so easy there is more of it. Flexport is the tech-driven platform for global logistics—empowering buyers, sellers and their logistics partners with the technology and services to grow and innovate. Flexport was one of CNBC's Disruptor 50 Companies as well as one of Fast Company's Most Innovative Companies. Trusted by more than 10,000 brands, Flexport connects every step of the supply chain from factory floor to customer door - making it easy for businesses to ship anywhere, sell everywhere, and grow faster.
Yahoo
28-05-2025
- Business
- Yahoo
Passport Global Secures U.S. Customs License, Expands Brokerage Across All U.S. Ports
PALO ALTO, Calif., May 28, 2025 /PRNewswire/ -- Passport Global, Inc. (Passport), a leading global ecommerce solutions provider, today announced it has been officially granted a U.S. Customs and Border Protection (CBP) Corporate Customs License and National Permit. This milestone positions Passport among a select group of providers authorized to act as permitted licensed customs brokers across all U.S. ports of entry—enabling the company to conduct customs business on behalf of ecommerce merchants and unlock a new era of regulatory control, cost recovery, and trade compliance. "With the rise of cross-border ecommerce, brands are navigating increasingly complex customs environments—and too often doing it without a safety net or guide," said Alex Yancher, Co-Founder and CEO of Passport. "Becoming a licensed customs broker strengthens our ability to protect our customers, proactively manage their risk, and ensure they stay compliant every step of the way." Expanded Authority, Streamlined Compliance With this license, Passport can now file customs entries, represent importers, facilitate duty drawback, and offer critical compliance advisory services. These are activities restricted to licensed brokerage organizations under federal law (19 CFR 111.1), and include: File formal and informal customs entries directly into ACE Represent importers of record (IOR) and manage Post Summary Corrections Submit duty drawback claims for goods exported in the same condition Facilitate bonded shipments to bypass U.S. duty for in-transit cargo These services add to the solutions that Passport's Global Trade team of Licensed Customs Brokers has already been offering, including: Product classification consulting under the Harmonized Tariff Schedule (HTSUS) Customs valuation strategies, including transaction value, the first-sale rule, and intercompany pricing models Origin declaration guidance for USMCA and other trade preference programs Support for Partner Government Agency (PGA) requirements such as FDA, CPSC, and EPA Interpretation of CBP rulings, enforcement trends, and notices of action These capabilities come at a critical moment for ecommerce brands. Under Trump administration trade policies, including ongoing de minimis reform and new Section 301 tariffs, international merchants face increased cost exposure and compliance risk. Passport is doubling down on its role as a trusted compliance partner—building on the recent announcement of its patent-pending Seller of Record model and daily tariff coverage at "Securing this license is a significant milestone for Passport," said Traci Fisher, LCB, CCS, and License & Permit Qualifier at Passport. "It reinforces our commitment to delivering trusted, end-to-end customs solutions while ensuring compliance with U.S. regulations at every port of entry. Our clients can now rely on us to streamline their import processes, reduce risk, and navigate trade changes with confidence." Duty Drawback Facilitation and Recovery Many ecommerce brands importing goods into the U.S. and subsequently exporting them—as returns, replacements, or global shipments—are eligible to reclaim up to 99% of duties, taxes, and fees. As a licensed customs broker, Passport can now work directly with CBP to manage the end-to-end drawback process, including: Eligibility screening and drawback program setup Application filing for drawback privileges Data reconciliation and CBP-approved claim preparation Advisory support to optimize drawback strategies in high-duty categories such as apparel, supplements, and footwear "With margins tightening and tariff volatility increasing, duty recovery is no longer optional—it's a competitive edge" said Thomas Taggart, VP of Global Trade at Passport. "Our Global Trade team will help ecommerce brands recapture millions in paid duties through a turnkey, fully compliant drawback process." Real-World Impact for Ecommerce Brands For growing DTC brands, Passport's broker license unlocks faster clearance, fewer surprise fees, and expanded margin protection through duty recovery and bonded shipping options. "Unless you want to hire an international logistics and operations team, which is a huge financial investment and time commitment, Passport has proven to be the most effective as far as getting our products to customers and supporting, acting as an extension of our company and enabling our growth," said Max Christman, Supply Chain & Operations Lead at OneSkin. Whether acting as importer of record or providing product classification consulting, Passport's license adds a powerful new layer of control to its cross-border infrastructure. The company is on a mission to make international shipping as seamless and compliant as domestic fulfillment. Combined with its global DTC logistics network, marketplace integrations, and in-country enablement solutions, Passport delivers the end-to-end support and unmatched regulatory depth to merchants worldwide. About Passport Founded in 2017, Passport is a global ecommerce solutions provider that empowers merchants—like Dolls Kill, Ridge, Ogee, OneSkin, and HexClad—to grow profitably and confidently in over 180 countries. Combining innovative technology, global logistics, and expert compliance and growth support, Passport delivers the right solutions for the right markets at every stage of global growth. With in-house licensed customs brokers and international trade specialists, Passport offers a seamless, flexible experience—from cross-border logistics and in-country enablement services to duty and tax compliance—to help D2C brands unlock their full global potential. Users can learn more at ContactSr. Director & Head of MarketingCasey Logo: View original content to download multimedia: SOURCE Passport Global, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Mayor
24-05-2025
- Business
- Business Mayor
Companies turn to AI to navigate Trump tariff turbulence
Artificial intelligence robot looking at futuristic digital data display. Yuichiro Chino | Moment | Getty Images Businesses are turning to artificial intelligence tools to help them navigate real-world turbulence in global trade. Several tech firms told CNBC say they're deploying the nascent technology to visualize businesses' global supply chains — from the materials that are used to form products, to where those goods are being shipped from — and understand how they're affected by U.S. President Donald Trump's reciprocal tariffs. Last week, Salesforce said it had developed a new import specialist AI agent that can 'instantly process changes for all 20,000 product categories in the U.S. customs system and then take action on them' as needed, to help navigate changes to tariff systems. Engineers at the U.S. software giant used the Harmonized Tariff Schedule, a 4,400-page document of tariffs on goods imported to the U.S., to inform answers generated by the agent. 'The sheer pace and complexity of global tariff changes make it nearly impossible for most businesses to keep up manually,' Eric Loeb, executive vice president of government affairs at Salesforce, told CNBC. 'In the past, companies might have relied on small teams of in-house experts to keep pace.' Firms say that AI systems are enabling them to take decisions on adjustments to their global supply chains much faster. Andrew Bell, chief product officer of supply chain management software firm Kinaxis, said that manufacturers and distributors looking to inform their response to tariffs are using his firm's machine learning technology to assess their products and the materials that go into them, as well as external signals like news articles and macroeconomic data. 'With that information, we can start doing some of those simulations of, here is a particular part that is in your build material that has a significant tariff. If you switched to using this other part instead, what would the impact be overall?' Bell told CNBC. 'AI's moment to shine' Trump's tariffs list — which covers dozens of countries — has forced companies to rethink their supply chains and pricing, with the likes of Walmart and Nike already raising prices on some products. The U.S. imported about $3.3 trillion of goods in 2024, according to census data. Uncertainty from the U.S. tariff measures 'actually probably presents AI's moment to shine,' Zack Kass, a futurist and former head of OpenAI's go-to-market strategy, told CNBC's Silvia Amaro at the Ambrosetti Forum in Italy last month. 'If you wonder how hard things could get without AI vis-a-vis automation, and what would happen in a world where you can't just employ a bunch of people overnight, AI presents this alternative proposal,' he added. Nagendra Bandaru, managing partner and global head of technology services at Indian IT giant Wipro , said clients are using the company's agentic AI solutions 'to pivot supplier strategies, adjust trade lanes, and manage duty exposure dynamically as policy landscapes evolve.' Wipro says it uses a range of AI systems — both proprietary and supplied by third parties — from large language models to traditional machine learning and computer vision techniques to inspect physical assets in cross-border transit. 'Not a silver bullet' While it preferred to keep company names confidential, Wipro said that firms using its AI products to navigate Trump's tariffs range from a Fortune 500 electronics manufacturer with factories in Asia to an automotive parts supplier exporting to Europe and North America. 'AI is a powerful enabler — but not a silver bullet,' Bandaru told CNBC. 'It doesn't replace trade policy strategy, it enhances it by transforming global trade from a reactive challenge into a proactive, data-driven advantage.' AI was already a key investment priority for global firms prior to Trump's sweeping tariff announcements on April. Nearly three-quarters of business leaders ranked AI and generative AI in their top three technologies for investment in 2025, according to a report by Capgemini published in January. 'There are a number of ways AI can assist companies dealing with the tariffs and resulting uncertainty. But any AI solution's success will be predicated on the quality of the data it has access to,' Ajay Agarwal, partner at Bain Capital Ventures, told CNBC. The venture capitalist said that one of his portfolio companies, FourKites, uses supply chain network data with AI to help firms understand the logistics impacts of adjusting suppliers due to tariffs. 'They are working with a number of Fortune 500 companies to leverage their agents for freight and ocean to provide this level of visibility and intelligence,' Agarwal said. 'Switching suppliers may reduce tariffs costs, but might increase lead times and transportation costs,' he added. 'In addition, the volatility of the tariffs [has] severely impacted the rates and capacity available in both the ocean and the domestic freight networks.' WATCH: Former OpenAI exec says tariffs 'present AI's moment to shine'
