Issue #7 - Annual Bonus and Section 232

Hi there,

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Global Trade Compliance Updates

• U.S. Section 301 Comments Closed.

• U.S. strike down interest in hiking anti-dumping duties on Canned Food.

• U.S. announces largest sanctions against Russia to date.

• U.S. thinking of restricting imports of Chinese EVs and their parts.

• U.S. warns of resuming Section 232 Steel tariffs from Mexico.

• Mexico puts tariffs on Vietnamese Steel.

• UK OFSI guidance on new reporting requirements for designated persons.

• India takes a conservative approach on Free Trade Agreements and take their time to analyze new agreements before signing anything.

• India wants tariff exemptions on Textile for EU.

• India-Oman close to finalizing their Free Trade Agreement.

• Sri-Lanka and Thailand sign and Free Trade Agreement.

• Malaysia to seal free trade deal with UAE by June.

• EU-Mercosur Trade Agreement in jeopardy.

Compliance Tips

Recordkeeping:

• Every country has their own Customs regulations, which means the recordkeeping timeline and regulations also vary. If you are importing into a new country or getting involved in a new country, always make sure to understand the recordkeeping requirement.

Customs Broker Audits:

• You need a reliable Customs Broker. Not every Customs Broker is made the same way - trust me, I know. Don’t just ask what a Customs Broker does, make sure you check and they actually do what they say.

Accurate Documents:

• This goes hand-in-hand with the first point. Just like recordkeeping requirements vary in terms of how long you have to keep them and what documents you want to keep - the regulation also vary by country in terms of what data element actually needs to be on the Customs Invoice. Not every country is made the same way - what works in one country might or might not work in another country.

Career Advise

During Interviews, be sure to ask this:

• How stable is the company?

• Why is the current position open?

• If it was filled before - why did the person leave?

• If it’s a new position - why didn’t it exist before?

• Is there room for title growth?

• Is there room for salary growth?

• Does the company provide annual bonus?

• If the company provides an annual bonus - did they actually provide bonus to all their employees the past 3 years? (A lot of company purposely focus on the fact their policy talks about bonus, but if you dig deeper, you realize that they never actually paid out the bonus due to “special circumstances”).

Growth Lane:

If you are studying for the U.S. Customs Broker Exam (or know of someone else that is):

This Student Portal has all the goodies to help you pass: https://virktradecompliance.circle.so/c/lectures/

This Study Guide will help the newbies a ton: https://virktradecompliance.com/product/study-guide-us-customs-broker-exam/

I also have the CBLE Exam lecture as individual to buy: https://virktradecompliance.com/customs-broker-exam/

See you next week!

Nadeem

p.s. If you’re interested in raising your personal or brand awareness within the Trade Compliance world, I help companies do that as well - reach out and let’s discuss!