Stephen Wang is counting the costs of President Donald Trump's trade war. H...
CHICAGO - Stephen Wang is counting the costs of President Donald Trump’s trade war. He had to put down 12 times more cash as a guarantee to U.S. customs that he would pay the bill for tariffs on the Chinese-made pumps, valves and motors he imports.
Other ripple effects are less obvious, among them the rising expense of U.S. customs bonds. But for small companies that can ill afford the added cost, the impact can be crippling. Wang is the chief executive of Hengli America, which procures supplies from China for customers such as CNH Industrial’s construction and farm equipment units.
If importers fail to post a new bond within a month of receiving an insufficiency notice, customs officials can hold the cargo and charge additional fees. The CBP has around 224,000 active bonds on file. “You are talking millions of dollars that is going out,” said David Meyer, head of customs brokerage and freight logistics company DJS International Services Inc.
At Roanoke Insurance Group, the workload has increased so much that staff are working on weekends to handle it, said Colleen Clarke, vice president at Roanoke. “Most of the importers are not used to paying these duties,” said Roanoke’s Clarke. “The risk is – do they have cash infusion from somewhere else to pay these duties?”
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