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Date: 24/04/2025

US tariffs force companies to park imports in FTZs
Companies large and small are turning to special US Customs-approved sites, called foreign trade zones (FTZs) and bonded warehouses, to avoid, at least temporarily, the payment of new tariffs implemented by President Trump. These locations are specially designated, secured storage or manufacturing sites approved by US Customs where freight is not subject to US duties or excise taxes. Duties are only paid by the importer when the goods are transferred out of the FTZ or bonded warehouse for US market consumption. FTZs enable US importers and manufacturers to store imports of finished goods for an indefinite amount of time without paying trade duties. Mr Jeffrey J. Tafel, President of the National Association of Foreign Trade Zones, says his organisation started to see an increase in membership during the 2024 presidential election, and registrations have continued to pour in, with membership at an all-time high, as per a report.
 
Source: Exim News Service: Washington, April 23

 



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