Another effect of the increased duties for products from China and worldwide steel/aluminum tariffs is the need for larger amounts to be paid on a daily or weekly basis to satisfy the timely payment of Customs Duties. As you know, it is the importers responsibility to have these duties paid within 10 days of the shipment being cleared.
Now, more than ever, customers need to find ways to improve their cash flow by moving to an Automated Clearing House (ACH) Periodic Monthly Statement account directly with CBP. Daily statements allow you to know your balances, but now you can simply make the duties available and CBP will withdraw them via ACH, once on the 15th working day of the month.
This gives you at least 15 days of float and up to 40 days to pay your duties!
Why pay us every week, when you can pay CBP just once per month? This is a win/win situation for importers who want to control their cashflow and minimize expenses. (Note that all service fees and freight charges are still payable within Coppersmith’s terms).
If you're still not sure about it, watch this video featuring Coppersmith Global Logistics President Jeff Coppersmith to find out what it's all about.