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WPG and many other watchers of such things were pleasantly surprised recently when the Senate subcommittee that bottled up a bill to reduce the tariff charged on low value goods suddenly approved the measure. Then, the full Senate approved, and President Obama signed it into law. Hardly fast track, but better than the status quo.
Prior to the new law, the minimum value, or de minimus, at which tariffs kicked in was $200. Now it quadrupled to $800. This should give a boost to those engaged in e-commerce as consumers, buyers, or both. And it's not just money saved and demand increased. Think of all the documents and document processing that are now things of the past. Fewer customs officers will be needed and can be deployed to more urgent functions like interdicting illegal and counterfeit goods. No one will need to pay, receive and process these sums, leaving a lot of us more time to pursue more value-added activities.
Non U.S. sellers to U.S. customers should consider adding text to websites and other communications in an effort to alert buyers to this change, many of who will not realize there has been one. If you get an email from a potential American customer, be sure to include the news, which should be welcome.
For American buyers, you can now buy up to the $800 exclusion limit per transaction. Everything over $800 will be taxed at the old rate, averaging less than five percent, depending on the type of good as described by its harmonized code number. Ask WPG if you need help classifying the product for the purpose of estimating the duty rate. There are no sales taxes due on this amount.
U.S. Customs and Border Protection reminds everyone that its power to inspect and impound goods is unchanged by the new law. Officers will continue to look for and seize goods that violate intellectual property and other laws.
Now if we can only get our major trading partners to adopt the $800 limit. Canada and Mexico, are you listening?
The U.S., still the world's largest economy, has led by example, and future trade agreements will require that all participating countries adopt a higher minimum. This will be especially helpful to smaller enterprises, which stand to gain most from lower tariffs. They can then pass the savings on to the final consumer.
The truth is that imported goods have really helped lower income folks in the U.S., and will continue to do so unless the policies change. Trade policy is front and center in U.S. election politics these days, and the public mood has soured on trade agreements. This is unfortunate. We at Webport Global continue to believe that while the issues are complex, there is overwhelming evidence that free and fair trade is enormously helpful to the U.S. economy and to maintaining our influence in world affairs. The recent action by the Senate on low-value imports is a hopeful sign in a political season that so far has produced few of them.
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| KRVU19XLL/3AS NTN | 8 | 19 | 12 |
| KRVU16XLL/3AS NTN | 6 | 16 | 12 |