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<description>&lt;p&gt;&lt;strong&gt;Summary&lt;/strong&gt; &lt;/p&gt;&lt;p&gt;In this episode of the Ecommerce Finance Podcast, Stephen Brown and Bryce Judy discuss the complexities of tariffs, particularly focusing on the de minimis rule and its implications for e-commerce businesses. They explore recent changes in tariff policies, the impact on dropshipping, and the importance of compliance and accurate classification in trade.&lt;/p&gt;&lt;p&gt;The conversation also covers duty drawbacks, customs processes, and best practices for importers navigating the evolving landscape of international trade. &lt;/p&gt;&lt;p&gt;&lt;strong&gt;Takeaways&lt;/strong&gt; &lt;/p&gt;&lt;ul&gt;&lt;li&gt;The de minimis rule allows low-value shipments to enter duty-free. &lt;/li&gt;&lt;/ul&gt;&lt;ul&gt;&lt;li&gt;Recent tariff changes significantly impact e-commerce sellers. &lt;/li&gt;&lt;/ul&gt;&lt;ul&gt;&lt;li&gt;Duty drawback allows importers to reclaim duties on exported goods. &lt;/li&gt;&lt;/ul&gt;&lt;ul&gt;&lt;li&gt;Accurate classification is crucial to avoid fines and delays. &lt;/li&gt;&lt;/ul&gt;&lt;ul&gt;&lt;li&gt;Customs value is determined by the retail value for formal entries. &lt;/li&gt;&lt;/ul&gt;&lt;ul&gt;&lt;li&gt;Tariff engineering can help reduce tariff costs legally. &lt;/li&gt;&lt;/ul&gt;&lt;ul&gt;&lt;li&gt;Working with customs experts can save money in the long run. &lt;/li&gt;&lt;/ul&gt;&lt;ul&gt;&lt;li&gt;Misclassification can lead to severe penalties for businesses. &lt;/li&gt;&lt;/ul&gt;&lt;ul&gt;&lt;li&gt;Ecommerce businesses must stay informed about tariff changes. &lt;/li&gt;&lt;/ul&gt;&lt;ul&gt;&lt;li&gt;Navigating customs processes requires careful documentation and strategy. &lt;/li&gt;&lt;/ul&gt;&lt;p&gt;&lt;strong&gt;Sound Bites&lt;/strong&gt; &lt;/p&gt;&lt;p&gt;"This is a massive change for low value shipments." &lt;/p&gt;&lt;p&gt;"You can classify it yourself, but it's risky." &lt;/p&gt;&lt;p&gt;"Proceed with caution is probably the best advice." &lt;/p&gt;&lt;p&gt;&lt;strong&gt;Chapters&lt;/strong&gt; &lt;/p&gt;&lt;p&gt;00:00 Introduction to Tariffs and Tarifflo &lt;/p&gt;&lt;p&gt;02:50 Recent Changes in Tariff Regulations &lt;/p&gt;&lt;p&gt;05:32 Understanding De Minimis Rule Changes &lt;/p&gt;&lt;p&gt;08:01 Impact of Tariffs on E-commerce &lt;/p&gt;&lt;p&gt;11:01 Duty Drawbacks Explained &lt;/p&gt;&lt;p&gt;14:08 Key Components of Trade Compliance &lt;/p&gt;&lt;p&gt;16:41 Classification Process and Customs Procedures &lt;/p&gt;&lt;p&gt;19:06 Understanding Tariff Calculations &lt;/p&gt;&lt;p&gt;20:42 Best Practices for Managing Tariffs &lt;/p&gt;&lt;p&gt;23:07 Navigating Customs Disputes &lt;/p&gt;&lt;p&gt;25:50 Strategies for Tariff Mitigation &lt;/p&gt;&lt;p&gt;28:19 Country of Origin and Compliance &lt;/p&gt;&lt;p&gt;31:11 Conclusion and Future Considerations &lt;/p&gt;&lt;p&gt;&lt;strong&gt;Work with LedgerGurus&lt;/strong&gt;&lt;/p&gt;&lt;p&gt;&lt;a target="_blank" rel="noopener noreferrer nofollow" href="https://ledgergurus.com/ecommerce-accounting-services/?utm_source=RSS&amp;amp;utm_medium=podcast&amp;amp;utm_campaign=e5"&gt;https://ledgergurus.com/ecommerce-accounting-services/?utm_source=RSS&amp;amp;utm_medium=podcast&amp;amp;utm_campaign=e7&lt;/a&gt; &lt;/p&gt;&lt;p&gt;&lt;/p&gt;</description>

Ecommerce Finance Podcast

Stephen Brown | LedgerGurus

E7: Tariffs 101

FEB 12, 202533 MIN
Ecommerce Finance Podcast

E7: Tariffs 101

FEB 12, 202533 MIN

Description

<p><strong>Summary</strong> </p><p>In this episode of the Ecommerce Finance Podcast, Stephen Brown and Bryce Judy discuss the complexities of tariffs, particularly focusing on the de minimis rule and its implications for e-commerce businesses. They explore recent changes in tariff policies, the impact on dropshipping, and the importance of compliance and accurate classification in trade.</p><p>The conversation also covers duty drawbacks, customs processes, and best practices for importers navigating the evolving landscape of international trade. </p><p><strong>Takeaways</strong> </p><ul><li>The de minimis rule allows low-value shipments to enter duty-free. </li></ul><ul><li>Recent tariff changes significantly impact e-commerce sellers. </li></ul><ul><li>Duty drawback allows importers to reclaim duties on exported goods. </li></ul><ul><li>Accurate classification is crucial to avoid fines and delays. </li></ul><ul><li>Customs value is determined by the retail value for formal entries. </li></ul><ul><li>Tariff engineering can help reduce tariff costs legally. </li></ul><ul><li>Working with customs experts can save money in the long run. </li></ul><ul><li>Misclassification can lead to severe penalties for businesses. </li></ul><ul><li>Ecommerce businesses must stay informed about tariff changes. </li></ul><ul><li>Navigating customs processes requires careful documentation and strategy. </li></ul><p><strong>Sound Bites</strong> </p><p>"This is a massive change for low value shipments." </p><p>"You can classify it yourself, but it's risky." </p><p>"Proceed with caution is probably the best advice." </p><p><strong>Chapters</strong> </p><p>00:00 Introduction to Tariffs and Tarifflo </p><p>02:50 Recent Changes in Tariff Regulations </p><p>05:32 Understanding De Minimis Rule Changes </p><p>08:01 Impact of Tariffs on E-commerce </p><p>11:01 Duty Drawbacks Explained </p><p>14:08 Key Components of Trade Compliance </p><p>16:41 Classification Process and Customs Procedures </p><p>19:06 Understanding Tariff Calculations </p><p>20:42 Best Practices for Managing Tariffs </p><p>23:07 Navigating Customs Disputes </p><p>25:50 Strategies for Tariff Mitigation </p><p>28:19 Country of Origin and Compliance </p><p>31:11 Conclusion and Future Considerations </p><p><strong>Work with LedgerGurus</strong></p><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://ledgergurus.com/ecommerce-accounting-services/?utm_source=RSS&amp;utm_medium=podcast&amp;utm_campaign=e5">https://ledgergurus.com/ecommerce-accounting-services/?utm_source=RSS&amp;utm_medium=podcast&amp;utm_campaign=e7</a> </p><p></p>