CBP issued CSMS message #19-000252 late yesterday announcing the termination of Section 232 Duties for Steel and Aluminum Products of Canada and Mexico. The lift on the duties is effective today, May 20th. Please read the CSMS message for information for additional details.
It is important to keep in mind that CBP reviews the last 12 months of activity to determine a bond’s sufficiency. Principals that import steel and/or aluminum from Canada and/or Mexico, may not be able to reduce the limit of their C1 bond right away. A principal’s last 12 months of duties, taxes and fees must warrant the lower bond amount to avoid any insufficiency issues. As a reminder, any decrease requests may not be immediately approved as many reduced bond limits would still require Underwriting.
If you have any questions regarding this issue, please email bondunderwriting@avalonrisk.com.