Real-Time Tariff & Classification Updates with iCustoms’ AI
- Freya Jane
- Director of Customer's Success
Staying ahead of regulatory updates isn’t only a best practice but a requirement in international trade.
Following the recent announcement of new tariff regulations on goods by Donald Trump, businesses must once again navigate an increasingly complicated environment. The imposed tariff is intended to protect domestic industries and address trade imbalances.
At iCustoms, we understand how important it is to promptly and precisely adjust to these changes to ensure compliance and prevent costly errors.
To ensure that your company is constantly in compliance with the most recent rules, we have developed our AI-driven tools, iClassification and Tariff Calculator, to deliver real-time updates.
Our solutions are made to make compliance easier and keep your business operations operating smoothly, regardless of how big or small you are as an importer.
What are the new tariff rules?
President Donald J. Trump has imposed new tariffs on certain countries sending goods to the USA. These are:
- An additional 25% tax on imports from Mexico and Canada that affects a variety of products.
- An extra 10% tax on Chinese imports that will impact a range of industrial and consumer goods.
These changes make it more difficult for businesses to classify goods and determine duties, which raises the possibility of fines or delays if not done correctly. Tools that can swiftly adjust to these adjustments are necessary to stay compliant, and iCustoms shines in this area.
Importance of real-time tariff updates
Stay ahead of the curve with iCustom’s real-time updates
iCustoms uses advanced AI technology to make sure our solutions are always in line with the most recent regulatory modifications. Our iCalculator and iClassification tools can help you maintain compliance in the following ways:
Accurate and real-time goods classification tool
Our goods classification tool automatically classifies your products based on the most recent Harmonised System (HS) codes using sophisticated AI algorithms.
You can be sure that your goods are appropriately classified under the new tariff regulations thanks to real-time updates. It guarantees accurate documentation and compliance at every stage.
Whether you are managing a complex supply chain or a single shipment, our solution eliminates uncertainty and reduces the likelihood of errors that could lead to unnecessary costs or delays.
Intelligent tariff calculator
Our Tariff Calculator offers accurate taxes and duties calculations based on the most recent tariff rates after your goods have been classified. To provide you with an exact estimate of the duties and taxes you will be required to pay, this tool considers all pertinent parameters, such as the type of products, their origin, and their destination.
You can make well-informed decisions regarding your imports and exports since real-time updates guarantee that the tariff rates you see represent the most recent adjustments.
Be prepared for any trade change
Businesses cannot afford out-of-date information when tariff regulations change as a result of global trade dynamics. Regardless of how often the rules change, iCustoms provides you with real-time, AI-driven tools that keep you informed and compliant.
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About iCustoms
iCustoms is an all-in-one solution helping businesses automate customs processes more efficiently. With AI-powered and machine-learning capabilities, iCustoms is designed to streamline your all customs procedures in a few minutes, cut additional costs and save time.
Simplify Customs with our Powerful Customs Management Software
Automate declarations, track shipments, & ensure compliance.