Number of CBP Bond Insufficiency Notices Continues to Escalate
The slew of trade remedies now faced by U.S. importers continues to push up the number of bond insufficiency notices being issued by CBP, said Colleen Clarke, vice president-business development at Roanoke Insurance Group, during a discussion at the American…
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
Association of Exporters and Importers Annual Conference in Washington June 27. "From 2006 through 2017, there were about 2,000 insufficiencies on average, annually," she said. "In 2018, there were 5,900. In 2019, just through June, six months, there's been 6,200." If that trend continues, there may be some 12,000 insufficiency notices for the year, which would be a sixfold increase from before the trade remedies, she said. This is all also before any additional tariffs take effect, said Lenny Feldman, a lawyer with Sandler Travis. Currently, "we could be looking at about 5 percent of the bonds could need increases, but if you do the math with List 4 and how robust that could be, we could be at almost 50 percent bond insufficiencies," he said.