Manufacturers Say 10+2 Costs $20 Billion

(Journal of Commerce Online – Alan Field)

Manufacturers say operations, delays to double cost of tariffs

U.S. Customs and Border Protection’s Importer Security Filing rule will impose an annual cost of more than $20 billion on the U.S. economy, according to a study by a manufacturers’ group. The “10+2” rule will require manufacturers and other importers to provide expensive new data to the government, says a report by the Customs and Border Coalition, a group launched by the National Association of Manufacturers in December.

Based on a survey of companies accounting for nearly 60% of seaborne manufactured imports, the survey corroborates an earlier report issued by the NAM, said NAM President John Engler. “The potential impact of this rule is huge,” Engler said. “To put the cost in perspective, it is virtually the equivalent of doubling the import tariffs that manufacturers now pay to bring products and components into the United States.” Read more here.