Contributors
In the second part of our podcast series, 'shifting policies and complex trade agreements: the forces shaping global trade', Partner and International Trade lead Peter Snaith (Womble Bond Dickinson UK) is joined by Rob Jenkins (Barbourne Brook) and Alan Enslen (Womble Bond Dickinson US) to unpack the evolving landscape of international trade, customs regimes, and the impact of Brexit and UK-US trade agreements. The discussion explores how businesses are managing cross-border goods movement, the hidden costs of customs liabilities, and the importance of documentation and audit readiness.
The trio also delves into the role of digital tools and data analytics in customs compliance, highlighting Barbourne Brooke’s CAT 360 software and the availability of customs data from UK and US authorities. They discuss the implications of trade agreements like USMCA and the upcoming renegotiations, and how businesses can strategically reconfigure supply chains to optimise tariff exposure.
Key takeaways:
- Delayed customs liabilities: businesses may not feel immediate costs when moving goods post-Brexit or under UK-US agreements, but liabilities can surface later through audits or reclassification
- Documentation is critical: proper records are essential to avoid penalties and delays, especially when consignments are stopped or queried by customs authorities
- Audit risk and revenue pressure: UK government audits have increased post-Brexit, as customs duties now flow directly to the UK treasury
- Trade agreement complexity: differing tariff rates between UK and EU production sites can create opportunities or risks. Businesses must understand the nuances of reciprocal vs. 232 tariffs
- Digital tools and data access: platforms like CAT 360 enable businesses to analyse customs data for overpayments, risks, and modelling supply chain changes. UK and US customs systems now offer improved access to importer data
- Strategic supply chain planning: with shifting trade agreements and tariff regimes, businesses should consider reconfiguring supply chains to benefit from favourable customs zones.
Listen to the podcast here.
