Importers bringing goods into the U.S. were recently found to have improperly declared imports, leading to substantial duties and fees owed to the government. According to a report by U.S. Customs and Border Protection (CBP), March saw the completion of 71 audits that identified $310 million in duties and fees from undervalued or improperly declared goods entering the country.
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This figure represents a staggering 10,590% increase compared to February’s assessed fees of $2.9 million. The number of audits conducted also rose sharply by 153.6% from the previous month. The heightened scrutiny is attributed to the U.S. administration’s new trade policy, which aims to curb the influx of undervalued goods, particularly from China.
Despite identifying $310 million in owed duties, CBP reported that only about $49 million has been collected, which includes revenue from previous fiscal years. The report also highlighted revenues collected from tariffs under the International Emergency Economic Powers Act (IEEPA), which have been in place due to the fentanyl and migrant crisis. As of March, the U.S. collected $7.89 billion in IEEPA tariffs on imports from China, $2.87 billion from Mexico, $1.04 billion from Canada, and $1.23 billion from approximately 90 other countries.
These developments underline the U.S. government’s intensified efforts to ensure compliance with trade regulations and to address the challenges posed by undervalued imports.
