In the ever-changing landscape of international trade, compliance professionals are the unsung heroes, tasked with steering their organizations through the choppy waters of tariffs, regulations, and shifting policies. The world of international trade has been in a state of flux, with tariffs, trade wars, and policy changes with the Trump administration creating a complex and often unpredictable environment for businesses.
In this episode, we sit down with Michelle Schultz and Marina Mekheil from Schultz Trade Law to explore practical solutions for navigating these turbulent waters. As seasoned professionals with experience in both the public and private sectors, they offer a unique perspective on how companies can stay ahead of the curve and protect their bottom line.
Main Topics and Takeaways:
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Leveraging Chapter 98 and Duty Drawback: Michelle and Marina highlight the often-overlooked benefits of Chapter 98 of the Harmonized Tariff Schedule, which can provide duty-free treatment for US goods returned. They also delve into the intricacies of the duty drawback program, emphasizing the importance of proper documentation and compliance to maximize savings.
Key Insight: "Trade compliance is not a cost center anymore. It's your savings center." - Michelle Schultz
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The Importance of Proactive Compliance: The guests stress the need for compliance professionals to be involved in the planning and decision-making process, rather than being brought in as an afterthought. They caution against the costly consequences of ignoring trade regulations and emphasize the value of a robust compliance program.
Standout Quote: "If you're not at the table, you're part of the menu." - Lalo
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Navigating Changing Regulations with Agility: With the trade landscape in constant flux, Michelle and Marina advise companies to maintain flexibility and nimbleness in their business decisions. They highlight the need to stay informed about the latest developments and be prepared to adapt quickly to avoid getting stuck in costly situations.
Key Takeaway: "Don't get yourself stuck in a situation where you now have incurred other costs." - Marina Mekheil Connect with Marina or Michelle from Schulz Trade Law⤵️⤵️⤵️ https://www.schulztradelaw.com/
Marina -> https://www.schulztradelaw.com/our-team/marina-mekheil
Michelle -> https://www.schulztradelaw.com/our-team/michelle-schulz Article discussed -> https://www.linkedin.com/pulse/tariff-tsunami-navigating-trumps-trade-actions-mexico-canada-syjfc/?trackingId=ZX5TGS1jEvHsWDycAbQXBw%3D%3D
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Contact Us/ Suggest Topics
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Credits:
Host: Andy Shiles: https://www.linkedin.com/in/andyshiles/
Host/Producer: Lalo Solorzano: https://www.linkedin.com/in/lalosolorzano/
Co-Producer/Editor: Mara Marquez: https://www.linkedin.com/in/maramarquez85/
