globaltrademanagement

In this week’s podcast available on the Thomson Reuters Institute channel, we speak to Suzanne Offerman, Senior Product Manager at Thomson Reuters, about Thomson Reuters' inaugural Global Trade Report 2022: Turbulence Tempered with Technology, released in September.

Since 2020, supply chain disruptions have continued to mount, which has resulted in these unprecedented changes. Everything from the chips for computers to living room sofas is causing many delays to suppliers, factories and customers. More disruptions are coming, As the World Customs Organization makes their every 5-year large Harmonized System changes effective January 2022, introducing 351 sets of amendments covering a wide range of goods across industries. In this episode, global trade experts Suzanne Offerman talk to Virginia Thompson and Brandon Jones as they unpack the new changes to the HS rolling out in 2022, including strategies and tools that global trade professionals can use to mitigate the disruption of their supply chains.

Our experts share key takeaways on the following challenges and more:

• What the biggest changes in HS that global trade professionals should watch out for
• What a 'best practice' approach on how to assign HS numbers to a product looks like
• What happens when traders misclassify something and what  the compliance and business impacts
• How can technology help alleviate these changes

Helpful Resources:

Suzanne Offerman LinkedIn

Virginia Thompson LinkedIn

Brandon Jones LinkedIn

Key updates in the Harmonized System 2022 Edition 

2022 tariff schedule will reflect new product streams and global environmental & social issues

Overcoming classification obstacles

ONESOURCE Global Classification

Tax & Tech Talks: How tech tools help mitigate supply chain disruption

With supply chain disruption erupting around the world, what strategies and tools can customers use to navigate these cataclysmic changes?

The most recognizable supply chain disruption over the last few years has undoubtedly been the China Section 301-Tariff Actions and Exclusion Process. These include the punitive tariffs on Chinese origin products, tariffs on EU and US origin products under that large civil aircraft dispute, and some retaliation around digital services taxes on specific origin items. Add in the new administration’s new United States Trade Representative, most companies are eager to understand this new field of play. What would these changes potentially bring?

Listen as Global Trade experts, Suzanne Offerman and EY’s Lynlee Brown talk about global supply chain trends and offer strategies and technology tools to help mitigate these disruptions.

Additional resources:

Lynlee Brown LinkedIn

Suzanne Offerman LinkedIn

[Special report] Avoiding supply chain disruption with analytics and proactive global trade planning
https://tax.thomsonreuters.com/en/corporation-solutions/c/avoiding-supply-chain-disruption-with-analytics-and-proactive-global-trade-planning/form

[Blogpost] Forced labor and supply chain risk: What companies need to know
https://tax.thomsonreuters.com/blog/forced-labor-and-supply-chain-risk-what-companies-need-to-know/

[Article] How free trade agreements can help you maximize duty savings in your supply chain design
https://tax.thomsonreuters.com/en/insights/articles/how-free-trade-agreements-can-help-you-maximize-duty-savings-in-your-supply-chain-design

[Webinar] Preparing for trade compliance audits post-COVID
https://event.on24.com/wcc/r/3083289/11D1D52A57F62DE59CBA739D6DCBF2E3?