Save Thousands in Tariffs Instantly

Afolabi Oyerokun.m4a [ 00:00:00 ]Hi, I'm Afolabi. I'm here at the BDSS Market Master Think Tank. Today, if you're an e-commerce seller and you import your product from overseas, I'm going to show you some things that most sellers don't know about. And that is how to save thousands, even millions of dollars in your tariff and your duty cost when you're bringing your products into the U.S. All right, so there is this tool that I created. It's actually a bunch of tools that I created to help you to find the best tariff codes for your product and to also monitor those tariff codes. But the first thing we're going to do is, how do I save instantly on my tariff? People ask, what is a tariff? A tariff is basically the duty and the taxes you pay when you import your product into the U.S. [ 00:00:53 ] You'll be like, what is that? Well, ask your freight forwarder and they're going to tell you how much you're going to save on your tariff. How much you're paying. So check on your form 7501. That's the first thing you have to do. Check on your form 7501 from your freight forwarder. Ask them to give you that form and tell you how much duty you're paying on the products you're bringing into the U.S. Now, the problem is most of that duty code they use for your products are wrong. So you may be overpaying by hundreds of thousands of dollars. For me, that was my case. I was impoverished. I was importing school supplies several years ago, and I realized that I was overpaying by $275,000. [ 00:01:36 ] I dug deeper into my import documentation, and I found out that my freight forwarder was using the wrong import duty code for my product. In essence, it's using the wrong HDS code, or we call it the wrong tariff code for my product. So I found out later that I could use the wrong tariff code for my product. Change that code and start paying lower duty. What happened with me is after doing a lot of research, I found out that the code you were supposed to use was different from the code you were using. By the time I found the right code, I saved over 27% in duty cost. That is, like I said, I was overpaying by $275,000 in my duty. So today, I'm going to show you how to pay lower duty. [ 00:02:28 ] I'm going to show you exactly how you can do that. So I built a set of tools for you to check real quickly, first, if you're overpaying or not. So the first way to start your journey is you go to this site that I built just for you, tariffterminator.com. It looks like this. So if you scroll down, you're going to see four tools that you can use instantly to first, you have to, you know, you can look up your the duty, the HTS code or HS code that your supplier gave you. That is to help you to find out what duty rate you're paying. And the second one is now, once you find out you're using the wrong duty code and you're overpaying, then you use the next tool to actually classify your product into the right tariff code. [ 00:03:23 ] And then this one is also to verify. That your tariff code is accurate. And then here you can also use this tool to calculate your duty rate before you launch any product. Before you calculate your ROI on any product, make sure you check your duty codes because many sellers, they launch products without realizing that their tariff rate is very high. So if you're using, if you go to a Helium 10, Jungle Scout, any of those tools, and you're trying to find out. out what products to launch, do not forget that you need to know what duty rate you'll be paying when you bring that product in to the US. That's how you can calculate the perfect ROI. So I'm going to use the first tool for you. [ 00:04:12 ] So the first thing you're going to do is to go to your lookup and HSC code. So I'm going to go there now. I click on it. Whatever HCS code or HS code your supplier gives you, you put it right here. You put it into this box. In my case, I just put in, it's usually 10 digit. You put it in and you select your country where you're importing your product from. In my case, I'm going to pick China and then, you know, your email address or something like that. And then just click on look up my duty rate. When I click on that button, it's going to display to me exactly what the duty rate for this product will be. So I'm going to click now. [ 00:04:55 ] Now, you see, this is what it displays to you. It tells you what your HCS code you put in is right there and it's for cigars, you know, and all this cool stuff here. And it's also going to tell you if you have compliance alerts, it's going to tell you your duty rate right here. So for cigars, the duty rate is $1.89 per kilogram plus 4.7% plus 25%. This is what you have to use when you're calculating your ROI. Do not launch a product without knowing all this kind of stuff. Okay, you have to know if your product is under FDA surveillance. You have to know if it's under countervailing, if it's under anti-dumping, you have to know all these things before you pick a product to launch. And if you've already launched a product, it's good for you to use the proper HCS code. So we're going to go back into the toolbox again. And you're going to have to go back to the tool box again. And you're going to use another tool, okay? [ 00:06:03 ] All right, now we're going to use my favorite tool, which is right here, how to classify your product accurately. Let's say your supplier didn't give you any product, any HS code. It just says, I'm selling, let's say you're selling a dark colour, right? And your supplier didn't give you any HS code or any HSC code. It leaves you to go find it by yourself. You just come to this cool tool right here. You see it's classify your product, click on it. And then watch what happens. I'm going to type in my product description here, and my product country of origin here, and of course your email, and it's going to help you find the accurate HCS code for your product. [ 00:06:48 ] So you come here, you type in 'dark color', selected, the country where you're bringing it from, your email address, and boom. Here you go. See, it tells you right here what your normal duty rate is plus additional duty rate right here. Dark, glitches, colors, muzzles, harnesses, and this is your HCS code that you give to your freight forwarder when you're bringing your product in. As you can see, we have many tools. You can use to check before you pick your product of choice in junglescard or ilium10 to make sure you have an accurate profitability for your product. You can also play with your duty rate calculator, or you can verify in bulk. You can actually, if you have thousands of SKUs or hundreds of SKUs, you can put it in this little tool, and it will help you verify if your supplier gave you the right HCS code, and this one will help you to calculate your duty rate. [ 00:07:54 ] Okay? All right. For more information about this, just head on to tariffterminator.com, and you can use all our tools for free, and we have tariff analysts and customs brokers in our team. They will help you verify your result as well, so if you're not sure of what you put in, we can always help you to verify and classify your duty rate. Okay? All right. Thank you. Enjoy the savings. Bye.