This is the third in a series of blog posts examining product solutions that can help specialists and strategists master tariff compliance. In the previous posts, we explored how ONESOURCE Free Trade Agreements and ONESOURCE Foreign Trade Zones can minimize the impact of tariffs.<\/p>\n\n\n\n
Highlights:<\/strong><\/p>\n\n\n\n Compliance and supply chain specialists have never had a more prominent position as strategic advisors within organizations\u2014and, unfortunately, have never faced more uncertainty than they do right now with the U.S\u2019s ongoing tariff trade war.<\/p>\n\n\n\n \u201cThe trade compliance function has been an important function of the business before, but it hasn\u2019t traditionally been a part that sits at the table at the executive level.\u201d Zoe Martinez, Product Marketing & Solutions Consultant Leader, Thomson Reuters.<\/strong><\/p>\n<\/blockquote>\n\n\n\n \u201cRight now, with what\u2019s going on with tariffs and regulations on international trading, they\u2019ve become front-page news\u2014and essential voices in the decision-making process.\u201d<\/p>\n\n\n\n As their roles become increasingly in the spotlight, these specialists need to be equipped with the insights and confidence to propose solutions that can minimize the impacts from tariffs. Thomson Reuters ONESOURCE Global Duty Optimization can provide the quality insights and help capture the duty savings so that these specialists can confidently go into those conversations and deliver value to the business.<\/p>\n\n\n\n The speed at which tariffs and regulations are changing is challenging to keep up with, and the information is coming from everywhere, something that didn\u2019t happen before. \u201cI never thought I\u2019d have to learn about trade compliance requirements on X or Truth Social, but that\u2019s where we\u2019re at,\u201d Martinez says.<\/p>\n\n\n\n Because these changes weren\u2019t foreseen, companies haven\u2019t scaled up their compliance teams to stay on top of the frequent changes. It\u2019s impossible to manually update those often-daily updates because there\u2019s not enough time in the day. So, any hope of using the latest information to advise on strategy is a fantasy. Add to this the complexity of supply chain management with its many moving parts and the need to send certificates of origin to suppliers\u2014 thousands of them\u2014and you can see why manual processes are no longer possible without a massive increase in staff.<\/p>\n\n\n\n So, a solution that brings automation and updates content daily with new tariffs\/regulations is necessary in today\u2019s business environment. That\u2019s where ONESOURCE comes in; it gives compliance and supply chain specialists the information and time to impress the C-suite and save the company money.<\/p>\n\n\n\n ONESOURCE Global Duty Optimization allows companies to use a network of duty minimization and suspension programs to achieve cost savings and generate a high ROI. It includes insights into free trade agreements, foreign trade zones (FTZs), IMMEX\/maquiladoras, and EU customs regimes to reduce or eliminate tariffs, and increase visibility of the product standards of the countries you trade in.<\/p>\n\n\n\n At the heart of every ONESOURCE solution is content and automation. Thomson Reuters has nearly 200 people who check regulations daily and input changes into the ONESOURCE platform so that customers have the latest updated information. It\u2019s something a small team at a company just can\u2019t do.<\/p>\n\n\n\n \u201cWhen something changes, it\u2019s very easy and quick for a person using one of our duty optimization tools to do a quick scenario analysis and determine if they should change their sourcing or another variable. The tool will tell them if any such change will impact costs, and how,\u201d Martinez says.<\/p>\n\n\n\n Although it\u2019s an extremely easy tool to use, Global Duty Optimization is thorough; it will tell users what taxes they\u2019ll have to pay, import and export controls, and much more\u2014a whole range of data that is governed by resources outside ONESOURCE. That\u2019s because it integrates with other solutions, including other ONESOURCE products that capture external data, to provide a complete picture from a single source.<\/p>\n\n\n\n Rather than spending their time trying to pull that information from all these different places, users can get that information returned within seconds.<\/p>\n\n\n\n Global Duty Optimization does more than give you numbers; its analysis and insights allow you to identify strategic opportunities. Trade Lane Analysis identifies the most favorable trade lanes and duty rates based on classification codes. It will tell you, for example, if you\u2019re importing to the United States but your origin is Canada, Mexico, China, Vietnam, or Australia, what duties you\u2019ll be paying and what free trade agreements are available.<\/p>\n\n\n\n By leveraging these insights, trade compliance professionals are equipped to strategically prioritize and maximize Free Trade Agreement (FTA) benefits on a large scale using ONESOURCE FTA Management<\/p>\n\n\n\n \u201cIt\u2019s not just about checking this one product to see if it qualifies for this one agreement at this one point in time. It allows you to integrate with your operating system, like your ERP, and take that data, run it up against all the free trade agreements that you want to target. And it will tell you which ones qualify, and which ones don\u2019t.\u201d Zoe Martinez, Product Marketing & Solutions Consultant Leader, Thomson Reuters.<\/strong><\/p>\n<\/blockquote>\n\n\n\n That kind of information will give compliance and supply chain specialists the confidence when they take their place at the executive table\u2014and beyond, to risk exposure. \u201cThat confidence extends beyond the C-Suite table to when you\u2019re being audited by customs,\u201d Martinez insists. \u201cWe know that the compliance environment surrounding some of these changes is quite heightened. There is some fear within the business world about what happens now if I get it wrong and how exposed I could be.<\/p>\n\n\n\n \u201cSo that confidence then cascades down to users knowing that they\u2019re submitting the right thing and they can back that up with documentation. They have an audit trail.\u201d All of which makes that seat at the executives\u2019 table mighty comfortable.<\/p>\n\n\n\n Are you ready to get the data and insights to be confident that your team is doing everything correctly to save the company money in its supply chain? If so, learn more about ONESOURCE Global Duty Optimization.<\/p>\n\n\n\n At Thomson Reuters, we understand that navigating the complexities of tariff compliance in global trade requires a multifaceted approach. While no single solution can address every challenge associated with tariffs, our suite of products is designed to tackle key elements of these issues effectively.<\/p>\n\n\n\n Come back to learn how\u00a0ONESOURCE Global Classification\u00a0helps with tariff compliance by ensuring accurate product classification in our fourth blog.\u00a0<\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" This is the third in a series of blog posts examining product solutions that can help specialists and strategists master tariff compliance. In the previous posts, we explored how ONESOURCE…<\/p>\n","protected":false},"author":5,"featured_media":2765,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[681],"tags":[1005,767,980],"insight_job_role":[970,726,776],"insight_practice_area":[],"class_list":["entry","author-traus","post-2763","post","type-post","status-publish","format-standard","has-post-thumbnail","category-global-trade-supply-chains","tag-classifications-compliance","tag-global-trade","tag-tariffs","insight_job_role-head-of-supply-chain","insight_job_role-logistics-customs-manager","insight_job_role-supply-chain-manager","hentry"],"acf":[],"yoast_head":"\n\n
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Today\u2019s reality: Too much duty information from too many sources<\/h2>\n\n\n\n
How ONESOURCE Global Duty Optimization helps companies<\/h2>\n\n\n\n
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