“I have steel on the water on the way to the United States at the moment. How do I invoice my customer with a 20 percent tariff? How do we cope with the VAT [value added tax] on that?”
This is just one example of the problems facing compliance officers following the announcement of U.S. Section 232 tariffs, according to U.K. Steel Director Gareth Stace. “Even the top U.S. trade lawyers had no definite answers to any of the questions that manufacturers asked,” he said. “And the last time this happened was in 2002, so much of that historical knowledge for compliance has gone.”
