In this episode we have a second timer on the show, Afolabi Oyerokun, co-founder of Honu Worldwide, a global trade consulting firm. Afolabi discusses the importance of understanding and using the right tariff codes in international trade. 

 

Afolabi explains that tariff codes, numerical codes used to classify products for import and export purposes where codes identify specific category and product attributes that helps authorities determine appropriate duties and taxes.

 

Afolabi also shares common challenges faced by businesses when it comes to tariff code classification as well as lack of awareness about their importance. He also discusses what tariff costs are based on.

 

Understanding your tariff and utilizing the correct tariff codes can optimize your international trade operations, save costs and avoid disputes with customs and ultimately enhance their competitiveness in the global market.

 

In This Episode:

[01:00] Welcoming for the second time on the show, Afolabi Oyerokun. 

[02:45] Tariff termination.

[07:25] What is Tariff?

[11:30] Codes for products.

[20:21] Product sourcing.

[23:45] What tariff is based on?

[30:10] Rulings.

[37:00] Tax exemptions and duty refund.

 

Guest Links and References:

Website: https://honuworldwide.com/

https://www.tariffterminator.com/

Email: savings@honuworldwide.com 

 

Book Reference:

Rich Dad Poor Dad by Robert Kiyosaki

 

Links and References:

Wizards of Amazon: https://www.wizardsofecom.com/

Wizards of Amazon Courses: https://wizardsofamazon.mykajabi.com/a/27566/x6Kwkz6p

Wizards of Amazon Meetup: https://www.meetup.com/South-Florida-FBA/

Wizards of Amazon on Facebook: https://www.facebook.com/groups/WizardsofAmazon/

Wizards of Amazon on Instagram: https://www.instagram.com/wizardsofecom/