Latest news with #TheFlexportTariffSimulator
Yahoo
3 days ago
- Business
- Yahoo
Flexport Debuts Tariff Simulator as Customers ‘Need Clarity on Costs'
Flexport wants to help businesses better estimate how much extra they're paying in tariffs when they're importing goods into the U.S. The digital freight forwarder launched the Flexport Tariff Simulator Monday as importers continue to navigate the stop-and-start environment. The simulator is accessible to the general public. More from Sourcing Journal US Pushes Global Partners for Trade Deals by Wednesday Trade Truce Crumbles as China Says US Violated Terms Trans-Pacific Ocean Freight Rates Continue Their Ascent on More Front-Loading With the Flexport Tariff Simulator, importers shipping to the U.S. can now estimate tariff and landed cost scenarios based on key shipment details, including: the Harmonized Tariff Schedule (HTS) code; shipment value; entry date; country of origin; and product-specific details such as material composition. For example, a business importing a men's T-shirt from China can either search their specific product category or enter the relevant HTS code and select an entry date to receive an estimated, detailed duty calculation with landed cost. The calculation also breaks out how much is owed for each individual duty that applies to the product's country of origin. Additionally, the tool also allows shippers to include potential exclusion codes to determine how much they would save if applied. Within the simulator, there is an interactive map that allows users to see trade data around the world including the total value of imports from a given country, the current average duty rate and the percentage of total U.S. imports coming from that country. The map also can break down total imports by individual HTS codes, and enables users to see the top trade partners for each individual product category. The simulator is built to enable dynamic scenario planning and cost forecasting as importers explore alternative trade lanes, manufacturing options and import timelines. According to Flexport, the user interface is updated in real time as tariff policies change. 'Our customers have been telling us loud and clear: they need clarity on costs,' said Ryan Petersen, founder and CEO of Flexport, in a statement. 'Our engineering team built The Flexport Tariff Simulator in response to meet that need in the face of all the uncertainty caused by rapid policy changes. We want to help merchants avoid expensive surprises.' Petersen has been vocal about the tariffs in recent months and how they could impact the Flexport business and its many customers. He told Fortune in a recent interview that the duties push back profitability projections for Flexport by six months to a year. And in a separate interview with The Wall Street Journal, he called the tariffs 'an extinction-level, asteroid-wiping-out-the-dinosaurs kind of event' for small businesses. In a LinkedIn post on Monday, Petersen called the tariff simulator 'the number one thing customers have asked for.' Retailers and brands alike of all sizes have had to endure a flurry of on-the-fly changes to U.S. tariff policy since April 2, when President Donald Trump's 'Liberation Day' announcements unveiled a slew of country-specific 'reciprocal' tariffs on dozens of American trade partners. A week later, on the day those duties initially went into effect, Trump put a 90-day pause on the country-specific tariffs, paring them back to a 10-percent baseline. Much of the attention is now on China, where plenty of Flexport customers still manufacture and source many of their products. China has seen the most tariff fluctuations of any U.S. trade partner as the White House continues its trade war against the country, likely creating confusion among those business leaders needing to stay abreast of the immediate impacts. On top of already existing Section 301 tariffs, China's 'Liberation Day' duties, including the 20-percent fentanyl-related tax, totaled 54 percent. These tariffs were then escalated to 145 percent as the remaining country-specific tariffs were scaled back, before being put largely on pause in May for 90 days. Chinese imports into the U.S. now have a duty rate of 30 percent. President Trump and China's President Xi Jinping could hold direct talks on the tariffs as soon as this week, according to the White House. Flexport's launch came the same day a Reuters report indicated that the White House wants its 'best offers' from U.S. trade partners by a Wednesday deadline. The official deadline for most countries to negotiate new deals with the Trump administration is July 9, before the 90-day pause expires and the original April 2 duties would go into effect. For China, the target date is Aug. 14. Alongside the tariff simulator launch, the freight tech company also is debuting a new, searchable catalog of HTS code content. Each entry is designed to provide detailed, easy-to-understand information to help businesses better navigate classification requirements, special duty rates and implications for their customs clearance process. Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Yahoo
5 days ago
- Business
- Yahoo
Flexport Launches Tariff Simulator to Help Businesses Navigate Rapidly Changing Trade Policies
SAN FRANCISCO, June 02, 2025--(BUSINESS WIRE)--Flexport, the leading global logistics technology company, today announced the launch of the Flexport Tariff Simulator, a powerful new tool designed to help businesses estimate landed costs and navigate the evolving tariff landscape with greater speed and confidence. The tool is available to the general public at The launch marks the latest addition to Flexport's growing suite of customs and trade advisory technology—designed to provide importers with the data, insights, and transparency they need to make smarter, faster decisions in a complex global trade environment. With the Flexport Tariff Simulator, importers shipping to the United States can now estimate tariff and landed cost scenarios based on key shipment details, including: Harmonized Tariff Schedule (HTS) code; Shipment value; Entry date; Country of origin; and Product-specific details such as material composition. For example, a business importing aluminum-containing goods from China can enter the relevant HTS code, input the aluminum content, and select an entry date to receive an estimated, detailed duty calculation with landed cost. The Flexport Tariff Simulator enables dynamic scenario planning and cost forecasting as businesses explore alternative trade lanes, manufacturing options, and import timelines. "Our customers have been telling us loud and clear: they need clarity on costs," said Ryan Petersen, Founder and CEO of Flexport. "Our engineering team built The Flexport Tariff Simulator in response to meet that need in the face of all the uncertainty caused by rapid policy changes. We want to help merchants avoid expensive surprises." Within the simulator, there is an interactive map that allows users to see critical trade data around the world including the total value of imports from a given country, the current average duty rate, and the percentage of total United States imports coming from that country. Along with the tariff simulator, Flexport is also launching a new, searchable catalog of HTS code content. Each entry provides detailed, easy-to-understand information to help businesses better navigate classification requirements, special duty rates, and implications for their customs clearance process. While there are a number of other duty calculators that have launched, the Flexport Tariff Simulator is unique in its intuitive user interface and the fact it is updated in real time as tariff policies change. The technology is powered by Flexport's deep expertise in trade advisory, accurately applying tariff rates in an evolving, complex environment. As tariffs shift, the simulator and HTS catalog will evolve accordingly, ensuring customers always have the most accurate and transparent data at their fingertips. "As one of the largest customs brokerages in the U.S., Flexport is uniquely positioned to help businesses of all sizes stay compliant while managing risk and cost," Petersen added. The Flexport Tariff Simulator is available exclusively for U.S. imports and will be accessible to the general public for free at: About Flexport We believe trade can move the human race forward. That's why since our founding in 2013, it's our mission to make global commerce so easy there is more of it. Flexport is the tech-driven platform for global logistics—empowering buyers, sellers and their logistics partners with the technology and services to grow and innovate. Flexport was one of CNBC's Disruptor 50 Companies as well as one of Fast Company's Most Innovative Companies. Trusted by more than 10,000 brands, Flexport connects every step of the supply chain from factory floor to customer door - making it easy for businesses to ship anywhere, sell everywhere, and grow faster. View source version on Contacts Media Contact press@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
5 days ago
- Business
- Business Wire
Flexport Launches Tariff Simulator to Help Businesses Navigate Rapidly Changing Trade Policies
SAN FRANCISCO--(BUSINESS WIRE)--Flexport, the leading global logistics technology company, today announced the launch of the Flexport Tariff Simulator, a powerful new tool designed to help businesses estimate landed costs and navigate the evolving tariff landscape with greater speed and confidence. The tool is available to the general public at The launch marks the latest addition to Flexport's growing suite of customs and trade advisory technology—designed to provide importers with the data, insights, and transparency they need to make smarter, faster decisions in a complex global trade environment. With the Flexport Tariff Simulator, importers shipping to the United States can now estimate tariff and landed cost scenarios based on key shipment details, including: Harmonized Tariff Schedule (HTS) code; Shipment value; Entry date; Country of origin; and Product-specific details such as material composition. For example, a business importing aluminum-containing goods from China can enter the relevant HTS code, input the aluminum content, and select an entry date to receive an estimated, detailed duty calculation with landed cost. The Flexport Tariff Simulator enables dynamic scenario planning and cost forecasting as businesses explore alternative trade lanes, manufacturing options, and import timelines. 'Our customers have been telling us loud and clear: they need clarity on costs,' said Ryan Petersen, Founder and CEO of Flexport. 'Our engineering team built The Flexport Tariff Simulator in response to meet that need in the face of all the uncertainty caused by rapid policy changes. We want to help merchants avoid expensive surprises.' Within the simulator, there is an interactive map that allows users to see critical trade data around the world including the total value of imports from a given country, the current average duty rate, and the percentage of total United States imports coming from that country. Along with the tariff simulator, Flexport is also launching a new, searchable catalog of HTS code content. Each entry provides detailed, easy-to-understand information to help businesses better navigate classification requirements, special duty rates, and implications for their customs clearance process. While there are a number of other duty calculators that have launched, the Flexport Tariff Simulator is unique in its intuitive user interface and the fact it is updated in real time as tariff policies change. The technology is powered by Flexport's deep expertise in trade advisory, accurately applying tariff rates in an evolving, complex environment. As tariffs shift, the simulator and HTS catalog will evolve accordingly, ensuring customers always have the most accurate and transparent data at their fingertips. 'As one of the largest customs brokerages in the U.S., Flexport is uniquely positioned to help businesses of all sizes stay compliant while managing risk and cost,' Petersen added. The Flexport Tariff Simulator is available exclusively for U.S. imports and will be accessible to the general public for free at: About Flexport We believe trade can move the human race forward. That's why since our founding in 2013, it's our mission to make global commerce so easy there is more of it. Flexport is the tech-driven platform for global logistics—empowering buyers, sellers and their logistics partners with the technology and services to grow and innovate. Flexport was one of CNBC's Disruptor 50 Companies as well as one of Fast Company's Most Innovative Companies. Trusted by more than 10,000 brands, Flexport connects every step of the supply chain from factory floor to customer door - making it easy for businesses to ship anywhere, sell everywhere, and grow faster.
