Global Transfer Pricing Guide: Rules and Best Practices
Explore global transfer pricing: strategies, compliance, and best practices for multinational corporations to optimize tax and align with regulations
The world of international trade has always been a complicated place. That complexity has reached a new level this year. Tariffs on imports into the United States are having a major impact on domestic importers. That’s one of the areas where a customs broker can help you. This article will explain how. Some key takeaways to look for:
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Customs brokers are licensed professionals regulated by U.S. Customs and Border Protection (CBP). They understand federal rules and regulations governing imports and exports. These include the guidelines and impact of tariffs. If you’re an importer, a customs broker can submit payments and paperwork to the CBP on your behalf.
There’s no legal requirement to hire a customs broker, but having one can help you avoid errors that could be costly to your company. Those include fines and possible seizure of materials and goods not properly registered to come into the United States. Customs brokers can navigate these dangerous waters for you and ensure your imports smoothly pass through customs.
In April 2025, the US Census Bureau reported an import-export trade deficit of $122.7 billion.1 The Trump administration has vowed to level that playing field. That means imports will be carefully scrutinized, and tariffs will remain high for imports from select nations. A customs broker can help you adjust for that. Doing it yourself is probably not a good idea.
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Many economists believe small businesses shouldn’t do any imports without a customs broker. The landscape is shifting too quickly to leave anything to chance. Having a professional manage your paperwork and payments can give you peace of mind. This is especially true when faced with unexpected obstacles, a scenario we’ve seen several times this year.
Certain imports require special licenses or permits from federal agencies other than the CPB. Food products are regulated by the Food and Drug Administration (FDA). Wildlife products fall under the purview of the Fish and Wildlife Service. Additionally, textiles are regulated based on the materials they’re made with. A customs broker can help you wade through all this.
Customs brokers are the compliance officers of international trade. They stay current on the regulations for trade agreements, customs procedures, and tariff rates. Small business owners don’t have the time to keep track of these frequently changing regulations. This is particularly true when your business is dealing with any of the following:
Experienced customs brokers can also help you with sourcing. That could be critical as the prices of imports from certain countries continue to rise. For instance, if importing certain goods from China becomes cost-prohibitive, perhaps your customs broker knows another source where tariffs aren’t as high. Expect to see that a lot this year.
The United States classifies all imports using a Harmonized Tariff Schedule. According to Shopify, there are over 10,000 HTS individual codes on that list.2 Other sources claim the number is closer to 17,000. That’s a lot of data to sort through when you have large shipments with multiple tariff classifications. Here are some examples of what that might look like:
A customs broker can also help you choose the right shipping method for getting materials and goods into the United States. Air freight is more expensive, but faster and ideal for smaller packages. Overseas shipping involves dealing with foreign ports and customs officials. Most business owners don’t have experience in those areas. Customs brokers do.
Would you go to trial without a lawyer or buy a commercial property without a real estate broker? Importing through customs falls in the same category. You can do it yourself, but it’s not recommended. The possible exceptions to that rule include the following:
It’s not a good time to take chances with this because the rules and regulations are changing rapidly. Trade wars may lead to sanctions, and customs officials will be vigilant about ensuring the new laws are enforced. That might be a good reason to rethink the DIY approach.
Asking for a referral would be the best option, but that could mean reaching out to competitors. You could check TrustPilot references.3 That will tell you what others have to say. It’s also a good idea to check for proper licensing and certifications. Companies providing customs brokerage services must have at least one licensed officer, partner, or associate.
Evaluate their experience and industry expertise. Your customs broker should specialize in the product or industry you operate in. Look for someone who has established relationships with relevant government agencies and a solid track record of compliance. Compatible technology and responsive customer service are also important.
Your cost for a customs broker will depend on the complexity of the shipment and the number of line items and classifications. For instance, a simple entry with up to three harmonized system (HS) codes will cost roughly $175 plus $30 to $40 for any additional agencies the broker needs to file with. Storage, transportation, and consulting fees are not included.
Broker fees don’t include tariffs, taxes, or special handling fees, but the customs broker can break those down for you and explain how best to cut shipping costs. They can also help you avoid costly delays and penalties for non-compliance. That makes their fees an investment, not an expense, especially if imports are a major part of your business.
International trade inevitably involves processing and making payments in multiple currencies. With Wise Business, you can hold and manage 40+ currencies and get the mid-market exchange rate for international payments.
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Editor & Business Expert: | |
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![]() | Panna is an expert in US business finance, covering topics from invoicing to international expansion. She creates guides and reviews to help businesses save time and make informed decisions. You can read more useful business articles on her author profile. |
Author: | |
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![]() | Kevin D. Flynn is a retired financial professional, business coach, and financial writer. He lives in Leominster, Massachusetts with his wife Evelyn, two cats, and ten wonderful grandchildren. When he’s not working, you’ll find him at the golf course or on his back porch reading classic sci-fi novels. |
Sources:
1.
census.gov/foreign-trade/Press-Release
2. hts-codes
3. Trustpilot.com/categories/customs_broker
All sources checked May 9th 2025.
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This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
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