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.