Port Miami Pushes Nearshoring to Caribbean

• Concerns over tariffs, taxes, and duties often deter companies from adopting nearshoring strategies. However, representatives from the Port of Miami are assuring businesses in Latin America and the Caribbean—including Trinidad and Tobago—that using foreign trade zones can eliminate these fees entirely.
• Sonless Martin, Vice President of Global Trade and Business at Port Miami, explained that goods placed within a foreign trade zone and exported outside of the United States are not subject to US tariffs, duties, or taxes.
• “With all the tariff conversations happening with the various countries, you will not pay any money on tariffs, taxes or duties as long as you place the product within a foreign trade zone and export it outside of the United States. You have no time limit on when you have to export it, as long as you keep it within a foreign trade zone,” said Martin.
• Martin noted that Port Miami oversees foreign trade zone 281 (Miami-Dade County), one of 24 such zones across Florida—four of which are located within the county. The setup process, which includes applications, security checks, and software integration, typically takes between 30 to 60 days, he said.

(Source: Trinidad Express)