Doug McHoney (PwC's US International Tax Services Leader) and Chris Desmond (PwC's Global Trade Services Leader) take the podcast from below the line to above, discussing a topic generating global headlines and concern: trade. What is 'trade' and why it is important? How do the Section 301 tariffs function? What are HTS Codes and lists one through four? How are tariffs and trade are caught up in global politics? Where do we stand on tariffs with China and Mexico? Doug and Chris address these questions and more: how does US Customs and Border Patrol determine and collect tariffs, and how do 'Free Trade Zones' affect tariff collection? They also provide insights into companies' reactions to trade developments, how they actually are paying tariffs and who in the supply chain may ultimately bear the added cost. In addition, they cover mitigation opportunities, dealing with increased audits, and leading practices for the trade function. They conclude by prognosticating on the 'trade war,' wondering if it will get worse before it gets better.