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TWR Podcast Episode Episode 127 - Navigating Turbulent Tariff Times

The Woodard Report Team
Posted by The Woodard Report Team on Jun 19, 2025 3:39:42 PM

In this special episode of The Woodard Report Podcast, Heather Day Satterley sits down with Damon Pike, Principal of Customs and International Trade Services at BDO and author of the only U.S. casebook on customs and trade. With decades of experience, including a presidential nomination to the U.S. Court of International Trade, Damon offers unmatched insights into the turbulent world of tariffs—and how accountants can prepare clients for what’s ahead.

Tariffs were once a footnote—now they’re a headline

Damon opens by explaining how customs duties—once averaging just 3% and seen as immaterial—have become a material issue that accountants must now actively manage. “Customs in any organization has always been the unwanted stepchild—until now,” Damon shares.

For years, duties were lumped into freight and transportation costs. Now, Damon emphasizes the importance of separating customs-related fees—including merchandise processing and harbor maintenance fees—within the chart of accounts to enable accurate tracking and analysis.

Use data to protect clients

With the stakes rising, Damon stresses the importance of reconciling internal accounting data with the ACE (Automated Commercial Environment) Portal—the free U.S. Customs platform that allows importers to verify import data directly. This dual-tracking approach helps catch costly clerical errors, such as accidentally overpaying duties due to a miskeyed tariff line.

Court decisions and refund windows: what you need to know

With billions of dollars in tariffs under legal review, Damon explains why documentation and deadlines matter. “The protest deadline is set in stone—six months from the date of liquidation,” he explains. Miss that deadline by even one day, and the claim is time-barred unless the Supreme Court rules the tariffs unconstitutional.

He advises firms to monitor each shipment's entry number, maintain clean documentation, and be aware of key legal developments—especially the pending Supreme Court review of IEPA-related tariffs (e.g., fentanyl and migrant-related tariffs), which were already invalidated by lower courts.

Is this a new opportunity—or a liability?

While this space may appear to be a lucrative new advisory opportunity, Damon cautions that customs is highly technical and should not be approached casually. “Even many big law firms don’t offer this service,” he notes. Instead, he recommends smaller firms either partner with specialists like BDO through alliance programs or refer clients to experts to mitigate risk.

Three things every Accounting Pro should do today

Damon outlines three immediate action items for advisors:

  1. 1. Assign responsibility within the organization—someone needs to own indirect tax and customs.
  2. 2. Track and reconcile tariff payments and documentation meticulously using tools like the ACE portal.
  3. 3. Partner with trained customs professionals before giving advice in this area.

Tariffs are real expenses—but refunds are possible

Heather asks whether businesses should account for tariff refunds now. Damon clarifies: “Tariffs are in place now, so they’re definitely an expense… but maybe set up a reserve account for potential refund.” He strongly encourages tracking tariffs by type—such as Section 301 China tariffs, Section 232 national security tariffs, and IEPA tariffs—to enable accurate reporting and potential refund claims later.

Want to learn more?

Heather and Damon also discuss topics like AI’s role in customs data, international trade politics, and why the outlook for tariff relief remains murky even with pending court action.

For those serving clients with international exposure or supply chain complexity, this is an essential episode to help you understand how to lead with clarity amid trade uncertainty.

🎧 Listen to the full episode of The Woodard Report Podcast at woodard.com/podcast.

📝 Read more from Damon Pike via the curated links included in the show notes.

https://www.bdo.com/insights/tax/global-trade-war-escalates-as-tariffs-expanded-inciting-retaliation-by-us-trading-partners

https://www.bdo.com/insights/tax/trump-announces-massive-global-tariffs-and-eliminates-de-minimis-exemption-for-china-hong-kong

https://www.bdo.com/insights/tax/global-trade-war-escalates-as-tariffs-expanded-inciting-retaliation-by-us-trading-partners

https://www.bdo.com/insights/tax/reciprocal-tariffs-paused-china-and-eu-take-action-and-new-section-232-investigations-launched

https://www.reuters.com/world/us/trump-administration-readies-reciprocal-us-tariffs-trade-war-fears-mount-2025-02-12/

https://www.bdo.com/insights/tax/section-232-tariffs-on-steel-and-aluminum-doubled-and-related-developments

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Thank you to our show sponsor, CorpNet!

CorpNet is the trusted leader in business formation and compliance services, offering one of the best tools for accountants, CPAs, and tax professionals nationwide — the CorpNet Partner Program. 10X your firms revenue by helping clients form a business, register for payroll taxes, maintain compliance, and more.


This article was drafted using AI and reviewed and edited by a human.

Topics: Podcast


 

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