AI as a tool for managing tariffs
University of Utah students might have the tool you are needing.
Has dealing with tariffs got you down? If so, there might be a solution to your needs, thanks to a student start-up from the University of Utah.
According to a post from KSL.TV in Salt Lake City, Tarriflo offers a platform, powered by artificial intelligence (AI), that automates international trade documentation, outperforming traditional and competing software solutions, said Bryce Judy, the start-up’s Co-Founder and Chief Executive Officer. Tarriflo won the $20,000 grand prize at the recent Tim Draper Utah Entrepreneur Challenge hosted by the University of Utah’s Lassonde Entrepreneur Institute.
“Imagine you’re an e-commerce company, or you’re a manufacturing company, and you’re shipping goods to the United States. Right now, in order to clear your goods through customs … there’s a long process to it,” Judy explained. “A specific part of that is you have to classify the goods to get the tariff rates for it. That entails referencing hundreds of thousands of documents on the government site, navigating those and figuring out which tariff code you should assign to it, and that will determine your tariff rate, (and) any regulatory compliance documents that you need to fill out … before you can import it.”
The AI-driven technology uses product information and generates detailed documents, including comprehensive references to customs rulings and regulations. It also offers tariff-rate management and possesses a large trade-compliance database covering nontariff measures, free-trade agreements, country-specific harmonized tariff schedule codes and indirect taxes.
“Tarifflo uses AI to do what you would’ve had to pay an entire team to do. What used to take hours and days to fill out documentation, we can do in several minutes,” Judy said. “We can do it in real time, we can do it more accurately, and that’s all just using these AI models that we built.”
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