U.S. Customs and Border Protection is proposing a new rule that will require container vessel operators and exporters to submit advance electronic export manifest data for all cargo departing the United States. The shift from paper to electronic documentation aims to increase cargo security and prevent smuggling by allowing CBP to identify high-risk shipments before loading. The new system, which includes a 24-and-2 filing schedule, is estimated to save the trade community approximately $285 million during the regulatory period. CBP will enforce compliance with liquidated damages of $5,000 per violation, with a maximum cap of $100,000 per departure.

Read more at Yahoo Finance: New CBP vessel rule targets high-risk exports