While both U.S. presidential candidates might not agree on much, one thing they seem to be aligned on is tariffs. No matter what happens in the upcoming election, one thing is for certain there will be new tariff rules in everyone’s future.
Knowing how to respond to the upcoming changes in tariff rules will be, for many shippers, the difference between success and failure. This is why importers should be educating themselves on what each candidate is proposing, because the quicker they prepare for the new tariff reality the easier it will be to adjust their supply chain strategies.
“The worst thing that can happen to any supply chain strategy is being caught off guard by tariffs,” said Matt Haffner, OEC Group’s Regional VP of Customs Brokerage. “Enlisting someone who can help plan around the upcoming changes in tariffs laws will be key for any shipper to plan their supply chains and identify potential ways to either reduce or, in some cases, even negate any tariff that could be incurred.”
To date, Trump has been outspoken about his tariff goals, promising a 10-percent tariff on all imported goods from around the world and tariffs on Chinese goods, which will start at 60-percent. Additionally, Trump has promised that he would renew the tariffs that he introduced during his first presidency and preserve Joe Biden’s Section 301 tariffs.
Unlike Trump, Harris has not vocalized any specifics about how she will approach tariffs. However, experts believe that she is likely to, for the time being, continue Biden’s economic agendas, which recently included expanding the Section 301 tariffs to include steep taxes on Chinese goods, including a 100-percent tariff on Chinese electric vehicles.
“The bottom line is that regardless of who wins in November, there are going to be new tariffs on imports. Having the right customs broker in your corner to help you navigate and plan around the new tariff requirements can help save your company hundreds of thousands of dollars.” said Robert Um, National Operations Performance Manager in OEC’s Customs Brokerage division. “My advice for every shipper is to secure an informed broker who can identify all the legal nuances surrounding the new tariff laws. This way you will be able to plan a better and more profitable supply chain strategy.”
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