Trump Tariffs: how can businesses minimise the impact?  

Global trade is an ever-evolving landscape, and that’s without the latest ‘Trump Tariffs’ thrown into the mix.

The recently imposed tariffs have caused ripples throughout industry and commerce across the globe. But how concerned should businesses be?

The tariffs are ever-evolving and at the time of writing range between 10% and 104% , for example 20% for the EU, potentially 104% for China and 10% for the UK, with certain categories such as cars and car parts attracting an additional premium  of 25%.

So international businesses will no doubt face significant challenges when importing goods into the US. To minimise the effects, it may be worth looking at mitigation and compliance strategies.

Options could include looking at exclusion eligibility (under the USMCA agreement) and managing tariff stacking and non-tariff barriers.

To consider whether your supply chain and goods could benefit from duty-saving strategies, consider the following:

• What is the origin of your products?
• Are they manufactured and shipped directly from source?
• Is there any third-country processing or value-add?
• Do you use agents or multiple parties in the procurement process?
• Was the steel/aluminium involved smelted, poured, or cast in the US?
• Are there any Russian-origin materials involved? If not, how is this evidenced?
• Who are your end users in the US (corporate, educational, scientific etc.)?
• Are any samples or promotional items imported?

If you have concerns, make sure you take specialist advice as early as possible to minimise the impact on your business, identifying commercial saving opportunities while remaining compliant.

We provide strategic guidance on:

• Exclusion eligibility (e.g. under the USMCA agreement)
• Managing tariff stacking and non-tariff barriers
• Navigating complex US import regulations, including updated data element requirements and tariff classification codes

Key areas where we can assist:

• Duty reduction through ‘First Sale’ valuation
• Tariff classification re-engineering
• Rules of origin analysis and adjustment

Please contact gunnercooke Operating Partners Zeeshan Ashraf or Paul Boardman for more information.

Zeeshan Ashraf is an Operating Partner at gunnercooke, specialising in Customs and International Trade, including Tariffs and Compliance. He and his team have experience advising global importers, manufacturers and supply chain specialists on Section 301 Tariffs, Customs Warehousing, Duty drawback and refund mechanisms, and origin and valuation disputes. He recently advised clients, alongside partners in the gunnercooke US team, on managing intricate tariff implications for steel and aluminium imports. Find out more about his expertise and contact him here.

Paul Boardman is an Operating Partner at gunnercooke, Paul is an Unilever-trained Accountant with an FMCG background and over 30 years’ experience. Find out more about his expertise and contact him here.