April 2025 has seen unprecedented tariff volatility, significantly impacting global trade. Businesses are grappling with new and increased tariffs, including those on steel and aluminum, the removal of the $800 de minimis limit for Chinese goods, and impending additional 10% tariffs for many US trading partners. While immediate solutions like changing sourcing or import models are being considered, these require careful implementation to avoid exacerbating issues or being deemed tariff avoidance. The critical first step for businesses is to thoroughly understand their tariff exposure by analyzing goods’ classification, origin, and customs valuation. This foundational knowledge enables informed consideration of potential mitigation strategies, as there is no universal “silver bullet.” During the current 90-day delay for some tariffs, businesses should assess their customs position, seek expert advice, and avoid rushed supply chain overhauls, as those with robust data understanding will be best equipped to navigate this uncertain landscape.
Source: rsmuk.com
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