- Recent Trade Developments: Following a delay in reciprocal tariffs, the U.S. has established preliminary trade agreements with multiple countries, including the EU, Japan, and South Korea, while also updating tariffs and trade discussions with nations like Brazil, India, and Canada.
- Increased Trade Complexity: The administration’s recent executive actions have introduced new tariff rates and compliance requirements for over 60 jurisdictions, significantly complicating the global trade landscape for multinational businesses and increasing costs.
- Recommended Actions for Businesses: Tax and trade professionals should assess the implications of these changes on supply chains, re-evaluate sourcing strategies, and consider mitigation tools, especially for goods impacted by new tariffs, while ensuring compliance with the updated regulations.
Source PwC
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