According to research by Vistage International, many U.S. businesses are scrambling to cope with the repercussions of new tariffs, including higher material costs, smaller profit margins and disrupted supply chains.
Tariffs are affecting companies in a number of industries and forcing their employees and members of the executive teams to be creative in order to avoid or better navigate around the tariffs to preserve profitability and relationships.
“New tariffs are impacting companies in wholesale trade, manufacturing and construction most significantly. More than three-quarters (79%) of respondents from the wholesale trade said that they were “moderately” or “strongly” impacted by tariffs, followed by 76% of respondents from manufacturing and 73% of respondents from construction.
Reevaluating your tariff strategy on a regular basis is the best way to manage risks while keeping costs low. Take a look at the infographic below for 5 proven strategies to navigate tariffs when producing products overseas.
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Al is an entrepreneur, founder, and owner of multiple businesses, including Altraco, an outsourcing and contract manufacturing company. Working across multiple continents and trusted by Fortune 500 companies, Al finds innovative solutions to traditional supply chain challenges. He is a member of Vistage Worldwide.