President-elect Donald Trump has announced plans to implement significant tariffs on imports from Canada, Mexico, and China. Specifically, he intends to impose a 25% tariff on all products from Canada and Mexico to address issues related to illegal immigration and drug trafficking. Additionally, an extra 10% tariff is planned for Chinese imports due to concerns over fentanyl trafficking.
These measures are expected to impact various industries, leading to increased costs for businesses and consumers. Importers may face higher expenses, which could affect their competitiveness and profitability.
IMS Worldwide, Inc. (IMSW) offers expertise in establishing and operating Foreign-Trade Zones (FTZs), which can provide significant benefits to importers. By utilizing FTZs, companies can defer, reduce, or even eliminate customs duties on imported goods. This can result in improved cash flow and reduced overall costs.
IMSW assists clients with FTZ applications, activations, and operator training, ensuring compliance with regulations and optimizing the advantages of FTZs. Their services are designed to help businesses navigate complex trade environments and mitigate the impact of tariffs and other trade barriers.
In light of the impending tariffs, importers should consider strategies like utilizing FTZs to maintain their competitive edge. Consulting with experts such as IMS Worldwide, Inc. can provide valuable insights and assistance in adapting to these changes.