Considering the 2025 US tariffs
The recent tariff announcements in the US have thrown a lot of people into a spiral of panic about the impacts on individuals and businesses alike. We wanted to take a moment to share this great resource that breaks down tariff impacts by industry, along with recent updates and a timeline of trade actions.
This article touches on considerations and adaptations companies can consider if they are expecting to be impacted by tariffs, which will vary by industry and individual company situations:
Supply chain adaptations
Intercompany pricing and compliance
Global tax structures
Pricing, brand positioning, and customer perception
Merger and acquisition possibilities
Regulatory and audit focus
Read “A new tariff paradigm: How businesses can respond” from Grant Thornton →
In addition to the excellent content provided by this article, we’d encourage you to keep in mind opportunities for process redesign and internal improvement projects. Some companies will have little choice but to analyze every aspect of their processes, and through this can come greater efficiency and changes like those Grant Thornton highlights to supply chain adaptations. Embedded in process redesign is to find ways to make the things you already have work even better for your business. You may be able to make incredible changes to your business with the things you already have while spending little to no additional money. For all this, be sure to thoroughly document and train your teams.
The tariff situation prompts us to reassess our business, supply chain, products and production, and impact on customers and the company’s brand. Pivoting and adjusting is part of company resiliency.
As always, feel free to reach out with any questions on how you can use your ERP system to track impacts or changes caused by tariffs.