Resilience in Uncertainty: How Businesses Can Prepare
The possibility of new tariffs has reignited concerns among businesses that rely on global supply chains. While the scope and severity of these tariffs remains uncertain, the potential impacts on costs, operations and consumer prices underscore the importance of proactive preparation. Businesses that take proactive steps to anticipate and adapt to these changes will be better able to deal with any disruptions. Also read: Strike fears, tariff plans drive early import surge at U.S. ports Looking back at the Trump administration’s previous tariff cycles reveals an important lesson: preparation is key. Diversification efforts such as the China Plus One strategy offer ways to manage the risks of overreliance on sourcing from a single country. Manufacturers, especially in industries such as apparel and automobiles, are beginning to explore alternatives in countries such as Vietnam, Mexico and India. This trend has accelerated in recent years, providing a valuable blueprint for businesses facing new trade uncertainties. However, supply chain diversification is only part…
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