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…
Asian exporters gain momentum as Trump tariffs push
U.S. President-elect Donald Trump's proposed tariffs on Chinese products are expected to accelerate container import growth from Vietnam, Thailand and South Korea. These countries have already benefited from supply chain shifts since 2017 and are expected to reap further gains as companies diversify away from China. Also read: Global leaders warn of possible economic fallout from Trump tariff proposals Vietnam: a rising export powerhouse According to Linerlytica's report, Vietnam's container exports to the United States exceeded 2 million TEUs in the first 10 months of 2024, more than double the export volume in 2017. Data from the World Customs Organization showed a year-on-year increase of 41% in the second quarter of 2024, reflecting the continued shift of manufacturing to Vietnam. Factors driving this growth include Vietnam's well-educated workforce, competitive operating costs and improving diplomatic relations with the United States. These advantages make Vietnam a key player in the changing dynamics of global trade. Thailand: Strong growth in agricultural exports Thailand…
Global leaders warn of proposed economic impact
Officials in Mexico, Canada and China have expressed strong concerns about U.S. President-elect Donald Trump's proposal to impose sweeping tariffs on goods from these major trading partners. Officials have warned that such measures could harm all economies involved, fuel inflation, disrupt the job market and destabilize global trade. Also read: “US importers to face tariffs regardless of election outcome” The tariffs announced Monday include a 25% tariff on imports from Canada and Mexico, and an additional 10% on Chinese goods. Trump said the need to combat the flow of illegal drugs and strengthen border controls were key drivers behind the move. Leaders of affected countries have urged dialogue to prevent economic damage. Mexican President Claudia Sheinbaum expressed her concerns at a press conference, saying: "One tariff will lead to another, putting our mutual business at risk." Sheinbaum intends to The issue was discussed directly with Trump in a letter and planned phone call. Likewise, Bank of Canada Deputy Governor Rees…
Trade wars and dinner tables: Which foods make the most
A new study from Trace One identifies the potential impact of import tariffs and shortages of foreign goods on U.S. food supplies. Also read: “US importers to face tariffs regardless of election outcome” Donald Trump's recent plan to impose 25% tariffs on imports from Mexico and Canada, and an additional 10% on goods from China, could have a significant impact on American consumers. The three countries together supply nearly half (45%) of U.S. food and beverage imports, making everyday staples more vulnerable to rising prices. Currently, nearly one-fifth of the U.S. food supply is imported from abroad, and the average American household spends nearly 14% of its annual budget on food and beverages. For many, this is already a burden—28% of U.S. adults report difficulty affording food, and 13.5% of households are classified as food insecure, meaning they cannot reliably obtain adequate nutrition. To better understand the potential impact of import tariffs and shortages of foreign goods on the U.S.…
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