“The direct impact will be on companies that are importing goods and it could be significant,” said Ron Drozd, chief operating officer at thehe plans on adding another 10%, and he’d like to see tariffs as high as 60% on Chinese goods. He has also threatened to increase tariffs on our largest trading partners, Canada and Mexico, to as much as 25%.
“People have brought a massive amount of products in the run-up to these tariff increases,” he said. “That’s putting pressure on freight, which adds to the overall cost of carrying inventory.”Some companies are either starting manufacturing facilities or partnering with foreign manufacturers in countries where tariffs will be relatively lower, like India, Vietnam, Malaysia, South Korea, and parts of Latin America.
“We know of several manufacturers that are building plants outside of China, but you can’t build a chemical plant overnight,” he said. “You can find someone to do this for you, but that requires patience and raises other issues like quality control.”Buying directly from overseas suppliers in countries with lower tariff rates may be more practical than building a new overseas facility.
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