Companies are evaluating sourcing plans and procurement networks ahead of expected trade landscape changes under President-elect Donald Trump.
President-elect Donald Trump is promising new tariffs under his upcoming administration, an approach similar to the tactics he used during his first term, when he hiked duties on products such as solar panels, steel and apparel. At the time, Trump implemented tariffs on countries in Asia, North America and Europe.
Under his proposed plan, Trump intends to increase tariffs on Mexico and Canada by 25%, and levy an additional 10% tariff on goods originating from China.
The moves will build on recent tariffs from the Biden administration, which announced plans in December to increase Section 301 tariffs on wafers, polysilicon and certain tungsten products from China. The decision came after the administration finalized tariff hikes in September on a range of products from China, such as a 50% tariff on semiconductors and a 100% tariff on electric vehicles.