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Businesses across the globe are bracing for potential increases in tariffs on imported goods flowing into the U.S. in 2025.
“On the campaign trail, then-presidential candidate Donald Trump proposed instituting a range of unprecedented tariffs, including among other things, a 10% tariff on all U.S. imports regardless of country of origin, as well as a 60% tariff on products from China,” reported Law360®.
Then in late-November, President-elect Trump announced that he would sign an executive order on the first day of his term that would impose a 25% tariff on all goods from Mexico and Canada until the countries curbed the flow of migrants and illicit drugs into the U.S., as well as an additional 10% tariff on China until it took decisive action to stem the flow of fentanyl into the U.S.
The looming threat of global trade wars presents a complex challenge that requires careful planning and strategic action by U.S. executives affected by the potential storm of tariffs. As trusted advisors to their executive teams and corporate boards, in-house counsel play a pivotal role in guiding their companies through this turbulent landscape.
Experts advise that the first step for in-house counsel is to assess the potential impact of increased tariffs on their company’s operations. This involves pinpointing specific products or components that are sourced from countries likely to be subject to higher tariffs, then evaluating the corporate supply chain to identify potential bottlenecks and areas where disruptions could occur. Corporate finance teams can calculate the potential increase in costs due to tariffs and help determine how these costs may affect pricing, profitability and overall business strategy.
Once the potential impact has been assessed, in-house counsel must stay abreast of evolving trade regulations and potential legal challenges. The Practical Guidance team for LexisNexis® has published a practice note from Mark Rowbotham, an international consultant on customs and compliance issues with Portcullis ISC, that explores international trade and the corporate legal implications of navigating tariffs for companies doing business in the U.S. This practice note provides more in-depth insights and references to useful resources for in-house counsel.
Specific legal and regulatory actions that in-house counsel may want to consider include:
In-house counsel can also play a key role in developing robust tariff risk management and contingency plans for their companies. Identifying potential risks associated with tariffs, developing plans to address potential supply chain disruptions, and ensuring 24/7 access to information resources that provide updates on changes in trade regulations are all important pre-emptive steps to take now.
Legal experts also note there are a number of mitigation strategies that can reduce exposure to increased tariff rates in 2025, such as the use of bonded warehouses and foreign-trade zones for further processing of goods prior to importing into the U.S.
It’s no secret that global trade could see some big changes in 2025. By pro-actively addressing the challenges posed by increased tariffs, in-house counsel can help their companies navigate this complex landscape in 2025 and beyond, safeguarding their organization’s long-term success.
LexisNexis® recently published The International Export and Trade Assistance State Law Survey. The survey provides in-house counsel with insights to help them:
To request a complimentary copy of the survey report, please click here.
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* The views expressed in externally authored materials linked or published on this site do not necessarily reflect the views of LexisNexis Legal & Professional.