US president Donald Trump is creating a new world order for trade by raising tariffs on imports from both the US’ allies and enemies alike. With Canada, Mexico, China and the EU all weighing up retaliatory levies, the possibility of a global trade war is at its greatest since before World War II.
Trade wars affect all businesses that trade internationally – including both the direct cost impact of tariffs and the indirect effects of rerouted supply chains and changing buying trends. Businesses will therefore need to be able to adapt and diversify their supply chains quickly to avoid becoming a victim to the whims of Trump.
For British businesses, the UK’s post-Brexit trade deals – including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – offer alternative markets with untapped export potential, a range of new potential suppliers and significant supply chain benefits.
This free webinar from the Chartered Institute of Export & International Trade explored how UK firms can use these deals to diversify their supply chains and mitigate risk during the second Trump era.
It covered:
- How tariffs work – at the WTO, and in relation to the US, UK and EU
- The risks and challenges posed to trade by Trump’s trade wars
- The importance of diversifying your supply chain to spread risk
- How free trade agreements enable firms to access new markets and suppliers
- The importance of compliance with rules of origin in trade deals
Find out more about the training and advisory options discussed in the webinar here.
