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In this episode, Corporate Tax Partner Vince Tropiano, Global Trade Partner Richard Nutt and Innovation Incentives Director Simone Barker discuss the Australian economy and how tariffs are impacting Australian manufacturing businesses – and what they can do to mitigate risks.
As of April 9, 2025, a minimum universal tariff of 10 per cent has been applied to all imported goods into the United States, while certain countries face higher reciprocal tariffs based on their US trade deficit.
Skills gaps in customs and trade threaten the bottom line and restrict future growth. While recruitment strategies are the key to solving this challenge in the long term, customs and trade managers can ensure operational tasks and strategic projects stay on track by bringing in a trusted, external partner to act as an extension of their team.
Organisations are bringing cost diligence back into the customs and trade planning equation in response to improving supply chain conditions. But finding cost efficiencies should not lead to higher risk, lower quality, slower delivery times, or detract from customer satisfaction. Instead, the focus should be on strategies that are a win for both the customer and your organisation’s bottom line.
The pandemic, the global shipping crisis and the shock of Russia’s invasion of Ukraine drove hard-pressed customs and trade professionals to focus almost entirely on reducing risk and ensuring continuity of supply. But recent evidence of improving supply conditions means that pressures on customs teams are finally beginning to normalise.
The recent reintroduction of tariffs by the US Government has created significant challenges for Australian businesses engaged in international trade.
US tariff changes are adding pressure on Australian businesses, with higher costs, supply chain disruptions, and new trade restrictions. With additional tariffs on imports from China and Hong Kong, businesses need to rethink pricing, sourcing, and operations to stay competitive.
The USA is preparing reforms to its de minimis exemptions, a change that could significantly affect Australian retailers selling goods manufactured in China and exporting to the USA. With higher tariffs and stricter customs regulations on the horizon, businesses may face increased costs and compliance challenges, requiring a reassessment of supply chain strategies.