June 17, 2024
The Biden administration's announced that it will increase tariffs on various imported products from China which has prompted businesses to seek alternative strategies to minimize the impact on their operations.
The tariffs imposed by the Biden administration cover a wide range of products beginning in 2024 to 2026:
Product | Current Tariff Rate | Tariff Rate in 2024 |
Steel and Aluminum | 0-7.5% | 25% |
Semiconductors | 25% | 50% |
Electric Vehicles (EVs) | 25% | 100% |
Batteries, Battery Components, and Parts | 7.50% | 25% |
Critical Minerals | 0% | 25% (2024), 25% (2026) |
Solar Cells | 25% | 50% |
Ship-to-Shore Cranes | 0% | 25% |
Medical Products: Syringes and Needles | 0% | 50% |
Medical Products: PPE, Respirators, Face Masks | 0-7.5% | 25% |
Medical Products: Rubber Medical and Surgical Gloves | 7.50% | 25% |
Companies are proactively and strategically responding to the evolving trade environment by carefully evaluating their supply base and actively pursuing partnerships that can effectively mitigate the impact of rising tariffs, trade challenges, and geopolitical uncertainties.
To reduce reliance on a single source, companies should consider supplier diversification with a strategic sourcing BPO provider like Veteran1 which helps businesses minimize risk and cost exposure, ensuring a steady supply of goods at competitive prices. Diversifying suppliers not only mitigates effects of increased tariffs but also strengthens supply chain resilience and flexibility.
About Veteran1
Veteran1 is an industry leader specializing in global supply chain business process outsourcing solutions for commercial and corporate goods and services. With a diverse team, the company delivers efficient and cost-effective source-to-contract solutions to private and public sector clients worldwide, with a focus on exceptional quality and value.
Start saving today by requesting a complimentary quotation for your company's goods and services at https://www.veteran1scm.com/contact.
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