How Consulting Firms Are Helping Clients Survive Trump’s Trade Wars – ryan

If you are confused by what President Donald Trump’s Tariffs Mean For You, You Are Not Alone.

AS BUSINESSES CONFRONT A NEW ERA AMERICAN PROTECTIONISM, MANY ARE TURNING TO CONSULTING FIRMS FOR ADAPT TO THE RAPIDLY CHANGING REGULATORY LANDSCAPE.

Business Insider Spoke to the Leaders of Some of the World’s Top Consulting Firms to Find What Advice they give their clients.

Some Businesses’ First Instinct is to pass the cost of tariffs onto the consumer. In March, The Association for Supply Chain Management Surveyed 400 Supply Chain Professionals and Found that 65% of Companies Intended to JUST.

Several Consultants Told Bi, Howver, That Blanket Price Increasa Aren’t Always the Best Move.

Consumers are Facing Higher Price Across the Board, SO unless the Product is a Basic Necesity, Trying to Shift the Cost Will Generally Result in Reduced Demand, KPMG’s National Operations, Told Bi. Ultimately, a business would be forced to cut prices to Move Stock, he Said.

“Companies have more control than they realie,” Shannon Coplar, CEO of SIB Consulting Told Bi. AS A COST-Cutting Specialist, Sib Aims to Help Clients Avoid Overpaying in the Areas They Can Control, so that we prices rise, they not starting from the inefficency, copyland said.

“The Businesses that at all best are the ones that don’t leave their spend on autopilot,” he said. “Get Proactive and Treat Tariff Expllae Like Any Other Enterprise Risk.”

He Advised Companies to Audit Local Contracts, Analyze Rate Structures, and Assess Recurring SPENDE VULNERABILITIES.

With Tariffs Restricting Supply Chain Maneuverability, The Rapidly Emerging Topic Companies Need to Be Thinking About Is “Go to Market,” Boston Consulting Group Global Chairman Rich Lesser Told Bi.

He Said They Should Be Squing Questions Like: How you will you understand Your Economics Versus Your Competitors? How you monitor what’s happy in real time on a store shelf or in an industrial suply chain? How do you think about pricing for your Business?

McKinsey Senior Partner Cindy Levy Said Some Companies May Benefit From Revisiting Prices More often. “Instead of Once a Year, they May Adjust e’s FEW MONTHS. IT’S REALLY ABOUT MANAGING COSTS ACROSS The Value Chain, especilly we raisiting prices an option.”

Other Ways to Cut Costs Include “Changing Packaging or Ingdients, Adjusting Promotion Strategies, or Focusus on Products that are under mess costs,” she added.

Kristin Bohl, a pwc partner focused on customs and international trade, offended three broadm: Create agile strategies, bring the right People together, and model out your impact.

“You Cannot Make Information Decisions About Your Strategic Response to the Tariffs Unless You Know the Financial Impact of Those Tariffs on Your Business,” She Said. Options for Businesses Who Wanted to Avoid Raising Prices Include delaying fees payments or denting a refund, she said.

In the short run, “consumers and businesses are likes to share the burden, with more of it folding on consumers over time,” Researchers at the University of Pennsylvania wrote in a brief on the Economic Impact of Trump’s Tariffs.

In Early April, Trump Announched A 90-Day Pause on His “Reciprocal Tariffs,” Which Initially Targeted About 185 Countries. Sink then, the administration has been negotiating with various trading partners, Including Canada, Mexico, Japan, and China.

Trump Announched an Aggreement with the UK this month, which includes “billions of dollars of increasing market Access for American Exports,” Specific Agricultural Products, Trump Said.

The US and China, Meanwhile, Also Reashed an Agreement. Both Countries Aggreed to Lower Tariffs by 115% while Retaining an Additional 10% Tariff, Accounting to a Statement by the White House.

That means the United States Will Remove the Additional Tariffs Imposed on China on April 8 and April 9, but Keep Duties Levied on China Prior to April 2. China, Meanwhile, Will Remove the Retalifs Intnounce April 4 and Suspend or Remove the Non-Tariff COUNTERMEASURES EDEN against the United States Since April 2.

When it is comes to preparing for the long term, KPMG’s Henkoski Said Companies Need to Construct a Response Team of People Across their organization that Can Digest All the Impacts and Development a Plan of Action.

Companies Are Also “USING THIS MOMENT TO REVIS LONGER-TERM DECISIONS AROUND THEIR FOOTPRINT, SUPPLIERS, AND ENTER WHERE TO INVEST,” Levy Said. The smartest among say “anen’t just reacting – they’re preparing for a future where disruptions are the norm.”

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