A new guide offers strategies to mitigate risk and keep export sales strong and growing
The topic of tariffs can be a confusing one for businesses—and keeping up with near-daily changes to policies and rules can seem overwhelming. Changing prices of imported goods can cause disruptions in companies’ supply chains; tariff changes can also have dramatic effects on demand for exported goods, making forecasting difficult.
A new guide from WEDC, developed in partnership with the Universities of Wisconsin Small Business Development Center, aims to help businesses alleviate uncertainty and confusion. Using strategies described in the guide, “Navigating Tariffs in a Global Trade Environment,” companies can protect against the effects of supply disruptions and mitigate the risk of shifting market trends in exporting.
The guide defines and explores basic concepts in importing and exporting, including the role of customs brokers and freight forwarders, how to classify goods correctly according to the Harmonized Tariff Schedule, when and how to use Foreign Trade Zones, when to use bonded warehouses, and more. The guide also contains links to resources such as educational seminars and websites where businesses can learn more and seek support.
WEDC’s global trade and investment team anticipates making regular updates to the guide, which is offered free of charge as a resource for Wisconsin companies.
