‘Liberation Day’ tariffs – the impact
The new ‘Liberation Day’ tariffs imposed by the US administration are set to reshape global trade, according to Keiron Myall (pictured), managing director for the UK and Ireland at the Customs Support Group (CSG).
Whilst a 10% tariff applies to UK exports, a 25% tariff on automobiles could significantly impact the British automotive sector. Myall highlighted the fact that “complex customs regulations in a volatile geopolitical trade environment could result in delays and additional costs.”
Companies are advised to reassess customs strategies, consolidate duty data and review HS classifications to optimise costs. According to CSG, early scenario planning has helped to prepare for these changes and navigate growing complexities in international trade operations. (js)