With a view toward remedying long-standing trade imbalances—with market and non-market economies alike—and in a shift away from the country’s more traditional, multilateral, globalist approach to international trade, tariffs have been the tool the Trump administration has relied most heavily upon to effect change. This poses significant risks to U.S. importers, as the tariffs affect a wide swath of imported merchandise, including nearly half of all merchandise imported from China.
In this environment, U.S. importers—and their counsel—must develop a keen understanding of (1) how the current tariffs impact their business; (2) the regulatory framework in which they must operate; (3) what tariff mitigation strategies are available to them; and (4) how they can avail themselves of such strategies without violating the reasonable care standard with which they must operate.