Impact of New Tariffs on U.S. Companies and Consumers
New tariffs on imports from China, Canada, and Mexico are causing concern among U.S. companies and consumers. Companies are finding ways to avoid tariffs through strategies like lobbying for exemptions, changing sourcing locations, and engaging in tariff engineering. Tariff engineering involves creative methods like relabeling products to lower duty rates or making product modifications. While companies can try to mitigate the impact of tariffs, consumers may ultimately bear the burden.