Companies Plan for New Tariff Regime by Raising Prices for U.S. Consumers
October 30, 2024 – U.S. companies that depend on imports and imported components for manufacturing and consumer sales are already planning for high tariffs in the near future.
Stanley Black & Decker, for example, intends to raise prices and shift its production to other countries if Donald Trump is elected president again.
Trump says he is willing to impose 10-20% universal tariffs on all goods imported into the U.S., even from trading partners, in addition to a 60% tariff on all Chinese imports.
- The Census Bureau will publish its long-awaited notice of proposed rulemaking (NPRM) tomorrow on filing requirements regarding in-transit shipments and other foreign trade regulations (FTRs).
- U.S. Customs and Border Protection (CBP) officials told customs brokers at an event this month that it retains the right to cut their access to the Automated Commercial Environment (ACE) system in the event of a cyberattack.
- The U.S. Food and Drug Administration (FDA) is reportedly increasing enforcement on food importers who aren’t meeting the Foreign Supplier Verification Program (FSVP) requirements.
- An independent global advisory firm says taxpayers will pay the cost if U.S. lawmakers decide to eliminate or modify the existing de minimis duty exemption value threshold of $800.
