“ Our team worked quickly to develop a resource site that businesses can use to better understand tariff exposure and adapt to changing global trade policy,” said Grace Yoo, the agency’ s assistant director for Economic Development and Competitiveness( OEDC).“ This online hub will help Washington businesses and workers navigate evolving tariff realities and their local impacts.”
The site includes information about tariffs and the rates imposed on different countries, strategies to support business owners dealing with the tariffs, training and support, and other resources and events. The goal is a one-stop shop to support businesses in Washington, Yoo said.
What can exporters do?
The guide offers strategies and resources for businesses to help them adapt to an ever-changing trade landscape. Specifically, there are specific action steps and strategies that businesses can take to better understand tariff exposure and adapt to changing global trade policy. They include:
• • • • •
Revisiting supply chain and trade agreements to reduce the share of goods exposed to additional duties.
Creating strategies surrounding tariff classification and valuation, and in some cases identifying ways to create small, legitimate modifications to a product that shifts it to a more favorable Harmonized Tariff Schedule category.
Addressing duty deferral and reduction, whether through foreign trade zones( FTZs) or customs bonded warehouses.
Exploring options for refund and recovery, such as duty drawback and post-summary corrections and protests.
Staying engaged and informed, through trade organizations and other like-minded groups. There is an array of education and resources, including seminars and webinars, networking events to help exporters connect with specialists who can address common export-related topics and even meet their unique needs.
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