Politics is a tricky subject and one we tend to avoid around here. But regardless of your political beliefs, Donald Trump, the new President of the United States, has taken office and plans to shake things up worldwide for businesses. In fact, he’s already gone to work, levying a 25% tariff on all trade from Mexico and Canada, with a lower 10% tariff on energy resources. This announcement has many businesses worried.
This tariff was initially planned to take effect at the beginning of February but was postponed until March 1st, giving time for more negotiations. With the threat of tariffs looming, businesses in North America are scrambling to determine what this means for their operations’ future.
Today, we’ll go over how tariffs work, who pays tariffs, and what they mean for your business. So, if you’re looking to protect your business from the possibility of tariffs in the future, you’ve come to the right place.
What is a tariff?A tariff is a …