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The imposition of higher U.S. tariffs on foreign products and the considerable follow-on economic impacts are THE discussion in every business today.
Setting politics aside for the moment, let’s dig a little deeper. I’m in the camp that believes tariffs are a drag on economic growth and markets and that the best tariff is one that doesn’t exist. However, they do exist and not everyone shares my sentiments. That said, however, there is more to the story.
Companies of all sizes and industries experience a range of issues when dealing with foreign governments, international trading partners, and the buying or selling of products internationally. Businesses report that problems could include currency manipulation, dealing with foreign companies that are subsidized by their own governments, the dumping of less expensive yet similar products into the market, ignoring patents and trademarks, discriminatory rules and regulations designed to disadvantage U.S. goods and services, and more. The realities are that for every one of the world's 193 countries, barriers to true, balanced, free trade exist.
The discussion about world trade is worth having and real progress is long overdue. However, whether or not it was a good idea to take on seemingly everyone at once will be for the history books to determine.
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