A Tariff-ic Turn of Events (Again)

👋 Hello Vendorville,

How it feels trying to follow the tariff news

⬆️ Is this how you’re feeling reading the news every day, trying to keep up with the tariff situation and ensure your supply chain runs smoothly despite everything? Us too. This is why we highly recommend letting this webinar answer all your tariff-ic questions on, well, tariffs.

But seriously, whether it's tariffs, a ship stuck in the Suez Canal, or a literal pandemic, today’s suppliers must stay tough and stay prepared. Here are some best practices to stay alert, stay ahead, and agile.

🚨 Stay Alert

It is essential to keep up with what is happening in the world, whether it's tariffs or other supply chain disruptions. Expect the unexpected and have a game plan.

New tariffs are driving up costs and choking supply chains. It is essential to know how these new tariffs will affect your business and any preexisting vulnerabilities within your supply chain. Reevaluating your supply chain and addressing vulnerabilities will help you stay afloat.

When you know what and how tariffs will affect you, you can:

Communicate early, both internally and externally.

Make a plan and execute it quickly.

Use the past to help you manage the present. (Still have your pandemic playbooks?).

Being in the know will allow suppliers to take necessary and helpful action that will also help prepare for future disruptions.

What feels like the only way to survive the tariffs...

🗓️ Stay Ahead

Do you feel like you are already behind? You are not alone! But it’s not too late to start planning ahead. For instance, no one could have predicted a ship getting stuck in the Suez Canal in 2021, but within hours, the global supply chain had to adapt.

The current tariff situation is similar because it is still changing daily.

While it’s impossible to plan for every possible disruption, things like the Suez Canal crisis, COVID-19, and natural disasters have taught suppliers that it is critical to have plans in place to account for various disruptions. When unfamiliar disruptions arise, that does not mean that nothing can be learned from the past!

A game plan that is ready for whatever the future holds might include some of the following:

Strong communication

Alternative or backup options (e.g. transportation)

Up-to-date risk management protocols

Competitive analysis

Related Reading: What is Supply Chain Resilience?

🏋️‍♀️ Stay Agile

You’ve got your game plan, you’re up to speed on the current state of things, but it’s important to remain flexible and adaptable as we continue to ride this tariff-ying wave. “Waiting until the dust settles” will only hurt your business in the long run.

Remember 2020? For suppliers during the pandemic, adaptability was the name of the game. For example, suddenly consumers were buying almost entirely online. Suppliers were forced to create e-commerce options or risk losing even their most loyal customers.

A strong supply chain during good times should constantly consider how it can adapt to the consumer’s ever-changing needs, but in a crisis, this adaptability must be expedited.

A crisis game plan must leverage technology to make real-time decisions and be prepared to pivot into previously uncharted territory as needed.Tariffs do not need to be a death sentence to your profit. Agility and adaptability means thinking outside the box!

Stay smart, stay scrappy, sign up for this webinar, and learn from the experts on how to protect your supply chain from the most recent tariff-ic turn of events.

Sign Up Today!

Retailer News 🗞️

CNN

US and China agree to drastically roll back tariffs in major trade breakthrough

“The United States and China agreed Monday to drastically roll back tariffs on each other’s goods for an initial 90-day period, in a surprise breakthrough that has de-escalated a punishing trade war and buoyed global markets.”

Supply Chain Dive

Mattel warns of price increases amid tariff pressure

“The toy manufacturer is accelerating a pullback from China, which already accounts for less than 20% of its U.S. imports, a distinct advantage over rivals.”

The Toy Association

The Toy Association’s #KeepToysTariffFree Advocacy Gains Momentum

“As the industry prepares for the critical 2025 holiday season, The Toy Association™ is advocating for “zero for zero” tariffs on toys and working to ensure the voice of the toy industry is heard by congressional leaders and White House officials.”

⭐ Rick’s Tips ⭐

“Free trade agreements (FTAs) often provide reduced or eliminated tariffs for certain goods. For instance, under the rules of the USMCA, goods from Canada or Mexico that meet the rules of origin are exempt from the blanket 25% tariff imposed on imported goods from those countries.”

Let's Circle Back

Did you know that the word tariff comes from the Arabic word taʽrīf, meaning “notification?” The first known use of the word was in 1592 and was used much in the same way we use it today. According to Merriam-Webster: “A schedule of duties imposed by a government on imported or in some countries exported goods.”

Until Next Time,

Vendorville ♥️