Editors from MH&L's sister publication IndustryWeek discuss how different sectors of the US economy will be affected by the tariff policies.
Here are a couple of summaries from the video.
The newly announced reciprocal tariffs will undoubtedly have massive effects on supply chain strategies. One of Trump’s goals is to revive American industry, but despite his claims of large investments due to the new tariffs, the U.S. is unlikely to see significant reshoring in the near term. Companies have been hesitant to make any drastic moves due to the on-again, off-again nature of tariffs so far into Trump’s second term, and even though the new tariffs may provide a clearer view of what is to come, widespread counter-measures and Trump’s plan to use the tariffs for political influence doesn’t inspire confidence that the current tariff numbers will stick.
--Anna Smith, news and supply chain editor
Set up a “war room” with key leaders from supply chain, manufacturing, etc. to strategize as new developments arise. Communicate with your suppliers. Together you have to figure out the costs you can absorb and the costs that will have to be passed on to the consumer. See if there are places where you can diversify your supply chain globally and domestically source three locations for a particular component instead of two. Also, look at that low-hanging fruit where you can bring production back to the United States or add automation to increase production if the labor market is tight. Be on top of trends and problem-solving by being active in your industry organizations and talking to others in your industry and those adjacent to it.
--Laura Putre, senior editor covering leadership and the auto industry