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Key Recommendations from McKinsey & Company

Facing a global economic shock caused by rising tariffs, McKinsey & Company offers nine recommendations for businesses to mitigate the impact:

• Streamline Tariff Operations: Minimize border delays, avoid unnecessary payments, and ensure accurate shipments within quotas.
• Strengthen Supplier Relationships: Improve supplier documentation, secure critical inventory, and share data to prevent disruptions.
• Engage Stakeholders: Collaborate with governments and key players to communicate the impact of the changing trade environment.
• Optimize Product Classification: Use proper tariff codes to reduce costs. Even small differences in codes can significantly impact duties.
• Adjust Business Strategies: Modify pricing, eliminate low-margin products, and adapt to shifting demand.
• Reduce Costs: Implement efficiency measures to offset cost increases and potential revenue drops.
• Promote Local Manufacturing: Increase domestic production and circularity (remanufacturing) to reduce reliance on imports.
• Optimize Supply Chain Network: Restructure the supply chain to focus on countries with fewer trade barriers.
• Transform Business Portfolio: Refocus on profitable businesses through divestitures and strategic capital reallocation.

Impact of Tariffs on Supply Chains

The article highlights the cascading effect of tariffs across various industries, using the automotive sector as an example. The complexity of global supply chains, with components sourced from multiple countries, makes them particularly vulnerable.

Other Strategies for Businesses

Beyond the nine recommendations, McKinsey also suggests creating geopolitical monitoring centers and planning with different time horizons to guide decision-making and mitigate the effects of tariffs and trade controls.