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How COVID-19 made businesses 'really prepared' for Trump tariffs

The Trump administration has proposed a sweeping trade strategy that includes 25% tariffs on Canada and Mexico with an additional 10% on China, set to go into effect Tuesday, March 4. HSBC Americas head of global trade solutions Marissa Adams joins Catalysts to discuss how companies are preparing for these changes. Adams observes, "Corporates are really prepared around, basically, trade dislocation and friction in trade in general." She notes that this preparation comes from lessons learned during the COVID-19 pandemic, noting that the crisis forced businesses to "look at their entire supply chain, to look at where they were sourcing goods from, and to think about risk in a very different manner." Adams explains this experience has equipped companies for the current tariff uncertainty, stating, "We've seen customers really focus on a risk management framework regardless of sector." Adams points out that for the tech and healthcare sectors, "tariffs are nothing new." She adds, "What they've been looking at is: How do they source some of their production in other areas?" To watch more expert insights and analysis on the latest market action, check out more Catalysts here. This post was written by Angel Smith