With former President Donald J. Trump winning back the White House, it is clear that the supply chain and freight logistics markets are in for some changes on various fronts.
The topic that received the most attention in the run-up to the election focused on tariffs, in terms of what may be coming, with Trump saying repeatedly on the campaign trail that he plans to increase the percentage of tariffs levied on companies importing into the United States, from where they have remained since they were implemented in 2018, during his first term in office. To that end, he has said he is committed to imposing a 10%-to-20% tariff on all imports regardless of what country they come from, and 60% or higher on goods entering the U.S. from China.
When the Trump administration first rolled out its plan in mid-2018, it was comprised of a 25% tariff on $50 billion worth of goods imported from China, under the purview of an “America First” policy geared towards a more fair and beneficial position for U.S. companies, as well as focusing on: protecting domestic property and intellectual property; stopping noneconomic transfers of industrially significant technology and intellectual property to China; and enhancing access to the Chinese market. These tariffs subsequently ignited a trade war between the United States and China that continues today.
