How Can Businesses Mitigate the Impact of Tariffs?
Businesses can take several steps to mitigate the impact of tariffs:
Diversifying Suppliers: By diversifying their supplier base, businesses can reduce dependence on any single country and mitigate risks. Passing on Costs: Some businesses may pass on the increased costs to consumers in the form of higher prices. Lobbying: Businesses can engage in lobbying efforts to influence trade policies. Investing in Local Production: In some cases, it might make sense to invest more in local production to avoid tariffs altogether.