Trade Wars Unpacked: Looking Beyond the News Headlines
US trade policies, including the imposition of additional tariffs, are causing major disruptions and uncertainty in global trading rules and dynamics.
To assist Australian exporters gain some clarity, the Export Council of Australia hosted an online briefing Trade Wars Unpacked: Beyond the News Headlines. This event was attended by a range of industry experts and business leaders.
Points raised in the discussion included:
- Be prepared for increased competition in markets beyond the US, as other competitors shift their products and services away from the US.
- To mitigate fluctuations in any given market, it is important to diversify and export to a range of markets.
- When preparing contracts with partners in the US, it is important to be clear about who will be responsible for (the additional) costs.
- It is crucial to weigh all of the risks and costs of moving operations into the US, especially if the US economy slows considerably.
- The government must provide appropriate funding support to SME exporters during these uncertain times.
- In addition to tariffs, expect US authorities to tighten customs regulations, and impose additional paperwork to deter importation.
- Businesses should stay informed, work with champions in the US, and plan for various contingencies (including with foresighting tools such as scenario planning).
Thank you to all of the business representatives who joined us for this timely discussion. We look forward to your continued engagement in ECA’s trade-focused initiatives.