The challenge for local business leaders is understanding and then reacting to the impact of tariffs as policies keep shifting in global markets.
Adam Madigan, Chief Operating Officer of BISSELL, discussed why this round of tariffs is different from those imposed in 2018 during President Donald Trump’s first term.
“It was clearly a focused effort against China and the playing field was a bit clearer. If you were in China, getting out of China was the goal. Today the challenge is less clear. Where is the safe zone?”
Angela Gamalski, an international trade lawyer and partner at Honigman Law Firm added another difference is the lack of exceptions to the tariffs.
“There’s no exceptions, there’s no exclusions, there’s no off-ramp, no way to facilitate getting your client out of this. Its more, you have to find a way to live with this and recommend grief counseling instead of finding a customized solution.”
Brian Gill, legal counsel for tesa Tape North America noted the speed at which programs are implemented, without a 30- or 60- day notice.
“For us it’s been ‘all hands on deck.’ This is an all-consuming topic. It has overtaken the organization. We as an executive team are meeting three times a week to discuss action plans and make decisions.
All panelists agreed that communication and transparency are key with employees, partners and clients.
