Tariffs and trade issues have been front and center in promo lately. In basic terms, a tariff is a tax imposed by a national government on imported goods. These can be used to raise federal revenue, protect domestic industries from foreign competition or address unfair trade practices.
After a tariff is imposed, the added costs for imported goods are often passed on from businesses to customers, increasing prices overall. Tariffs can also disrupt supply chains and trigger retaliatory tariffs from other countries (aka reciprocal tariffs, often described as “tit-for-tat”).
But there’s a lot more to know when it comes to navigating import rules, customs compliance and other aspects of global sourcing. Watch PPAI’s recent webinar here to learn more, and download our glossary of terms below for a better understanding of these issues.
