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Amid the chaos of current tariff policies, international law expert John Tulac provides crucial insights on how small businesses can navigate trade uncertainty and supply chain challenges. His straightforward analysis cuts through political noise to offer practical strategies for survival in a rapidly changing global trade landscape.
• Current tariff policies have created "pure chaos" in global trade, making risk assessment nearly impossible for businesses
• Small businesses face disproportionate harm from high tariffs as they lack the financial cushion of larger corporations
• "Pivoting" supply chains away from heavily tariffed regions requires substantial capital that many small businesses cannot access
• Trade deficits aren't inherently negative—they reflect America's economic strength and purchasing power
• Case studies show various industries facing unique challenges, from cosmetics to specialized audio equipment
• Regular supply chain reviews and resilience testing are essential for business survival
• Businesses should negotiate with suppliers to share the burden of increased costs
• Contract reviews and proper product classification for tariff purposes can prevent costly mistakes
• Developing backup plans for supply chain disruptions is crucial in today's uncertain environment
Hunker down, don't panic, and don't do something you will regret later. Try to figure out how to ride this out in the short term. Don't be afraid to negotiate with your suppliers and say we're both getting hurt. We've got to share some of the hurt.
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