President Trump's imposition of steep tariffs on countries around the world is likely to drive demand for accounting experts and consultants to help companies adjust and forecast the ever-changing percentages and terms.
On April 2, which Trump dubbed "Liberation Day," he announced a raft of reciprocal tariffs of varying percentages on trading partners across the globe and signed an executive order to put the import taxes into effect. Finance executives have been gaming out how to respond to the potential tariffs that Trump has been threatening to impose since before he was re-elected, far exceeding those he actually levied during his first term.
The tariffs are not set in stone, and other countries are likely to continue to negotiate them with the U.S., as Canada and Mexico have been doing in recent months.
"The one thing that I think we can all count on is a certain amount of uncertainty in this process, at least for the next several months," said Charles Clevenger, a principal at UHY Consulting who specializes in supply chain and procurement strategy. "It's hard to tell if it's going to go beyond that or not, but it certainly feels that way."
Accountants will need to make sure their companies and clients stay compliant with whatever conditions are imposed by the U.S. and its trading partners. "This is a more complex tariff environment than most companies have experienced in the past, or that seems to be where we're headed, and so ensuring compliance is really important," said Clevenger.
Read the full article published by Accounting Today.
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