One of the fundamental changes expected is a revision of the rules around the 'country of origin,' which determine whether goods qualify for tariff exemptions under the USMCA. This could reshape industries significantly. For instance, in the auto sector, stricter standards now require 75% of parts to be sourced from North America, pushing businesses to reassess their supply chains to stay compliant and avoid penalties.
As the USMCA renegotiation approaches, business leaders must proactively plan for shifting trade rules and tariffs. Those who prepare now will be better positioned to weather the storm, regardless of which political administration takes power after the 2024 elections.
Entrepreneurs should audit their supply chains and consider increased local sourcing to mitigate the risks associated with potential tariff changes. The current landscape is unpredictable; taking steps now can help businesses avoid being caught off guard and can preserve their operational integrity.
The global trade landscape is shifting, and businesses engaged in cross-border trade face potential complexities ahead of the USMCA renegotiation. Those in manufacturing and agriculture should be particularly vigilant, as changes could lead to increased operational costs and altered supply chain dynamics.
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