Justin Kim, an account executive at freight company OEC Group New York, noted, "I've already started to see some volume from China shifted to Vietnam... this is with not just one vendor but multiple vendors." This shift is indicative of a larger trend among companies to relocate production away from China towards countries with fewer tariff implications.
Fashion company Steve Madden's recent announcement indicates a significant shift in sourcing strategies, revealing plans to reduce China-made products by 40% to 45% to avoid impending tariff hikes, emphasizing a broader move away from Chinese manufacturing.
Toyota executive David Christ acknowledges the inevitability of price hikes stemming from tariff increases, while AutoZone's CEO has echoed this sentiment, underscoring how increased costs may impact consumer prices across various sectors.
Rivian's CEO RJ Scaringe discussed the company's proactive approach during an earnings call, stating, "A lot of our focus has been on sourcing suppliers that are not going to be subject to large tariffs," highlighting a strategic pivot in their supply chain management.
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