Following President Trump's announcement of new tariffs labeled "Liberation Day," Flexport CEO Ryan Petersen addressed anxious clients about the immediate implications for U.S. importers. The tariffs, reaching up to 79%, affect a range of Chinese products, and direct-to-consumer shipping models face hefty customs changes. U.S. ports are preparing for substantial penalties on ocean carriers, prompting critical discussions about the potential dire consequences for businesses. Many customers, previously reliant on diversified production in Vietnam, are now facing unexpected 46% tariffs, which adds to their struggles amidst the shifting trade landscape.
"It's horrifying for our customers. For some of these companies, for a lot of our customers, [the spate of changes] will be existential kind of life-and-death decisions."
"We broke our livestreaming platform. We need to get a better one."
"I expected there to be duties pretty much everywhere, and that is what we saw."
"In less than 24 hours, the world of global trade was turned upside down - and it remains."
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