As American protectionism rises, businesses are seeking guidance from consulting firms on navigating Trump's tariffs. Many companies initially plan to increase consumer prices to offset tariff costs, but consultants argue that this strategy can backfire. Instead, businesses should proactively manage their costs by auditing contracts and assessing pricing structures to maintain competitiveness without simply passing costs onto consumers. Consulting experts emphasize the importance of treating tariff exposure as an enterprise risk, urging companies not to leave their financial management on autopilot to remain resilient in shifting market conditions.
Companies have more control than they realize, Shannon Copeland, CEO of SIB consulting, told BI.
The businesses that fare best are the ones that don't leave their spend on autopilot.
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