Intelligent supply chain helps retailers combat tariffs paid anaplan
As U.S. retailers roll out plans for 2020, the only certainty about how global trade relations will impact their business is that uncertainty will continue. That’s particularly true when it comes to China, theThe two countries recently announced a partial thaw in their trade war, with a “phase one” deal that winds down some of the imposed tariffs, but tensions remain high.
So far, U.S. retailers have absorbed some of the costs from the tariffs on Chinese goods with some of the additional costs passed on to consumers, according tofrom the International Monetary Fund and Federal Reserve Bank of Boston, among others. To some extent, retailers have adjusted by boosting imports before the tariffs took effect or by moving production elsewhere. But some economists speculate that if the tariffs remain in place much longer, consumers will end up feeling the pinch.
“Tariffs that the United States has placed on Chinese goods have caused damage to U.S. companies, including the millions of workers they employ and the millions of U.S. consumers that they provide products to,” said Jordan Speer, research manager in Global Supply Chain for IDC. “If tariffs remain in place or uncertainty continues, retailers that buy from China will likely need to make significant changes.” to mitigate the impact of uncertainty on their business.
“With a connected and intelligent supply chain, if a company were hit with a sudden surprise hike in tariffs to a product it was producing in China, it would be able to quickly determine which products were affected, the additional costs to each, and whether or not it was any longer profitable to produce that product in that country,” explains Speer.
A connected supply chain breaks down silos and consolidates data, plans and processes into one platform so decision makers have access to the most relevant information in real-time.
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