KPMG | U.S. Tariffs: Urgent Implications for Businesses in British Columbia February 5, 2025
RECORDING
Key Conversation Takeaways
- Preparation is key: Regardless of how the tariff situation evolves, now is the time for organizations to prepare. We recommend conducting a current state assessment to understand your exposures and opportunities, including a thorough review of your supply chains, contractual rights and obligations, transfer pricing arrangements, and customs planning opportunities.
- A risk-based approach matters: A systematic, risk-based approach to trade, customs, transfer pricing and supply chain management is essential. By leveraging trade data from a current state assessment, companies can proactively make strategic adjustments to enhance compliance and resilience and mitigate exposures. Scenario planning, including financial modeling for potential tariffs and counter-tariffs, can further strengthen your organization’s preparedness.
- Engage to shape policy and drive solutions: Business organizations and government are actively seeing input from industry leaders to navigate the evolving trade landscape and strengthen economic resilience. One channel to provide insights and recommendations is through the newly formed BC Trade and Tariff Economic Security Taskforce (TEST), co-chaired by Tamara Vrooman (Vancouver Airport Authority), Jonathan Price (Teck Resources), and Bridgitte Anderson (GVBOT). Your voice and your ideas will be important in shaping strategies to define B.C.’s economic future.