Welcome back Let’s Talk listeners!
What is a Tariff?
A tariff is a tax imposed by a government on goods and services imported from other countries that serves to increase the price and make imports less desirable, or at least less competitive, versus domestic goods and services. Tariffs are generally introduced as a means of restricting trade from particular countries or reducing the importation of specific types of goods and services.
These days there are so many rules and regulations to moving products from country to country and with the US leading the most influential changes we have seen in a long time, many are scrambling to keep up.
In this episode, Graham Robins CEO of Borderbuddy and my resident expert is back to talk about this game changing subject rocking industries and the business world right now (right Andy Polk – FDRA?). Graham talks to me about asking the question why, being intentional, some of the biggest mistakes you will make with your tariff database, what your responsibility is and what you can do today to get a handle on costs and compliance.
Questions I Ask:
- What is happening at Borderbuddy since we last spoke? [0:24]
- How can companies self-audit and find savings when it comes to tariffs? [1:54]
- Why do we have tariffs? [4:46]
- What do you think about that (if tariffs are necessary)? [6:38]
- What are the biggest mistakes importers make with their tariff databases? [11:28]
- What should a company’s expectations be of working with a customs broker? [18:37]
- How long does it take to go through 10,000 tariffs? [21:08]
- What would be the most important thing importers can do today to get a handle on those costs and compliance, etc.? [24:40]
- What’s next for Borderbuddy? [26:37]
In This Episode, You Will Learn:
- Being confident in your tariff database [2:40]
- The massive undertaking that takes place when a tariff changes. [3:30]
- The purpose of tariffs [4:50]
- Battle about why you would want or not want tariffs. [7:00]
- Being intentional about getting involved. [16:10]
- Asking why. [24:45]
- Being confident in tariffs. [25:20]
- Removing friction and obstacles for customers. [26:49]