On Thursday 12 December, we hosted the webinar “Trump and Tariffs: A Global Perspective of What Lies Ahead”. The session focused on the potential tariff impacts of President-Elect Trump’s second term in office, giving a global perspective on what to look out for, and how best to prepare.
Speakers from across the globe discussed the potential impacts in their respective jurisdictions, the key takeaways of which can be found here.
Highlights from our Africa speaker Virusha Subban (South Africa) are set out below, and can be heard here. To listen to the full webinar, please click here.
Highlights from Africa
- At present, there is a lack of predictability as regards African countries.
- Whilst trade relations between the US and Africa improved in the first two years of Trump’s first administration, the impact of Trump’s second term remains to be seen, especially in light of increased immigration concerns.
- In particular, the renewal of the US African Growth and Opportunity Act (AGOA) hangs in the balance.
- BRICS countries have been threatened with 100% tariffs if they go ahead with a BRICS currency to replace the US Dollar.
- The balance between US, Chinese, Russian and other international influences on Africa will be significant, with questions over whether or how the US will attempt to increase influence in Africa.
Mitigation measures
Key takeaways for businesses include implementing due diligence on global supply chains, with a particular emphasis on targeted jurisdictions such as China and the US’s USMCA counterparts. Whilst Trump’s second term will be unpredictable, key mitigation strategies can be implemented, such as relocation of production (subject to anti-circumvention rules – see our blog post on the recent ECJ case on anti-circumvention of tariffs), considering contractual clauses and exclusions, as well as possible lobbying. For further information, and keep up to date on all developments, please see the Import and Trade Remedies blog.
