Part 6/10:
The Biden administration’s imposing tariffs have evolved from penalties under the previous administration, with increasing rates creating substantial confusion among importers. For small businesses reliant on goods from China, these tariffs can mean drastic financial consequences, exacerbating an already precarious situation.
In fact, many industry experts express concern that should the trade war persist without resolution, China risks a long-term economic shift, as companies begin to explore manufacturing options outside of China, looking elsewhere to sustain their operations.