Tariffs can cause plenty of uncertainty for business owners. Whether they’re already affecting your operations or you’re simply trying to prepare for what might come, a proactive strategy can help you stay steady—even when trade winds shift.
Here are six practical ways to help your business navigate the ups and downs of tariff-related challenges:
Start with visibility. Where are your raw materials, components, or finished products coming from? Are any of those suppliers located in countries currently subject to tariffs?
A thorough review of your supply chain can help you identify areas of risk. From there, you can explore options like:
This isn’t something you need to overhaul overnight—but keeping a pulse on where you may be vulnerable is the first step toward managing it.
Tariffs can increase the cost of doing business—but the fine print in your contracts could determine who absorbs those costs.
Now’s a good time to review your vendor agreements for any terms related to price adjustments, delivery delays, or pass-through costs. Ask yourself:
Having more agile contract terms can make it easier to adapt when conditions change.
Not all goods are treated equally when it comes to tariffs. The Harmonized Tariff Schedule (HTS) codes you use to classify your products directly impact your duty rates.
Sometimes, simply revisiting how you classify your products can uncover opportunities to reduce what you owe. It’s worth working with a customs broker or tax advisor to ensure your codes are accurate and up to date.
This is especially helpful if:
If your business involves importing goods that are later exported (either as-is or as part of another product), you may be eligible for duty drawback—basically, a refund of certain duties you paid at the time of import.
While the process involves paperwork and compliance requirements, the potential savings can be worth it. This is especially relevant for manufacturers, wholesalers, and distributors with cross-border operations.
A tax advisor familiar with duty drawback programs can help you determine if this applies to your business and how to get started.
Rising input costs from tariffs can squeeze margins, but that doesn’t mean you have to absorb it all.
Instead, think through your pricing strategy:
If you’re making changes, communication is key. Be upfront with your customers about why adjustments are happening. Most understand that tariffs are beyond your control—and transparency builds trust.
The impact of tariffs can reach into areas like tax planning, budgeting, and financial reporting. Working with a tax advisor gives you a clearer picture of where you stand and what options are available.
An advisor can help you:
Even if you’re not feeling the pinch yet, it’s worth having a conversation to get ahead of the game.
Tariffs may be unpredictable, but your response doesn’t have to be. A few smart adjustments can help your business stay on solid footing, even when the landscape changes.
© 2025 SVA Certified Public Accountants