In 2005, the economist Pietra Rivoli followed the production of a T-shirt from a cotton farm to a Walgreens to understand global trade. Today, she sees a new system arising.

On April 2, 2025, US President Donald Trump unveiled sweeping new taxes—dubbed “Liberation Day” tariffs—targeting imports from nearly every country around the world. The move sent shockwaves through the global trade system and triggered a sharp downturn in international financial markets.

Trade laws and tariffs are complex and changing constantly. Here are some tactics to help you navigate and mitigate tariffs moving forward.

President Donald Trump's decision to impose 25% tariffs on imports from South Korea and Japan is drawing sharp criticism from economists who say the rationale behind the move is fundamentally flawed.

“Rescinding the digital services tax will allow the negotiations of a new economic and security relationship with the United States to make vital progress and reinforce our work to create jobs and build prosperity for all Canadians,” Canadian Finance Minister François-Philippe Champagne said in a statement Sunday night.

As tariffs continue to affect costs, U.S. importers can employ these strategies to minimize their duty exposure.

The EU is aiming for a July 9 deal, which would include a 10 percent baseline tariff. Trump has threatened to impose 50 percent tariffs if no deal is reached.

But the level of trade success Trump will have achieved by next week looks to fall short of his goals. Trump’s trade adviser Peter Navarro touted “90 deals in 90 days” in April. As the deadline approaches though, others in the Administration are lowering expectations.

This type of innovation extends beyond materials. Companies may redesign products, retool packaging formats, or adjust manufacturing processes to maintain margin and compliance. Rather than treating tariffs as an external tax, firms that take a proactive approach can use the moment to differentiate themselves.

Indonesia, the world’s second-biggest wheat buyer, plans to purchase more wheat from the US as it seeks to secure a trade deal ahead of the looming tariff deadline.