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Tariffs introduced by the United States will have a massive impact on the global economy, European Commission President Ursula von der Leyen said on Monday, adding that they would come "first and foremost, at immense cost for US consumers and businesses."
As turbulence sets in from US President Donald Trump’s new and much-talked-about economic policy, companies are now resorting to various customs tricks, according to a report by the Financial Times.
Two notable hacks are gaining traction:
Tweaking supplier contracts to declare prices before the addition of middlemen's markups, thereby reducing the dutiable value.
Splitting payments into non-taxable services, such as advertising, which can lower costs by 20% or more.
However, given that these tactics clash with long-standing tax strategies, global corporations must tread lightly, navigating a fine line between evading tariffs and venturing into risky territory.
On April 2, Donald Trump announced "reciprocal" tariffs on imports from other countries.
The baseline rate will be 10%, but for each country the tariff will be calibrated and will be half of what they charge companies importing US goods.
According to Trump, this will be a "declaration of economic independence" for the United States.
The EU is subject to 20% tariffs.
