Torrico Quoted on Tariff Challenges in Global Supply Chain
Food Business News
In a recent discussion at SupplySide Connect in Secaucus, Associate Mario Torrico addressed the impact of tariffs on global supply chains.
“There are tons of questions, right?” Torrico remarked during the April 8 panel. “Am I eligible for duty drawback? What does this mean for my bottom line moving forward? Will the new administration change the tariff rates? I wish I had a clear answer, but as an attorney, I’m just reacting.”
Torrico highlighted the significant impact of tariffs on companies, saying, “So, if you implement a 25% tariff, that is essentially killing their profits.” He emphasized the importance of companies having strategic discussions with their suppliers.
“A lot of times I can’t make sense of what’s going on right now and who’s driving these decisions,” Torrico admitted. “For me, if you want to address China, there’s no need to attack Canada and Mexico while tariffing China.”
He further explained the necessity for the United States to reconsider the tariffs imposed by different countries and specifically address trade with China. “I don’t know if responding with 34% tariffs and perhaps an additional 50% is the right option,” Torrico stated.
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