The Trump 25% tariffs against products from Mexico and Canada go into effect today, as do the 10% tariffs on some products from China. The tariffs are sure to cause temporary disruption in business in all four countries. The stock market will most likely close lower due to the economic uncertainty of, and gut reaction to, the tariffs. Mexico and Canada will issue some retaliatory tariffs, as will China (eventually). Then, as most tariffs do, all sides will eventually broker a peace accord and the tariffs will be modified or terminated. Business goes on.
Look for the opportunities in the industries that will feel the most pain. That will expose opportunities for you to expand your business, as your competitors contract their businesses. It will yield customers that previously, you could not get to. Firm up your finances and banking relationships and consider acquiring some of your financially strapped competitors.
Initiate and integrate more AI technology into your operations. From data management systems to business analytics to M&A activities, one cannot do business in the 21st century using only 20th century tools. What is in your toolbox? Who is in your toolbox?
