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Many companies are rushing to stock up and insulate themselves from likely higher import duties under Donald Trump’s second presidency.
Exports of computer-related services rose too. “You sell the machine, but you also sell the engineers” who can set it up, one expert says.
Ahead of potential tariffs, companies are trying to get more foreign goods into the country — and faster. Space seems to be available, unlike a few years ago.
“We don’t have any inside information,” says customs broker Gretchen Blough. “So we’re just kind of holding hands with our customers.”
Here’s what tariffs on goods from China and elsewhere have already meant for businesses and consumers since his first term.
American consumers bear the brunt of tariffs — despite what the former president has said on the campaign trail.
Some businesses say the new tariffs will put them on a level playing field with Chinese exporters. Others see little advantage.
When tariffs increase, costs often go up for business owners, who often then pass some of those increased costs along to consumers.
It’s largely about the chemistry of the oil and the mechanics of the refineries. In many cases, importing foreign crude is cheaper.
U.S. exports become more expensive overseas, but imported goods become cheaper here in the U.S.