Steep Tariffs & Sanctions are Pain Points for Global Trade Professionals

Over 81% of trade professions agree that the solution to rapidly changing customs and tax environments is found in adopting more capable global trade technologies.

Adobe Stock 225023356

Over 81% of survey respondents to the Global Trade Report 2022 said that the solution to rapidly changing customs and tax environments lay in adopting more capable global trade technologies.

“Conversations on trade management issues – like supply chain stability, tariffs, sanctions, and customs compliance – have been thrust into the spotlight in recent years, and for good reason,” says Brian Peccarelli, chief operating officer, Thomson Reuters. “Problem solving around global trade challenges isn’t – and shouldn’t be – reserved for logistics professionals. Any organization involved in import/export activities must understand that a healthy business is contingent upon strengthening its modern global trade management system. And that isn’t possible without a concerted focus on technological innovation in areas like data analytics, artificial intelligence (AI), and blockchain."

 "Streamlining and simplifying these processes and operations is also contingent upon having the right skillsets in place to manage these efforts. Like so many industries, obtaining the right talent and cultivating the appropriate expertise are challenges to solve for here. It’s up to business leaders to pinpoint global trade management as a priority, with the understanding it’s a company-wide imperative, and the bottom line of their business very likely depends on it," says Peccarelli.

From Thomson Reuters:

  • Despite this widespread consensus, companies appear to be lagging in upgrading these systems with 49% behind the curve or in the early stages of adoption and 19% still operating in highly siloed environments with disparate systems for each region and/or business unit.
  • Nearly 69% of companies in the U.S. say retaliatory tariffs are affecting their business.
  • Over 83% of respondents agreed that Asia-Pacific supply-chain disruptions due to the pandemic and worldwide economic turmoil are having a major impact on their businesses.
  • 77% of survey respondents agreed that the rapid evolution of the industry has made it more difficult to fill key roles, with 45% of companies worldwide say they are considering outsourcing to fill skills gaps to address this.