More tariffs continue and Con-Tech is diligently monitoring our news feeds and media updates. We proudly do business with many of the top 10 producing countries by GDP. With current tariffs, restrictions and trade challenges, we continue to look for other opportunities in more emerging markets. Our team is in constant contact with suppliers and customers to ensure we continue to offer the best products and services at the most affordable prices possible.
According to Focus Economics, things are changing. “Apart from the top economies, the emerging markets will become vitally important to the global economy in the next five years. Although you can expect per capita GDP to still be the highest in the developed world by 2022, the fastest growth in GDP per capita will indeed come from the emerging markets. The highest per capita growth from 2017–2023 will be in Mongolia with an 89% increase in that time span, followed by Myanmar, Egypt, Serbia, and Bangladesh with 83%, 80%, 79%, and 67% growth in per capita GDP, respectively.”
New legislation introduced suggests that consumers and American retailers are feeling the pain of new tariffs and want some measure of change with how tariffs are implemented. Many businesses have banded together to strengthen and create a collective voice and to ask legislators to rethink their current strategies with respect to trade and tariffs.
“The measure would limit any new or additional tariffs imposed on national security grounds – including those under Section 232 of the Trade Expansion Act of 1962, the International Emergency Economic Powers Act or the Trading with the Enemy Act – to 120 days unless approved by Congress. Section 232 was the grounds for tariffs on steel and aluminum imposed last year.”
The global supply and trade climate has changed and staying on top of new ideas and strategies is crucial for continued success. Con-Tech will continue to refine, research and connect with new sources for our customers at home and abroad. Reach out to us if you are in need of our services.