Talking Tax Tariffs Draw All Hands—Tax and Others—to the Executive Suite
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Aug 1, 2025 The podcast dives into the chaos companies face due to the Trump administration's Liberation Day tariffs. It highlights the urgent collaboration between tax and customs teams to manage costs effectively. Executives are holding emergency meetings to navigate shifting tariffs and compliance challenges amid increasing audits. The discussion also touches on the evolving landscape of trade deals and their potential benefits for U.S. business expansion, while stressing the need for coordinated strategies to adapt to changing regulations.
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Tariffs Shock Corporate Planning
- Four months after the tariffs announcement, companies struggle to forecast rates and assess financial impact.
- An estimated $1.5 trillion of intercompany imports face potential tariff costs, dramatically increasing expenses.
Cross-Functional Tariff Teams
- Companies must form cross-functional tariff teams including C-suite, tax, customs, and supply chain experts.
- Consider adjusting transfer pricing, implementing first sale for export programs, and unbundling prices to mitigate tariffs.
Align Transfer Pricing with Customs
- Ensure transfer pricing aligns with customs reporting to avoid compliance risk.
- Consult experts if unclear, and document thoroughly for audit readiness.