Editor's note: This story was published at GGPBiz on Jan. 16, in anticipation of President Trump's order last week to enact tariffs on goods imported from Canada, Mexico and China.
Business leaders hate uncertainty. It prevents proper planning and often creates an environment where luck is as important as a sound strategy.
President-elect Donald J. Trump thrives on chaos. He uses his messaging to keep adversaries (sometimes even friends) off balance and open to his frenzied negotiating style.
In January 2025, those two opposing approaches to risk management will collide when Trump is sworn in as the 47th President of the United States, and tariffs become ground zero in the Trump economic plan.
Mr. Trump frequently declares his “love” of tariffs on imported goods for their ability to generate revenue, protect U.S. industries from outside competition, and create domestic jobs.
Experts continue to debate how tariffs will impact the macroeconomy. For those of us in the golf business, it is essential to understand the potential impacts on golf brands and the retail price of products.
In their simplest form, the U.S. government imposes tariffs on imported goods. The company initiating the product’s entry into the country is responsible for paying the tax, which Customs and Border Protection collects before the goods are released into the United States. To clarify a point often mistakenly made, tariffs are never paid by the government of the country where the goods originate; they are a business expense borne by the individual companies that import the goods.
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