Charles Baldwin and Ryan Fairchild, attorneys in the Wilmington office of Brooks Pierce, were both recently quoted in an article in the Greater Wilmington Business Journal about the impact President-elect Donald Trump’s trade policies could have on companies that manufacture goods overseas for sale domestically.
“Almost all successful businesses today have an international component on their supply chain,” Baldwin told the publication, adding that now is a good time for companies to examine all of its arrangements to see which ones still make sense.
Baldwin and Fairchild also warned of possible retaliation by China if the United States were to enact stronger tariffs or tighter trade restrictions.
“I don’t know exactly how they’ll react, but it likely won’t be favorably. Destroying ‘face’ [the Chinese notion of individual prestige and respect] destroys relationships,” said Fairchild, who previously worked in China.
Baldwin said the best solution may not be taxing trade, but bringing countries together to find mutually beneficial solutions.
“A multilateral approach would be the best way,” he told the publication. “America is a trendsetter in these issues and what we do, others are likely to follow.”
The full article can be read here.