G20 Trade News Update: What’s Changed? Season 0, Episode 4

G20 Trade News Update: What’s Changed? Season 0, Episode 4

In this week’s episode of Clarity Generates Confidence, Gary Mottershead is joined by VP/GM of North America Nathan Pike. Today’s discussion surrounds the recent tariff developments from the G20 Summit and what they mean to you and your business in the coming months.

Suspension of Tariff Escalation
Over the weekend President Trump and President Xi met at the G20 summit and after some discussion announced the suspension of the tariff escalation for a period of 90-days.

Now it is important to note that this is not a reversal of the existing tariffs, it is simply committing to the new status quo for the next 90-days, at which point the additional tariffs may be dropped or applied.

Continuing To Explore All Options
Although we are committed to ongoing growth and success with our current vendors in China, GCP continues to evaluate other sourcing options outside of China to determine if there may be more competitive options available for our customers.

In October we traveled to China to visit our key vendors, but we didn’t stop there. George Qu, VP Operations traveled to Taiwan and Thailand to explore production options in those locations. It was helpful to confirm that our best option in supply for GCP Products line, even with tariffs, continues to be in China. New doors and opportunities have been opened and GCP will continue to explore options across the globe to provide our customers with a competitive product offering.

Chinese New Year Holiday Shut-Down
– Production offline from Feb. 1-10
– Shipment offline from Feb. 1-17

What Does This Mean For My Business?
In order to ensure you have supply throughout the mentioned holiday and mitigate the increasing tariffs, we recommend you review the below information to best inform your decision making:

I Need My Order to Ship Prior to Chinese New Year:
– Order by December 20th

I Need My Order to Arrive Before March 31st 
(Tariff Increase):
– Order by January 28th

Thank You For Your Continued Support
We wanted to take this moment to thank you for your continued support and to open the dialogue for any questions you may have.

Warm Wishes,
The GCP Team