The second round of tariffs has been announced by both the US and China, with an effective date of Aug 23rd.
We understand that these tariffs will have an impact on our combined business and we are exploring all options available to mitigate the effect these tariffs will bring.
1. Pre-shipping material
2. Exploring alternative locations for production
3. Applying for exceptions and duty drawbacks
4. Working with our key production partners to determine what amounts can be absorbed upstream to minimize the short-term and long-term impact on your prices from GCP
It’s GCP’s goal to continue to be a competitive, long-term supplier for our customers. We have all worked hard to build the business that we have together and GCP, along with our key partners in China will work hard to protect it.
In the coming days we will be in contact with you to discuss the various strategies and what the short/long-term impact of your business will be.
We thank you for your commitment to us and we look forward to working through these difficult times together.
The GCP Team