Global markets are grappling with a shock not seen in decades as the US rolls out record-high tariffs across key sectors. For young entrepreneurs, digital nomads, and thought leaders seeking fresh paths forward, industry icons Sir Martin Sorrell and Miguel Angel Lopez Borrego offer insights on weathering this storm.
1. Diversify Supply Chains
Sir Martin Sorrell, founder and chairman of S4 Capital, highlights that 72% of global businesses have accelerated plans to shift sourcing to new regionsāfrom Southeast Asia hubs to emerging markets in Africa and Latin America. "Dependence on a single trade route is riskier than ever," Sorrell notes.
2. Leverage Digital Transformation
Embracing digital tools is more critical than ever. Sorrell points out that investments in AI-driven logistics and blockchain for trade compliance can cut delays by 30%. "Data transparency allows companies to pivot faster when tariffs bite," he adds.
3. Strengthen Through Collaboration
Miguel Angel Lopez Borrego, CEO of Thyssenkrupp, underscores the power of strategic partnerships. With a 15% drop in certain steel orders due to tariffs, his team is forging alliances with partners in the European Union and ASEAN to secure long-term contracts. "Multilateral trade pacts and joint ventures stabilize demand," Lopez Borrego explains.
4. Invest in Sustainable Practices
Beyond immediate fixes, both leaders agree that sustainability is a resilience booster. From green steel initiatives to circular manufacturing, eco-friendly investments open doors to new markets and policy incentives.
By diversifying operations, harnessing technology, and deepening global partnerships, businesses can not only navigate today's tariff upheaval but also lay foundations for future growth. As the world adapts, these strategies may serve as a roadmap to a more resilient and inclusive global economy.
Reference(s):
cgtn.com
