🚀 US businesses circumventing tariffs

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. U.S. businesses are increasingly turning to a little-known but entirely legal trade loophole called the “first sale rule” to reduce tariff costs—especially amid a resurgence of protectionist policies under Donald Trump’s renewed tariff regime. This rule, which has existed since 1988, allows importers to calculate customs duties based on the original sale price from a manufacturer, rather than the marked-up price paid to an intermediary. For example, if a t-shirt is first sold for $5 from a Chinese manufacturer to a Hong Kong vendor and then resold to a U.S. company for $10, tariffs can be applied to the $5 price—slashing costs significantly. To qualify, the transactions must involve unrelated parties, be properly documented, and show that the goods were always intended for U.S. import. While the burden of proof is on the importer—often requiring sensitive pricing information from suppliers—major brands like Moncler and Kuros Biosciences are already reaping savings, especially in high-margin industries. Experts note that although the strategy undercuts U.S. efforts to raise tariff revenue and encourage domestic manufacturing, its adoption is growing rapidly as companies seek any edge in a volatile trade landscape.

2. Trump’s tariff threats toward Europe may be delayed, but markets aren’t relaxing yet. After initially announcing a 50% tariff on EU goods set to begin June 1, President Trump has postponed the rollout to July 9 following talks with EU Commission President Ursula von der Leyen. Markets briefly rallied, but analysts caution the delay is no de-escalation: it’s a tactical pause, not a truce. The EU is open to swift negotiations, but observers say the U.S.’s goals remain unclear and the window may be too narrow to craft a real deal. If the U.S. imposes steep tariffs, the EU will retaliate, with key sectors like pharmaceuticals and services on the table. Trump’s shock tactics may be aimed at forcing concessions, but Europe appears set to hold firm, warning this isn’t a negotiation it can be bullied through.

3. Volvo Cars will slash 3,000 jobs—roughly 15% of its office workforce—as part of a sweeping $1.9 billion cost-cutting plan amid growing industry headwinds. The cuts, mainly targeting office roles in Sweden, come as the automaker, owned by China’s Geely, navigates cooling EV demand, global tariff uncertainty, and a broader auto sector squeeze. CEO Håkan Samuelsson cited the need to boost cash flow and trim structural costs, while maintaining a focus on long-term EV ambitions. Volvo has also scrapped its financial forecasts for 2025 and 2026, pointing to tariff risks—including potential 50% U.S. import duties on EU goods now delayed to July 9—as a key pressure point.

4. Headlines

   1. Tech conferences have been increasing security due to the number of protests at tech events.

   2. Donald Trump has announced his intention to redirect the $3B in funding provided to Harvard to trade schools.

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