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Investing.com -- In response to the imposition of widespread tariffs by President Donald Trump on April 2, which resulted in retaliatory measures from countries including China, HSBC has introduced a new financial instrument for its U.S. customers to handle import duties.
The product, labeled as HSBC’s TradePay for Import Duties, is designed to offer credit for and simplify the payment of import duties. According to the bank, this includes the bank directly paying these duties either through pre-arranged credit terms with brokers or direct Automated Clearing House (ACH) credits.
Vivek Ramachandran, Head of Global Trade Solutions at HSBC, stated, "By settling import duties directly and frictionlessly through HSBC TradePay, our U.S. clients have more visibility and control over their working capital at the time they need it most." This new tool is aimed at increasing transparency and control for U.S. clients amidst the changing trade landscape.
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