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The professional body is advising businesses to lean on their accountants for support amid US President Donald Trump’s changing tariff announcements.
CPA outlines key strategies for businesses dealing with US tariff changes
11 April 2025
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7 minute read
Following the back-and-forth US-tariff announcements, CPA Australia said businesses will likely feel uncertain about the future, and that accountants could provide guidance where necessary.
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CPA recommended nine key strategies for addressing the potential business impact of the new tariffs: conducting a financial health check, building up cash reserves, seeking professional advice and exploring new opportunities.
Gavan Ord, CPA Australia business and investment lead, said the accounting profession would play a leading role in supporting clients and organisations through these “turbulent economic waters”.
“Any shock to global trade conditions presents a wide range of consequences and challenges for businesses to overcome,” he said.
“During periods of instability and uncertainty, planning, flexibility and professional guidance have become essential. Seeking professional support from trusted advisors is critical in informing business leaders and decision-makers on how to adapt to the sudden shock of new trading environments.”
Along with seeking professional advice, conducting financial health checks and leveraging new opportunities, the body recommended that businesses assess their exposure, maintain profit margins by passing on tariff costs and/or reducing costs and improve their efficiencies.
Additionally, impacted businesses should also look to diversify their markets and suppliers, adjust their products, strengthen cash flow and market a unique selling proposition.
Ord said accountants would be able to help businesses identify opportunities to not only manage the new US tariffs but also seek additional growth.
“For many businesses, the changing economic environment is providing an impetus to diversify. It’s possible to minimise risks and seize opportunities through operational efficiencies and market diversification.”
“Accountants have knowledge and experience of working in a diverse range of sectors and will be ready to set a new course for growth and stability. Resilience and adaptability are key characteristics of accounting, and many businesses will need both in the months ahead.”
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