LONDON, May 7 (Reuters) - HSBC has launched a new financing tool for U.S. clients to pay import duties following the imposition of sweeping tariffs by President Donald Trump on April 2, which drew retaliation from other countries including China.
HSBC's TradePay for Import Duties product will provide credit for and simplify the payment of import duties, the bank said, including by having the bank pay such duties directly either through pre-agreed credit terms with brokers or direct Automated Clearing House (ACH) credits.
"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," said Vivek Ramachandran, Head of Global Trade Solutions at HSBC.
HSBC's attempt to ease import duties for clients comes as most Americans brace for higher prices on a wide range of consumer goods following Trump's tariffs, a new Reuters/Ipsos poll found.
Reporting By Lawrence White; Editing by Kirsten Donovan
Source: Reuters