HSBC has launched a financing product to help US clients facing an increase in upfront import duties, supporting working capital needs during a period of intense trade uncertainty.

Announced by the bank today, the product – called HSBC TradePay for Import Duties – aims to simplify US companies’ payment of tariffs, while optimising liquidity and improving efficiency of settlement times.

The bank will pay duties charged to US importers upfront, with customers granted flexibility on repayment terms depending on their working capital cycle. Financing is delivered through HSBC’s TradePay, a digital platform for financing and payments launched in 2023.

The move follows US President Donald Trump’s introduction of sweeping tariffs on imports from trading partners.

Since April, importers have faced a baseline 10% tariff on most goods, though there are numerous variations across different sectors and trading partners.

Buyers of aluminium, steel and automotives already face a 25% baseline tariff, for example, while the levy on the vast majority of imports from China currently stands at 145%.

Vivek Ramachandran, head of Global Trade Solutions at HSBC, says: “Clients’ working capital needs are evolving – and we’re responding swiftly with solutions that deliver the most value to them.

Source: Gtreview