HSBC has responded to the recent round of tariffs kicked off by Donald Trump with a financing tool that helps US clients with the payment of import duties.
Without referencing Trump's tariffs and the retaliatory efforts of other counties, HSBC notes that corporates are "currently facing changing working capital needs and increased upfront commitments".
Its answer is HSBC TradePay for Import Duties, which lets clients pay import duties directly and frictionlessly through the bank, meaning they can simultaneously access credit and complete payments.
Import duty payments are made directly by HSBC, either through pre-agreed credit terms with brokers or direct ACH credits.
Vivek Ramachandran, head, global trade solutions, HSBC, says: "Clients’ working capital needs are evolving - and we’re responding swiftly with solutions that deliver the most value to them.
"By settling import duties directly and frictionlessly through HSBC TradePay, our US clients have more visibility and control over their working capital at the time they need it most."