Tariff Basics
A tax placed on goods coming into a country.
What is a tariff?
These are price increases caused by rising market costs.
What Fastenal does when tariffs increase product costs.
What is adjusts prices to reflect the extra costs from tariffs?
Process of sending goods, materials, or data from within a system, country, or organization to another.
What is an export?
This is how tariffs affect Fastenal's supply chain.
What is increasing costs for materials, shipping, and other expenses?
The programs Fastenal offers to help customers with supply chain costs.
What is FASTStock and FASTVend?
The process of bringing goods, materials, or data from outside a system, country, or organization into it.
What is an import?
This system is essential to determine the duties and taxes that apply to specific goods being traded across borders.
What is the Harmonized Tariff Schedule?
This is how Fastenal manages the impact of tariffs.
What is finding new suppliers, analyzing costs, and working with current suppliers?
A tariff applied to steel and aluminum imports to protect U.S. national security.
What is the Section 232 tariff?
This is the percentage increase in costs for steel and aluminum products due to tariffs.
What is 50-70%?
Fastenal has shifted some of its sourcing away from China to countries like Vietnam and India in a move known as this.
This tariff targets goods from China to address unfair trade practices.
Fastenal may use this strategy to reduce holding costs while managing tariffs.
What is just-in-time inventory?
Fastenal uses this model to forecast how tariffs will affect pricing.
What is cost-impact modeling?