At the time of writing, stock markets are rebounding, after a few days of shock, with tariffs frozen at 10 percent for 90 days, except for China, which now faces a 125 percent levy.

China’s exports to the U.S. are only around two percent of its total economic activity, so it can afford to hold its nerve. But Vietnam and Cambodia, whose exports to the U.S. make up around 30 percent and 38 percent respectively, are still dealing with a 10 percent levy. Less horrifying than the 46 percent and 49 percent they were initially faced with, but punishing nonetheless and deeply alarming for a country like Cambodia whose garment industry provides incomes and livelihoods for an estimated 750,000 people. We also don’t know yet what tomorrow will bring or what will happen once the 90-day pause concludes.

We haven’t seen a tariff war of this nature in any of our lifetimes, but the nearest approximation we can turn to is the recent pandemic. Better Buying’s 2020 Spring ratings cycle opened on April 1, right in the eye of the storm of Covid-19. We were expecting some bad news from the data, and for progress to have stalled, or gone into reverse. But while the story wasn’t 100-percent positive, we were surprised to find that the brands and retailers that had been subscribed with Better Buying for two or more consecutive ratings cycles actually improved their scores in several areas, even while facing one of the most challenging business environments in recent memory.

Although the pandemic and today’s tariff conflict are very different in cause, they share a common feature: sudden, destabilizing shocks to global trade. Back then, we learned a few things about what companies got right — and we’d be wise to apply those lessons now.

Here are some suggestions as to what brands, retailers and suppliers can do now, based on what we learned back in 2020:

Brands and Retailers

Follow the Five Principles of Responsible Purchasing: Visibility; Stability; Time; Financials; Shared Responsibility.

Talk to your suppliers. Establish regular, transparent dialogue with your suppliers andshare what you learn about tariff-related impacts and challenges in real time. Then discuss how they may affect pricing, delivery times, and production schedules.

Be a true partner. Work with your suppliers to co-create solutions and strategies to minimize the impact of tariffs, such as adjusting order volumes, or timelines.

Think long-term. Avoid knee-jerk reactions such as demanding price reductions or adopting aggressive cost negotiation strategies. Instead, focus on establishing long-term commitments and contracts with suppliers to provide stability and predictability for both parties. This will make it easier to manage costs and investments, including adjustments due to tariffs.

Advocate for suppliers. Include your suppliers in trade policy conversations, and include them in your lobbying efforts. Push for suppliers to be included in trade policy discussions, such as through trade associations or business councils.

Don’t cancel orders. Pay for all the orders already placed. In full.

Invite your suppliers to rate your purchasing practices. The Cascale Better Buying Spring ratings cycle, the BBPPI, is open for supplier ratings now. Encourage your suppliers to rate your purchasing practices before May 31. It’s free, and anonymous, for suppliers to participate, and the data we collect will help identify key issues and impacts of the tariffs, and inform recommendations and next steps for the industry.

Suppliers and Manufacturers

Participate in the Cascale Better Buying spring ratings cycle. The BBPPI runs until May 31. Tell us about the impacts of this tariff turmoil on your buyer customers’ purchasing practices. With strong data and insights, we can better understand what is happening and make recommendations as to what to do next. This link takes you straight to the survey.

“What can you do right now?”

→ Brands: Encourage your suppliers to participate in BBPPI.

→ Suppliers: Tell your side of the story by submitting your anonymous ratings before May 31.