Given the aggressive tariff policy undertaken by US President Donald Trump, HSBC has launched a new financing solution aimed at simplifying import duty payments for U.S. businesses, as part of its broader TradePay platform.
HSBC Announces TradePay For Import Duties Amid Tariff Uncertainty
The new service, HSBC TradePay for Import Duties, is said to enable businesses to streamline duty payments while optimising working capital.
By allowing HSBC to settle import duty payments directly, either via pre-agreed credit terms with brokers or through ACH credits, HSBC said clients can access credit and make payments in a single transaction.
“Clients’ working capital needs are evolving – and we’re responding swiftly with solutions that deliver the most value to them,” said Vivek Ramachandran, Head of Global Trade Solutions at HSBC.
“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.”
The bank highlighted that many corporates are facing increased upfront financial commitments, making efficient settlement and improved cash flow visibility a priority.
HSBC’s launch of its import duties product comes at a time when Americans are braced for higher prices on a wide range of consumer goods following Trump’s tariff policies.
HSBC first launched TradePay in 2023 and has since facilitated $2.3 billion in trade finance globally.
