HSBC has introduced a financing tool to assist US clients with paying import duties amid recent tariff changes.
The bank highlights that businesses are currently facing shifting working capital needs and increased upfront commitments. To address these challenges, HSBC has launched HSBC TradePay for Import Duties, allowing clients to pay import duties directly and seamlessly through the bank, which enables access to credit while completing payments.
Import duty payments are facilitated by HSBC, either through pre-arranged credit terms with brokers or direct ACH credits.
Vivek Ramachandran, head of global trade solutions at HSBC, stated, “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 gain greater visibility and control over their working capital when they need it most.”