Business leaders from major Hoosier companies say they are trying to navigate the uncertain trade environment created by President Donald Trump’s fluctuating tariff policy by exploring alternative options and being vocal about problems when they arise.
Representatives from Eli Lilly and Co., Cook Medical and other businesses gave advice during the Indiana District Export Council’s annual trade and business conference held Thursday at Newfields.
This year’s event centered on trade with North American trade partners, but the topic was expectedly more focused on the uncertainty caused by foreign trade and tariff policies.
David Talbot, vice president of international government affairs for Eli Lilly and Co., encouraged business owners to be more vocal about the impact of tariffs on their businesses.
“Tell stories about why business is harder now than it was before this debate started,” he said. “If we can demonstrate to [Trump] that there’s a different path, that the carrots are better than the sticks, then perhaps we have a chance to be successful on that front.”
Eli Lilly is lobbying in Washington, D.C., to roll back any tariff plans on medicines, Talbot said. He said the company is presenting arguments and providing off-ramps to achieve Lilly’s and the Trump administration’s goals.
Lilly Chair and CEO David Ricks, who was at the White House on May 1, “has been very active trying to make sure that what policy we take going forward makes sense,” Talbot said. While there, Ricks said he worked to provide clarity on national security concerns regarding importing pharmaceuticals.
Tariffs of 25% or more would be very challenging to navigate, he said, but the company is working daily to adapt.
Talbot said, if the tariffs are intended to stoke domestic manufacturing, Eli Lilly has made billions in stateside investments recently.
“What we’re trying to do is convince the administration to either give credit for those investments that have been made,” he said. “Or drop the idea [of tariffs] completely, which I think is probably unlikely.”
Talbot advised business owners to keep an eye on major deals struck between Trump and other countries. He also foresees companies following Eli Lilly’s moves as a roadmap as well.
During the conference, news broke about the Trump administration’s deal with Britain to roll back some, but not all tariffs, and find common ground on specific products, such as beef and ethanol.
Talbot said deals like that one, even though details were sparse, will serve as a template for other countries and companies to follow.
“The president is a very transactional person,” Talbot said. “And I think, quite frankly, that is going to be an asset.”
Ross Harvey, Cook Medical’s vice president of global supply chain, said the company is looking at reworking its supply chain, so products aren’t routed through its American warehouse if they’re produced and sold elsewhere.
He also said the company might pay some freight costs upfront, so intercompany transfers don’t accumulate as high of tariffs.
“There are things you should be looking at to try and minimize the impact of tariffs, which doesn’t make them go away, but legally you can do things like that,” Harvey said.
Dexter Salenda, DHL Global Forwarding’s director of business development and key account management, encouraged businesses to get closer with their supply chain and logistics contacts, so they can find solutions that best work for them.
Kent Ebbing, a representative working with the Greater Indianapolis Foreign Trade Zone, encouraged all business owners to look into the U.S Customs and Border Protection’s Foreign Trade Zones program to save money on international trading and fees.
“It’s a way to reduce, eliminate, and avoid any kind of tariff impact,” he said.
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