From Yahoo Finance: 2025-05-09 15:38:00

HSBC has introduced TradePay for Import Duties, a loan to assist businesses in managing the extra costs of tariffs. The program allows businesses to access credit and make payments to cover import duties. Since its launch, HSBC has made $2.3 billion of trade finance accessible globally.

In response to President Trump’s tariffs, businesses are struggling to address increased levies on goods. HSBC’s TradePay platform aims to help businesses manage import duties and mitigate the impact of tariffs. The bank reported a profit before tax of $9.5 billion in the first quarter of 2025, surpassing revenue expectations by $980 million.

HSBC’s new financing service, TradePay for Import Duties, aims to help businesses navigate the costs of tariffs. The platform allows businesses to cover import duties directly, providing more control over working capital. Since Trump’s tariffs were announced, businesses have been looking for ways to address the added costs.

Read more: HSBC launched a loan specifically to help businesses deal with the cost of tariffs