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Banking giant HSBC has launched a new financing service to help its customers manage the extra costs caused by the trade war triggered by President Donald Trump’s tariffs.
HSBC TradePay for Import Duties allows businesses to access credit and make payments. It adds to an already existing program launched in 2023 to help businesses deal with the costs of international trade.
The London-headquartered bank and financial services firm said the platform could be used to cover the cost of import duties, helping address the extra costs associated with tariffs.
According to HSBC, since launching TradePay, it has made $2.3 billion of trade finance accessible worldwide.
“By settling import duties directly and frictionlessly through HSBC TradePay, our US clients have more visibility and control over their working capital at the time they need it most,” Vivek Ramachandran, head of global trade solutions, said in a statement.
Since Trump announced his so-called “Liberation Day” tariffs in April, US businesses have been scrambling to address the cost of the increased levies on goods. Some have said they will absorb costs, while many have passed these costs onto customers.
Last week, HSBC posted a profit before tax of $9.5 billion, compared to forecasts of $7.8 billion, in its first quarter of 2025. It surpassed expectations of revenue by $980 million and announced a share buyback of up to $3 billion.
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