HSBC has launched a new financing tool aimed at helping US customers navigate the growing weight of import duties in global trade following Donald Trump's rollout of new tariffs last month.

Available for US clients with import operations in the US, the new service helps customers settle import duties directly through HSBC TradePay, a digital trade finance solution launched by the bank in 2023 that enables customers to obtain loans and make immediate payments to suppliers among other services.

With the new tool, customer will be able to complete import duty payments with the bank through credit terms agreed in advance with brokers or through direct Automated Clearing House (ACH) credits.

The bank said that the move allows companies to access credit and complete payments simultaneously, reducing settlement times and optimising companies' working capital by providing better visibility of cash flows.

Vivek Ramachandran, head of global commercial solutions at HSBC, highlighted how customers' working capital needs are evolving, with the new service aiming to respond to new pressing needs.

“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,” he continued.

The move comes as many corporates currently face changing working capital needs and increased upfront commitments after the US imposed a 10 per cent base tariff on imports from most countries, including the UK.

In the UK, the US separately implemented a 25 per cent tariff on aluminium and aluminium-containing products under national security provisions on 12 March.

Since its launch, HSBC Trade Pay has completed $2.3 billion of trade finance available across the globe.

With assets of around $3 billion as per 31 March 2025, HSBC is one of the world’s largest banking groups.

---