00:00Lisa you're really on the front lines here in terms of impact of Trump's
00:04tariffs importing foreign goods is central to your business how are you
00:09coping with this new policy were you prepared for a 32 percent tariff a lot
00:16of the coping is trying to find the fine print to understand what it really means
00:20because it's so easy to read the top line and just panic essentially we
00:26definitely didn't expect like a 32 percent tariff it's quite high we thought
00:32okay maybe a few percentage point Taiwan wasn't really central to the tariff
00:35conversation in the United States but when we saw the 32 percent you know we
00:41immediately realized like okay we need to find out what's going on read the fine
00:45print but also rapidly prepare for change truth be told you know all of our
00:50products that we sell are from Taiwan people come to our business for
00:54Taiwanese goods so we'll never change that and what we have to figure out is
00:59just how to keep these goods as accessible as possible and so we're
01:03trying to figure out how do we not raise prices to the point where people won't
01:07buy it anymore I know there's probably a lot of moving parts right now but what
01:12are some ways you're exploring to manage these added costs so the added cost once
01:18we think about all the added costs from the tariffs but also our domestic costs will
01:23be even more expensive so like for example we use boxes here to ship our
01:28orders I'm sure this will get more expensive too so we're expecting price
01:31hikes across the board so we're essentially adding 40 percent to our cost
01:36basis when we're estimating so we're trying to figure out what levers we have to
01:41pull so that could be like negotiating with the suppliers I know the Taiwanese
01:45government has put together a sort of fund to help people who are importing or
01:51exporting our costs are really in like advertising affiliate payments so just
01:57trying to think about like okay what can we do ourselves how can we work a little
02:01bit more smartly to reduce costs what are some trade-offs you're willing to make but
02:06what are also the non-negotiables the non-negotiable at the heart of Yunhai is
02:12just that we will always be intent on telling the story of Taiwan and sharing
02:19Taiwanese culture through food so that's non-negotiable and everything else is
02:25kind of you know up for grabs like if we need to change a little bit what we're
02:31importing or change you know our different business channels we can do that so
02:36long as we don't sacrifice the cultural aspect of our business
02:42you
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