In a recent interview with Bloomberg Law, Economic Sanctions and Export Controls Co-Chair Felicia Leborgne Nowels said businesses should be planning now for potential increased tariffs under President Donald Trump. Nowels noted many companies are already mapping their supply chains and renegotiating contracts.

The president has hinted at imposing 25% tariffs on Mexico and Canada and 10% on China, but there remains a big question mark about the full extent of the administration's trade plans.

“Hence the need to prepare with great detail and in advance so that on day one they are ready, no matter what mechanism is in place — and of course, we need to be prepared to be surprised,” Nowels told the publication.

Nowels also provided insight on contract language companies should look for and how they might mitigate some of the impact.