US tariffs in 2026: what they really mean for French importing SMEs

1. Understanding the mechanics of the new customs tariffs

Since early 2025, the US administration has progressively increased its customs tariffs on a wide range of imported products. Depending on the categories, the increases range from 10% to more than 25% on certain industrial and consumer goods.

For French SMEs, the main impact appears in two ways:

• If you import products manufactured in the United States: your purchasing costs increase directly.

• If your Asian or European suppliers re-export via the United States: their competitiveness may be affected, with knock-on effects on their pricing.

In both cases, your products' cost price rises. And your margin absorbs the shock — unless you plan ahead.

2. The double impact on SMEs paying in dollars

For importers paying their suppliers in USD, there is a second factor that must not be overlooked: the foreign exchange cost.

An SME executive put it clearly during a recent interview:

"I had anticipated the tariff hike. What I hadn't realised was that my bank was also charging a 3% margin on every dollar transfer. On €800,000 of annual purchases, that amounted to €24,000 going out without me noticing."

This phenomenon is systematic. Traditional banks apply a margin to the exchange rate — typically between 2% and 4% depending on the institution — which quietly adds to your transfer fees.

The result: you suffer two shocks simultaneously, one visible (customs duties), the other invisible (the bank's foreign exchange margin).

3. Numerical example: the real impact on an importing SME

Let's take a French SME importing €600,000 of goods per year, paid in US dollars.

These €15,000 recovered do not fully offset a 25% tariff increase — but they are by no means negligible when margins are under pressure.

4. FX hedging: a strategic tool in times of volatility

Beyond the immediate cost of foreign exchange, importing SMEs face a structural risk: EUR/USD volatility.

In 2025–2026, the dollar experienced significant fluctuations driven by:

• Uncertainty surrounding Fed policy

• Global trade tensions

• Geopolitical shocks

For an SME ordering goods 3 to 6 months in advance and paying suppliers upon delivery, a 5% swing in the EUR/USD exchange rate can mean thousands of euros in unexpected additional costs.

A forward contract allows you to lock in today the exchange rate that will apply to a future payment. It is the primary hedging tool used by SMEs and mid-caps to protect their margins.

In practice:

• You place an order in January for delivery in June

• You lock in a EUR/USD rate today

• In June, regardless of how the market moves, you pay at the agreed rate

That provides predictability. And that is precisely what SMEs need in turbulent times.

5. What you can do now

Faced with this uncertain environment, here are three practical steps:

Step 1 — Audit your true FX cost Ask your bank for the spread applied to your foreign currency transfers. Compare it to the interbank market rate on the day of the transaction. The difference is their margin.

Step 2 — Compare with an international payments specialist Specialists such as OSolto, registered with ORIAS, provide access to exchange rates close to the interbank market, with complete fee transparency.

Step 3 — Consider forward hedging for your upcoming orders If you have visibility over your purchasing volumes for the next 3 to 6 months, a simple hedging strategy can protect you against any further EUR/USD deterioration.

Conclusion

US customs tariffs are an external shock beyond your control. Your FX costs, on the other hand, are a lever you can optimise starting today.

At a time when margins are under pressure, failing to act on both fronts would be a missed opportunity.

OSolto supports French SMEs and mid-caps in managing their foreign currency payments — offering transparent fees, swift execution, and dedicated support from FX specialists.

Do you import in dollars and want to assess your current FX costs? → Request a free review — response within 24 hours.