What the trade dispute can teach us about our own dealings
Every waking minute of every day over the last week we are hearing about tariffs and counter tariffs. This so-called trade war is framed by all parties in many difficult ways that give ordinary people anxiety and stress.
Nobody wins in a tariff war, and the end buyers ultimately end up paying the price. And in addition, our beloved Lake Ontario has now been renamed.
One can only speculate as to the reason these negotiations broke down and trust me many have. The key takeaways for all of us is how not to let such fissures happen in our own personal and business negotiations.
Life is a set of negotiations at different levels and, as we develop, we learn different techniques that determine our trajectory in life.
Here are some key lessons from a seasoned negotiator that hopefully will help you avoid nasty disputes and gridlock:
- When negotiations are grinding to a halt, quickly expand your negotiating and advisory team to include some wiser and more experienced heads, offering fresh perspectives
- Solicit partners or people who are affiliated with your opposing negotiating team to get advice and hopefully provide common sense, so cooler heads prevail
- Call a truce and give everyone at the table time for cooler heads to prevail – time brings perspective
- Prior to negotiations, familiarize yourself with the opposing teams key audiences and make sure to speak with them honestly and directly prior to negotiations so that they understand your challenges and it will also humanize the impacts on your negotiating team. For example, food affordability is a key issue in North America, so explain how it is impacting your community. Another is productivity, so discuss how it needs to be addressed within your labour force. These are just two examples from a business perspective and I can think of many personal challenges that can be resolved by ensuring the other person understands your position and issues around them.
- If possible, and if both parties agree, have a third party who is respected by both camps sit in on your discussions and provide input. Input from an independent third party is invaluable in many situations.
- Change of the environment and paradigm can help. Switch meeting locations and meeting agendas. New perspectives can create outcome creativity especially when you are gridlocked.
In the tariff case, a break may be good at this juncture. President Trump’s behaviour, as illustrated by his on-again-off-again offensive against Iran, often includes pauses which would be helpful to both sides in this dispute.
Remember November 3rd in the U.S. is the date of the midterm elections, when voters will have a chance to express their opinions of the tariffs. They may put pressure on the president to change course on tariffs before Congress may force him to do so.
This is not an outcome we can control but we can only position. And in life we hopefully learn over time better ways and techniques to negotiate to improve our chances of positive outcomes.
The last few weeks have surely taught us some lessons.
Paul Micucci is a Mississauga business owner and entrepreneur and founder of the Meadowvale Business Association.
