Taxes, Tariffs & Trade

Over the coming weeks and months, the USMCA Coalition will make the case for expeditious passage of the agreement to Congress. It also will work to educate the American public about the benefits of the new agreement. The effort harnesses the advocacy strength of a broad membership of companies, trade associations and chamber of commerce organization nationwide.

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On March 4, U.S. Trade Representative (USTR) Robert Lighthizer announced plans to end benefits for India and Turkey under the Generalized System of Preferences (GSP), a long-standing program that eliminates tariffs on non-import sensitive goods from developing countries that meet specific eligibility criteria.

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With no end in sight to the Section 232 tariffs on imported steel and aluminum, Canada announced plans to invest USD$75 million to help approximately 300 small- and medium-sized steel and aluminum businesses increase productivity and expand into new markets.

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As of press time, trade talks between the U.S. and China are continuing with U.S. Trade Representative (USTR) Robert Lighthizer saying he hopes the two parties are in the final weeks of negotiations.

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Canada and Mexico purchase one-fifth of the total value of U.S. manufacturing output, and together they purchase more U.S.-made goods than our next 10 trading partners combined. That’s why many companies and industry associations are putting their might behind the United States – Mexico – Canada Agreement (USMCA).

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NAFEM has joined more than 30 associations in advocating for the Main Street Tax Certainty Act of 2019 that would make permanent the Section 199A 20 percent qualified business income deduction.

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Acting out of concern for trade in general and specifically for downstream users of imported steel and aluminum, as well as U.S. consumers, the National Foreign Trade Council (NFTC) formed the Alliance for Competitive Steel and Aluminum Trade in 2018. NAFEM joined the alliance in January.

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Republicans and Democrats in the House and Senate have reintroduced the Trade Security Act of 2019.

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Despite the government shutdown, the U.S. International Trade Commission (USITC) says it will meet the March 5 deadline for its report to Congress on the economic impact of the new U.S. – Mexico – Canada Agreement (USMCA).

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