If approved, most provisions of USMCA will not go into effect until 2020. According to its terms, the agreement must be reviewed after six years and can then be implemented for another 10 years. The agreement sunsets after 16 years. However, if any of the countries sign a trade deal with a “non-market” economy (i.e., China), they may be removed from USMCA. Although it’s too soon to determine specific implications for NAFEM members, the National Association of Manufacturers (NAM) sees the agreement as positive.
The U.S. Department of Commerce (DOC) Bureau of Industry and Security (BIS), which is overseeing the exclusion request process for Section 232 tariffs on imported steel and aluminum, has already received more than 40,000 exclusion requests. To help mitigate the backlog, BIS recently updated the exclusion request process.
NAFEM has released its 2018 Size & Shape of the Industry Study, which reports NAFEM-member company 2017 sales in a variety of foodservice equipment and supplies categories.
The Trump administration has imposed tariffs on steel and aluminum and hundreds of products imported from China in what seems to be an escalating trade war. In response, many nations – including some of our historic allies – are retaliating with their own tariffs, including China, Canada, Mexico and the European Union.