The External Revenue Service: A Bureaucratic Overreach or Necessary Reform?
President Donald Trump made headlines when he announced an External Revenue Service (ERS) agency to collect tariff incomes. The announcement sparked a heated debate among trade experts, economists, and business leaders. But, what exactly would be the purpose of the agency? Well, we can take the words spoken from his inauguration address as an answer.
China’s Growing Influence in Latin America: Infrastructure Investments and Implications for the Panama Canal
China has significantly expanded its economic and geopolitical footprint in Latin America, particularly through the acquisition and development of critical infrastructure such as ports, airfields, and railways. This strategic move has raised questions about the long-term implications for regional sovereignty, global trade routes, and the future of the Panama Canal, a linchpin of international maritime commerce.
Chemical Classification, It Matters, Now More Than Ever-To Most
If you have a company that imports chemicals – whether they are used as raw materials or components for onward manufacturing, or finished goods containing chemical components – you have been facing significant challenges over the last half-dozen years. Some of these challenges include the trade wars with China (I’m looking at you, Section 301) and the disruptive impact of COVID-19 to global supply chains. In response to these challenges, you have maybe modified your supply chain to reduce your dependence on Chinese chemical imports. Or perhaps your supply chain was not largely affected by Section 301 tariffs (if so, consider yourself lucky – and may your luck hold!).
Beyond the Tariff: Proactive Strategies to Mitigate Trade Remedy Impacts
In today’s complex global marketplace, businesses are increasingly confronted with the challenges of supply chain disruptions, rising costs, and fierce competition—all exacerbated by trade remedy tariffs. While many of these tariffs are already in play, President-elect Trump has promised to impose new tariffs and increase old ones.
Mercosur-EU – A New Potential Powerhouse in Trade Blocs if Ratified
After 25 years of negotiations, the European Union and the Southern Common Market, commonly known as Mercosur, comprised of Brazil, Argentina, Uruguay, and Paraguay, signed a free trade agreement. I think this, among many more regional deals to come was suddenly expedited due to the anticipated land mines with the upcoming Trump 2.0 administration and trade policy regarding tariffs for all.
Tariffs, and the Temptation to Use Them as Geopolitical Leverage
The United States has a long history of using tariffs. The first significant tariff legislation was the Tariff Act of 1789, signed by President George Washington. Tariffs have been used for various purposes over the years, including protecting domestic industries, generating government revenue, and negotiating trade agreements. The use of tariffs however has evolved, with significant changes during different historical periods, such as the high tariffs of the 19th century and the shift towards free trade in the mid-20th century, as well as the current U.S. trade war with China, and possibly soon to be with Mexico and Canada.
Presidential Authority to Unilaterally Raise Tariffs
This article examines the constitutional authorities and various statutes that reserve tariff authorities for Congress and some legal authorities in which Congress has delegated tariff authorities to the President. The U.S. is a party to numerous multilateral and regional trade agreements that have binding tariff commitments that will be impacted as well.
Tariffs, Trade & Trump
Historically, trade agreements have focused on reducing barriers to trade—such as tariffs and quotas—while encouraging economic integration and growth. Environmental protection was often considered a separate issue, addressed primarily through national regulations or multilateral environmental agreements like the Paris Agreement. However, recent developments suggest that trade and environmental concerns are converging, with many new trade agreements incorporating specific environmental provisions.
Customs Fraud Investigations Expected to Increase Under Trump Tariffs
President-elect Trump has repeatedly stated that he will increase tariffs. While it is unclear to what extent, while campaigning he proposed a 10% to 20% tariff on all imports and an additional 60% or more on goods from China.
Legal and Other Issues Being Resolved by Port Strike
The union and management teams reached a settlement agreement that was announced on October 4, 2024 to end the port strike. The settlement does not resolve the issues, but extends the master contract to Jan. 15, 2025, to allow the sides to negotiate outstanding issues. A final agreement must be ratified by union members.
