Planning for life after NAFTA
|
|
- Florence Bradley
- 5 years ago
- Views:
Transcription
1 Planning for life after NAFTA An Economist Intelligence Unit research program sponsored by KPMG March 22, 2018 Written by:
2 The North American Free Trade Agreement (NAFTA) is at least as controversial today as it was almost 25 years ago, when it went into effect. One outcome that is hard to dispute, however, is that it created one of the most powerful cross-border trade partnerships in the world. Dozens of industries, including medical devices, automobiles and auto parts, oil and gas, textiles and even aerospace components, have expanded their production facilities across the borders of the three partner countries. This expansion has created new supply chains that allow them to tap cheap labor and other cost efficiencies. Future in doubt Since renegotiation of the terms of NAFTA began in August 2017, the future of this burgeoning economic community has been in doubt. 1 Many of the preliminary objectives the Trump administration announced would simply update the agreement and bring it into line with U.S. positions on other trade treaties. These would include further opening the Canadian and Mexican markets to American goods, streamlining customs processes, toughening labor and environmental standards, ending discrimination against foreign suppliers in services like telecom and banking, and securing commitments not to impose customs duties on digital products. Other U.S. demands are more worrisome. NAFTA s most important feature is the provision of national status to goods produced in any of the three countries, meaning that no state, provincial or local governments can impose taxes or tariffs on them. Under renegotiation, the advantages this affords could be diluted in numerous ways. U.S. negotiators want to widen Washington s latitude to make and enforce its own trade laws. They seek to tighten rules of origin, make sure these rules incentivize the sourcing of goods and materials from the U.S. and strengthen their enforcement. The U.S. also wants to replace NAFTA s Chapter 19 settlement mechanism for trade disputes with what it says would be a more transparent process. U.S. Commerce Secretary Wilbur Ross and Peter Navarro, White House director of trade and industrial policy, have also maintained that Mexico s VAT tax disadvantages U.S. companies that export to that country. It encourages them to move their production facilities there Ross and Navarro argued in a report released during the 2016 presidential campaign because Mexican producers receive a VAT rebate when they export goods. This turns the VAT into an implicit tariff on U.S. exporters over and above the U.S. corporate income taxes they must pay, they wrote. 1 Discussions on renegotiating NAFTA have continued into early fall On August 27 the U.S. and Mexico reached a deal to revise the accord. Talks with Canada are ongoing.
3 Further complicating negotiations are the White House s recent announcement of higher tariffs on steel and aluminum, while Mexico and Canada will be exempt from these tariffs. It s not clear what the implications of this are, says Michelle Schulz, who heads the international trade group at Akerman LLP. How will that exemption be incorporated into the revised NAFTA text? Will all the same general rules that apply to other products [under the treaty] still be applied to steel and aluminum, or not? Supply chains at risk What I m seeing from my clients is that they are very concerned and they are watching, because there has been no discussion of how this plays out, says Schulz, who works with manufacturers and distributors, oil and gas producers, and aerospace and defense contractors, many with operations in Mexico. Forty percent of U.S. light-vehicle exports in 2015 were shipped to NAFTA partners while 51% of the value of auto parts imported to the U.S. came from NAFTA partners, according to the U.S. International Trade Administration. Business leaders are concerned that more stringent rules of origin could complicate or even destroy supply chains both within North America and those that include producers from outside the NAFTA zone. For instance, President Trump has asked for a package of up to $60 billion in new duties on a wide range of Chinese imports. If Washington accompanied this with demands for stiffer rules of origin on Chinese goods as part of the NAFTA revision, the result could be higher duties on some Mexican goods that are made with parts or materials imported from China, Schulz says. Some producers might then decide to relocate production and jobs from China to Mexico to avoid the duties, she adds. Should the three countries fail to agree on a revised NAFTA deal, officials have stated that it could be abandoned. If we can t make a deal, it ll be terminated and that will be fine, President Trump said in October. This would mean reverting to the tariff regime that existed pre-1993, with one or more of the three nations jacking up duties in response. If the 8th round of talks, scheduled to begin in April, don t result in a new agreement, they could pause and restart in 2019 to make way A perspective from KPMG NAFTA has driven corporate strategies and capital allocation for 25 years, creating a complex supply chain structure across North America. But many of the original benefits of NAFTA, including reduced labor and manufacturing costs across industries, have decreased, in some cases significantly. Going forward, companies will need to allocate new capital, using a new lens that considers the ever-evolving consumer, automation and robotics innovations that are driving labor costs out of production globally and increased regulatory compliance requirements for tracking Rules of Origin, tariff and tax rates across their product portfolios. Low-cost labor and manufacturing regions are becoming less compelling as manufacturers continue to drive automation into their production systems. The bigger concern going forward is to align with where your customer is located, in areas of geopolitical stability with highly skilled workers for the labor remaining in a facility. New, multi-decade investments will need to consider proximity to the customer base and whether there is investment risk from political or regional instability relative to the potential tax and trade benefits. Companies should not let trade and customs or tax policy drive capital allocation and growth strategies. However, a favorable trade or tax policy can be icing on the cake. What we ve seen over the last 25 years with NAFTA is that companies investments and capital allocation in manufacturing and supply chain capabilities have been greatly influenced by the agreement. One only needs to look at the footprint of pre-nafta manufacturing in North America and how quickly regions of Mexico and Canada were transformed. Given the uncertainty around potential changes in Rules of Origin, the compliance needs associated with those standards, and the new, globally competitive U.S. tax policy, companies need to do three things: Quickly assess their current footprint for products and services that are at risk from new tax and tariff scenarios. Assess potential projects and investments that might require a different ROI calculation in a post- NAFTA world. Understand their ability, relative to their competitors, to react to these potential changes. In a capital-intensive manufacturing and supply chain business, it s difficult to change direction overnight but that may be exactly what your customers and the market demand.
4 for the election cycle in the U.S. and Mexico. A new, possibly more economically nationalistic, government might be in power in Mexico by then. Preparing for change Given the uncertainty that has been injected into NAFTA s trade edifice, how should U.S. companies especially those with manufacturing facilities in Mexico and Canada prepare and protect themselves? The first thing, says Schulz, is to conduct a thorough duty qualification analysis. Understand the numbers. For example, review the NAFTA compliance procedures in your company s Import Compliance Manual. Should NAFTA collapse, how would a new tariff regime, or a reversion to previous rules, affect your company? Tightening rules of origin NAFTA s Rules of Origin, which the administration wants tightened, present the greatest difficulties. President Trump wants much more rigid requirements to qualify for duty-free treatment, notes Warren Maruyama, partner at Hogan Lovells, who helped develop NAFTA under President George H.W. Bush. North America already has the tightest rules for automobiles of any free-trade agreement, he adds. According to the agreement, 62.5% of the materials in vehicles must be manufactured in the country of origin, and the administration has floated a figure as high as 85% to replace it. Either way, enforcement is likely to be tightened. A large percentage of importers make errors in origin determinations, says Schulz, noting that companies often assume that nobody is checking. You need to go in and self-audit. Make sure your certificates attesting that your products are NAFTA-qualifying are filled out properly. If they re not, you may run into problems. Should the negotiations produce a more stringent deal or one that gives each member state more room to prioritize its own goods and services or should NAFTA simply collapse, companies will be looking for ways to soften the blow. Schulz suggests that U.S. negotiators could build a grace period into a revised deal, giving companies time to reorganize their supply chains and revise their manufacturing strategy. But they ll also have to adjust to whatever Canada and Mexico do in response to U.S. demands, she adds. Schulz also suggests that Washington might look at expanding Chapter 98 of the U.S. Harmonized Tariff Schedule in ways that help manufacturers. Chapter 98 grants reduced duties to exporters that reimport qualifying goods back into the U.S., e.g., goods exported only for temporary use abroad or that are returned temporarily for repair or alteration. Alternative sources Many companies will search for alternative sources, for instance in Central America and the Caribbean, where the U.S. has free-trade pacts in force, Schulz suggests. One outcome of a NAFTA transformation, then, may be that supply chains continue to become more global and geographically spread out in scope. We want to produce in the regions where our products are being consumed but not always, Jeff Smith, then president and CEO of GHSP, a Michigan-based manufacturer of electronic pumps and transmission parts, said last fall. GHSP anticipated $410 million in 2017 sales, $50 million from its 10-year-old operation in Saltillo, Mexico. But there may be other regions where they have the capacity and the cost structure to supply the globe. GHSP has production facilities in Shanghai that predate its Mexican operations.
5 Smith, like other manufacturers, said he still hopes NAFTA will remain in force and that any changes to the agreement will be minimal. Even if that is not the case, most observers do not expect manufacturers to abandon Mexico, given its proximity to the U.S. and the size of the U.S. market. The earlier Canada-United States Free Trade Agreement would remain in force, and Mexico could choose to fall back on the low tariffs it instituted even before NAFTA was signed, rather than retaliating. We see it as a continued region for growth, Smith said. While Ford and Nissan are its biggest customers in Mexico, GHSP has enough other business, depending on the component, and we re starting to produce for other OEMs there as well. Making the right choice whether to remain in Mexico or Canada, to reshore operations to the U.S., to locate them elsewhere outside NAFTA, to refocus on selling into other markets requires U.S. companies to carefully reevaluate their position within the three markets. This includes assessing your company s compliance with NAFTA s existing rules, evaluating the impact of tightened rules of origin, exploring alternative sourcing strategies, and making your voice heard as the terms of a new deal or the prospects of a collapse unfold. Because of the stability and certainty that NAFTA once provided, many will be doing so for the first time in many years. kpmg.com/socialmedia 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. Printed in the U.S.A. NDPPS The KPMG name and logo are registered trademarks or trademarks of KPMG International.
Overview: The Trump Trade Policy Promises, Pitfalls, and Future Prospects?
Overview: The Trump Trade Policy Promises, Pitfalls, and Future Prospects? Warren H. Maruyama November 2, 2017 President Trump s Campaign Promises Trade Our Trade Deals Have Been a Disaster We Have to
More informationIs Your Supply Chain Ready for a Nafta Overhaul?
Is Your Supply Chain Ready for a Nafta Overhaul? Manage for uncertainty by focusing on the risks that matter most. By Rodrigo Rubio, Thomas Huber, Joe Terino and Gabriela Lozada Rodrigo Rubio is the head
More informationTariffs, NAFTA, and the Administration
Tariffs, NAFTA, and the Administration Presented by The Franklin Partnership, LLP Policy Resolution Group at Bracewell LLP March 2018 Your Team in Washington, D.C. Lobbying Firm The Franklin Partnership,
More informationRenegotiating NAFTA: Impact on the U.S. Auto Care Industry
What is NAFTA? Renegotiating NAFTA: Impact on the U.S. Auto Care Industry The North American Free Trade Agreement ( NAFTA ) is a free trade agreement between Canada, Mexico and the United States that was
More informationDriving change. Achieving results.
Driving change. Achieving results. Proactively adapting to new tax realities. 2016 Latin America Tax Summit, Rio de Janeiro 29 February to 2 March Gaining Competitive Advantage Through the Use of FTZs
More informationFROM A CANADIAN PERSPECTIVE. 61 st Annual EDCO Conference Toronto February 7, 2018
NAFTA: FROM A CANADIAN PERSPECTIVE 61 st Annual EDCO Conference Toronto February 7, 2018 AGENDA Welcome Session Introduction Speaker Introduction Hugo Cameron, Executive Lead for U.S. Trade Engagemnt at
More informationCAPITOL HILL BRIEFING: The Effects of Section 232 Tariffs on U.S. Industry and USMCA
CAPITOL HILL BRIEFING: The Effects of Section 232 Tariffs on U.S. Industry and USMCA WHAT: The Section 232 tariffs on aluminum and steel have been in place for over six months and strain on U.S. industry
More informationLife after NAFTA? The odds that NAFTA will be torn up, not simply amended, appear to be increasing
Life after NAFTA? The odds that NAFTA will be torn up, not simply amended, appear to be increasing A bad NAFTA result either a renegotiated agreement that delivers less trade or a tear-up of the deal appears
More informationFACILITATING TRADE: NAFTA TODAY AND TOMORROW
WHITE PAPER FACILITATING TRADE: NAFTA TODAY AND TOMORROW Looking back at North America s most important free trade agreement. White paper Facilitating trade: NAFTA today and tomorrow Looking back at North
More informationRules of Origin: The New Old Protectionism
Rules of Origin: The New Old Protectionism Rules of origin are very, very complex. You don't want to deal with them. They're terrible things to deal with. Hon. Michael Wilson, then-minister of Industry,
More informationInnovation and the Future of Tax
Innovation and the Future of Tax Exploring new directions in the world of tax 2018 Financial Services Tax Conference July 19, 2018 kpmg.com Notices The following information is not intended to be written
More informationDonald Trump s Trade Policies
Donald Trump s Trade Policies Alan V. Deardorff For brown-bag discussion Ford School April 4, 2017 2 Trump s Trade Policies Trade staff TPP NAFTA Other FTAs Factory location Border tax adjustment Exchange
More informationPubPol 201. Module 3: International Trade Policy. Class 6 Outline. Class 6 Outline. NAFTA What is it? NAFTA What is it? NAFTA What is it?
PubPol 21 Module 3: International Trade Policy Class 6 and Its Renegotiation as Class 6 Outline and Its Renegotiation as What is? What happened under? Issues in renegotiation Lecture 6: & 2 Class 6 Outline
More informationSTATEMENT OF THE ALLIANCE OF AUTOMOBILE MANUFACTURERS BEFORE THE: SENATE COMMITTEE ON FINANCE
STATEMENT OF THE ALLIANCE OF AUTOMOBILE MANUFACTURERS BEFORE THE: SENATE COMMITTEE ON FINANCE SUBCOMMITTEE ON INTERNATIONAL TRADE, CUSTOMS AND GLOBAL COMPETITIVENESS November 20, 2017 PRESENTED BY: Mitch
More informationNAFTA and Its Renegotiation
NAFTA and Its Renegotiation Alan V. Deardorff University of Michigan For presentation to Detroit Association of Business Economists November 10, 2017 Outline NAFTA What it is What have been its effects
More informationGLOBAL LOGISTICS & THE US TRADE DEFICIT
GLOBAL LOGISTICS & THE US TRADE DEFICIT HAULAGE AIR OCEAN WAREHOUSING PROJECTS CONTENTS Executive Summary 3 What is the Trade Deficit? 4 UK and US Trade Relations 5 What Next for UK and US International
More informationTrump and Aftermarket Trade March 2017
Trump and Aftermarket Trade March 2017 Why Trump Focus on Trade: U.S. Trade Deficit Over Time $0 -$100 -$200 -$300 -$400 -$500 -$600 -$700 -$800 -$900 -$808 -$816 -$503 U.S. TRADE DEFICIT Billions 2007
More informationRegional Energy Security & Collaboration; Moving from a Free Trade Area, to a. North American Community. Remarks by the Honourable Sergio Marchi,
Regional Energy Security & Collaboration; Moving from a Free Trade Area, to a North American Community Remarks by the Honourable Sergio Marchi, President and CEO of the Canadian Electricity Association
More informationNAFTA and the Automotive Industry
NAFTA and the Automotive Industry John Holmes Queen s University Academic Partner, APRC holmesj@queensu.ca 61 st Annual EDCO Conference Toronto, February 7, 2018 Trump s 100-day Action Plan to Make America
More informationTRACKING TAX IN YOUR INDUSTRY 4.0 TRANSFORMATION
INSIGHTS FROM THE BDO MANUFACTURING & DISTRIBUTION PRACTICE TRACKING TAX IN YOUR INDUSTRY 4.0 TRANSFORMATION An organization s path to Industry 4.0 may be winding or direct, depending on where they are
More informationCRU World Aluminum Conference 2018 Heidi Brock Remarks April 24, Thank you everyone and thanks Greg for the generous introduction.
CRU World Aluminum Conference 2018 Heidi Brock Remarks April 24, 2018 Thank you everyone and thanks Greg for the generous introduction. Well, it s certainly an interesting time for the aluminum industry
More informationPubPol 201. Module 1: International Trade Policy. Class 5 NAFTA and Its Effects
PubPol 201 Module 1: International Trade Policy Class 5 NAFTA and Its Effects Announcement Quiz: Next Tuesday, Oct 3 In class, 1 st 40 minutes Probably a mix of Multiple choice Very short answer (1-2 sentences)
More informationTrade wars. Innovated by the North-West University. Francois Fouche 02 Oct 2018
Trade wars Innovated by the North-West University Francois Fouche 02 Oct 2018 The value of research & education Ask questions that matter Make trade, not war What happened to international trade? Well
More informationRE: American Chemistry Council Public Comments on U.S. Objectives for U.S.-UK Trade Negotiations
January 15, 2019 Edward Gresser Chair of the Trade Policy Staff Committee Office of the United States Trade Representative 600 17th Street NW Washington DC 20508 RE: American Chemistry Council Public Comments
More informationUnited Kingdom Impact of Hard Brexit on Social Security for Assignees
United Kingdom Impact of Hard Brexit on Social Security for Assignees While the U.K. s vote for Brexit 1 has focused much attention on the fate of the free movement of workers principle immigration rights
More informationComments Regarding Causes of Significant Trade Deficits for 2016 Docket No. ITA
Comments Regarding Causes of Significant Trade Deficits for 2016 Docket No. ITA-2017-0003 I am William A. Jones, President and CEO of Penn United Technologies, Inc. of Cabot, Pennsylvania, north of Pittsburgh.
More informationBEPS controversy readiness
BEPS controversy readiness e-brainstorming survey results November 1 kpmg.com Background and participant profile As the scope and pace of tax law and regulatory change has increased, taxpayers face increased
More informationTariffs 101. CONTENTS What are tariffs? The history of American tariffs. Tariffs in the modern age. What the new tariffs aim to achieve
Are you sitting down? Starting on January 1, 2019, your inventory costs could increase 25 percent because of tariffs. The whole tariff situation has escalated rapidly in less than a year and shows no signs
More informationEcon 340. Outline: Current Tensions in the International Economy NAFTA NAFTA NAFTA NAFTA. Lecture 1 Current Tensions in the International Economy
Econ 340 Lecture 1 Current Tensions in the Lecture 1: Overview 2 NAFTA What is it? North American Free Trade Agreement Does many things but most important: Zero tariffs on most trade between US, Canada,
More informationNAFTA Where Do We Stand?
Luis Alvarado Investment Strategy Analyst WEEKLY GUIDANCE ON ECONOMIC AND GEOPOLITICAL EVENTS NAFTA Where Do We Stand? July 17, 2018 Key takeaways» Concerns about international trade have been mounting
More informationThe Benefits of NAFTA to Canada
Box 348, Commerce Court West 199 Bay Street, 30 th Floor Toronto, Ontario, Canada M5L 1G2 www.cba.ca Alex Ciappara Director, Credit Markets and Economic Policy Tel: (416) 362-6093 Ext. 271 aciappara@cba.ca
More informationSHIFTING TRADE RULES AND THE FUTURE OF NORTH AMERICA S AUTO INDUSTRY
SHIFTING TRADE RULES AND THE FUTURE OF NORTH AMERICA S AUTO INDUSTRY By Daniel Alanis, Dustin Burke, Brian Collie, Thomas Dauner, Marc Gilbert, Andreas Jentzsch, Satoshi Komiya, Claudio Knizek, and Michael
More informationJune 12, To: Members of the California Congressional Delegation. From: (Mrs.) Susanne Stirling, Vice President-International Affairs
To: Members of the California Congressional Delegation From: (Mrs.) Susanne Stirling, Vice President-International Affairs On behalf of the California Chamber of Commerce, below are comments provided to
More informationChinese Economy. YU Jianwei Commercial Counsellor Chinese Consulate General in Toronto
Chinese Economy YU Jianwei Commercial Counsellor Chinese Consulate General in Toronto Chinese Economy Slowing down or Picking up Growth 7.7% (first 3 months) 7.5% in April-June Slowest in 13 years Economic
More informationDocket Numbers BIS and BIS May 18, 2018
American Chemistry Council Public Comments on Requirements for Submissions Requesting Exclusions from the Remedies Instituted in Presidential Proclamations Adjusting Imports of Steel into the United States
More informationTrade Update: The Impact of U.S. Tax Reform
Trade Update: The Impact of U.S. Tax Reform 2018 U.S. Cross-Border Tax Conference May 15 17, 2018 kpmg.com Notices The following information is not intended to be written advice concerning one or more
More informationHow Would Ending NAFTA Impact the North Carolina Economy? Dr. Michael L. Walden 1
Studies in the North Carolina Economy November 2017 How Would Ending NAFTA Impact the North Carolina Economy? Dr. Michael L. Walden 1 Abstract: If efforts to rewrite the North American Free Trade Agreement
More informationTHE U.S. PAPER INDUSTRY IN AN EVOLVING TRADE AGENDA RISI NORTH AMERICAN CONFERENCE OCTOBER 18, 2017
THE U.S. PAPER INDUSTRY IN AN EVOLVING TRADE AGENDA RISI NORTH AMERICAN CONFERENCE OCTOBER 18, 2017 Jacob Handelsman Senior Director, International Trade American Forest & Paper Association U.S. Exports
More informationNAFTA: The Canadian Perspective
NAFTA: The Canadian Perspective Consulate General of Canada in Denver September 2018 Purpose To demonstrate: The breadth and depth of the U.S.-Canada relationship The importance of Canada s relations with
More informationStudy Questions (with Answers) Lecture 18 Preferential Trading Arrangements
Study Questions (with Answers) Page 1 of 6(7) Study Questions (with Answers) Lecture 18 Preferential Trading Arrangements Part 1: Multiple Choice Select the best answer of those given. 1. Which of the
More informationDude, Where s My Tax Cut?
Dude, Where s My Tax Cut? DR. RAJEEV DHAWAN DIRECTOR Presented at the Global Interdependence Center s Central Banking Series meeting at Fundación Rafael del Pino in Madrid, Spain March 27, 2017 Trump s
More informationWHAT THE TRUMP TARIFFS MEAN FOR GLOBAL BUSINESS
WHAT THE TRUMP TARIFFS MEAN FOR GLOBAL BUSINESS By Daniel Alanis, Marc Gilbert, Christian Ketels, Claudio Knizek, and Michael McAdoo Even before President Donald Trump formally unveiled his stiff US protective
More informationThe new tax legislation: Impact on M&A
The new tax legislation: Impact on M&A kpmg.com April 2018 On December 22, 2017, President Trump signed into law H.R. 1 (the Act), previously known as the Tax Cuts and Jobs Act. The Act marks the most
More informationChina Focus: Our 21 Lehman Systemic Risk Indicators
China Focus: Our 21 Lehman Systemic Risk Indicators Trade War The media noise is a traders best friend, it is consistently far too negative and has created a number of mispriced trades over the past 24
More informationNew US - Mexico trade agreement significantly reduces uncertainty; not a bad deal considering the circumstances
Economic Analysis New US - Mexico trade agreement significantly reduces uncertainty; not a bad deal considering the circumstances Carlos Serrano / Javier Amador / Iván Martínez / Arnulfo Rodríguez / Saidé
More informationCHAPTER 16 International Trade
PART 6: INTERNATIONAL ECONOMICS CHAPTER 16 International Trade Slides prepared by Bruno Fullone, George Brown College Copyright 2010 McGraw-Hill Ryerson Limited. 1 In This Chapter You Will Learn Learning
More informationLegal entity operational readiness
Legal entity operational readiness A key factor in cross-border deal success kpmg.com Cross-border deals are consistently large and complex. At closing (Day One), business assets, systems, people, process,
More informationGLOBAL ECONOMICS INSIGHTS & VIEWS
NAFTA: Announcement of US-Mexico Trade Agreement Positive for Canada Today s Oval Office announcement of a preliminary understanding on a new US-Mexico Trade Agreement is a fundamentally positive development
More informationSTEPPING STONES 1964: MAQUILADORA PROGRAM (BORDER INDUSTRIALIZATION PROGRAM) JANUARY 1989: CANADA UNITED STATES FREE TRADE AGREEMENT
STEPPING STONES 1964: MAQUILADORA PROGRAM (BORDER INDUSTRIALIZATION PROGRAM) JANUARY 1989: CANADA UNITED STATES FREE TRADE AGREEMENT BIRTH OF NAFTA DECEMBER 17, 1992: GEORGE H. W. BUSH, BRIAN MULRONEY
More informationTHE TRADE WAR OF 2018 AN EXPLANATION OF RECENT TARIFFS
THE TRADE WAR OF 2018 AN EXPLANATION OF RECENT TARIFFS July 27, 2018 THE SCARBROUGH GROUP Freight Forwarding & U.S. Customs Brokerage NVOCC Operations & Consolidation Services Freight Forwarding & Mexico
More informationQUEST Trade Policy Brief: Unsuccessful NAFTA renegotiations could adversely affect economic growth and cause potential trade war with Mexico
June 2018 QUEST Trade Policy Update Ernst & Young LLP s Quantitative Economics and Statistics (QUEST) group s Trade Policy Brief summarizes the latest key events and potential trends on international trade
More informationChina-US Trade Disputes (I)
China-US Trade Disputes (I) Fung Business Intelligence 14 March 2018 An update on China-US trade disputes 1. Recent US moves have worsened China-US trade relations In November last year, the US officially
More informationThe Democratic Party: The Party That Created Medicare For America s Seniors
The Democratic Party: Santa Clara County DEMOCRATIC PARTY The Party That Created Medicare For America s Seniors The Bush Administration Betrayed America s Seniors: Medicare Prescription Drug Benefit An
More informationHOW NAFTA KEEPS ALUMINUM MOVING
January 15, 2017 HOW NAFTA KEEPS ALUMINUM MOVING Platts Aluminum Symposium 2018 Heidi Brock President & CEO The Aluminum Association 1 WHO WE ARE The Aluminum Association 85-year old trade association
More informationOutlook for Changes in Maritime and Trade Policy Under the Trump Administration
Outlook for Changes in Maritime and Trade Policy Under the Trump Administration CMA Shipping 2017 Matthew J. Thomas The information contained herein is abridged and summarized from numerous sources, the
More informationMexico Economic Outlook 3Q18. August 2018
Mexico Economic Outlook 3Q18 August 2018 Key messages Global growth continues, but risks are intensifying. The economy grew 2.1% in the first half of the year. Downward bias in our growth forecast for
More informationNAFTA: A ray of hope. Economic and Financial Analysis
Economic and Financial Analysis 18 January 2018 18 January 2018 Article NAFTA: A ray of hope President Trump s 'win' on tax and strong lobbying from NAFTA supporters is helping to soften the White House's
More informationKey takeaways. What it may mean for investors IN-D EPTH A NALYSIS OF THE I NTERNATIONAL MARKETS. Peter Donisanu Investment Strategy Analyst
IN-D EPTH A NALYSIS OF THE I NTERNATIONAL MARKETS Peter Donisanu Investment Strategy Analyst March 22, 2018 Framing the Economic Implications of a Trade War Key takeaways» Financial markets were rattled
More informationANDEAN COMMUNITY GENERAL SECRETARIAT
UNITED NATIONS DEPARTMENT OF ECONOMIC AND SOCIAL AFFAIRS STATISTICS DIVISION ANDEAN COMMUNITY GENERAL SECRETARIAT UNITED NATIONS ECONOMIC COMMISSION FOR LATIN AMERICA AND THE CARIBBEAN Regional Workshop
More informationIndustrial Costs in Mexico
Industrial Costs in Mexico By Ed Juline www.mexicorepresentation.com +1 (956) 242-742 ejuline@mexicorepresentation.com Introduction In 2006 Foreign Direct Investment (FDI) around the world continued to
More informationUnited States: Exemption of tariffs on steel and aluminum products reached for some countries others extended until 1 June
1 May 2018 Indirect Tax Alert United States: Exemption of tariffs on steel and aluminum products reached for some countries others extended until 1 June EY Global Tax Alert Library Access both online and
More information23 March U.S. plans to impose tariffs on Chinese imports, raising trade war fear
U.S. plans to impose tariffs on Chinese imports, raising trade war fear 23 March 2018 Event On March 22, 2018, President Trump signed the presidential memorandum that instructed the U.S. Trade Representative
More informationMarch 29, kpmg.com
U.S. tax reform Planning in uncertain times Forward-thinking life sciences companies may want to consider the impact of potential tax reform on their supply chain, R&D, and more March 29, 2017 In light
More informationChief Tax Officer Outlook
Chief Tax Officer Outlook Top-of-mind issues for tax leaders fourth global edition April 2017 kpmg.com/tax Never before has the tax department played such an integral role in the success of the business.
More informationCompliance, Efficiency, and Growth in Cross- Border Trade kpmg.com
TRADE & CUSTOMS SERVICES Compliance, Efficiency, and Growth in Cross- Border Trade kpmg.com 1 Compliance, Efficiency, and Growth in Cross-Border Trade Meeting the challenges, realizing the benefits of
More informationThe Strategic CFO. Lessons Learned from the CFOs of Leading Technology and Communications Companies. December 2018
The Strategic CFO Lessons Learned from the CFOs of Leading Technology and Communications Companies December 2018 The role of the CFO is changing The pace of technological change is accelerating New strategies
More informationASEAN FOCUS. US-China Trade Tussle & Impact On China And ASEAN
US-China Trade Tussle & Impact On China And ASEAN After a one-year hiatus in 2017, US President Trump focused his policies on trade issues as he had pledged to make significant changes during his presidential
More informationTrade Update Fall 2018
Trade Update Fall 2018 NAFTA NAFTA Modernization Update Tentative deal with Mexico Canadian talks still ongoing Still needs to get approved by U.S. Congress (April at the earliest) Implementation June
More informationAn Energy Outlook for 2019 Macro Trends and Perspectives
An Energy Outlook for 2019 Macro Trends and Perspectives Regina Mayor Global Sector Head and US Sector Leader Energy and Natural Resources January 8, 2019 Overall positive company outlooks, but less certainty
More informationMobility Matters When home is where the visa is, don t forget taxes are global
Mobility Matters When home is where the visa is, don t forget taxes are global by Deepa Venkatraghvan, KPMG LLP, Short Hills, NJ (KPMG LLP in the United States is a KPMG International member firm) It is
More informationKansas State University Department Of Agricultural Economics Extension Publication 05/01/2018 NAFTA: WHAT S NEXT?
NAFTA: WHAT S NEXT? Olabisi Ekong, Elizabeth Gutierrez, Nelson Villoria 1 Department of Agricultural Economics, Kansas State University, Manhattan, KS, USA The renegotiation of the North American Free
More informationEconomic outlook Thoughts on what to expect in Dr. Ira Kalish Chief Global Economist, Deloitte
Economic outlook Thoughts on what to expect in 2018 Dr. Ira Kalish Chief Global Economist, Deloitte USA Strong job market Full employment Employment rising faster than needed to absorb new entrants into
More informationDue to technical difficulties, we are delivering this GMS Flash Alert internally only. The stories are posted on the GMS Flash Alert home page.
Flash Alert Due to technical difficulties, we are delivering this GMS Flash Alert internally only. The stories are posted on the GMS Flash Alert home page. Monthly Summary (June 2018) Flash Alerts (June)
More informationETF tax efficiency Fact or fiction?
ETF tax efficiency Fact or fiction? kpmg.com Exchange traded funds (ETFs) are widely regarded as being more tax efficient than comparable mutual funds. This is one of the core selling points that ETF sponsors
More informationTrade Policy. U.S. Advanced Manufacturing Plan
Trade Policy Trade Policy 2 Why Trade Is Important to the United States International trade supports jobs and economic growth in every state in the United States, and now supports an estimated 39.8 million
More informationBUSINESS NEWS 1/3 fitpros irfm turupn
BUSINESS NEWS 1/3 Who is Carlos Ghosn and why is he in the news? Before listening, suggest words for the gaps in the first part of the news. The first letter is given to you. Then listen and check your
More informationNAFTA Negotiations. Business Council of Canada Submission
NAFTA Negotiations Business Council of Canada Submission 1 The Business Council of Canada represents over 150 of Canada s largest companies and industry leaders in all sectors of the economy. Our membership
More informationFlash Alert. Monthly Summary (January 2018) Flash Alerts (January) Publications, Videos & Webinars. Flash Alerts
Flash Alert Monthly Summary (January 2018) Flash Alerts (January) Publications, Videos & Webinars ALL GMS Publications GMS Flash Alert Flash Alerts Global Assignment Policies and Practices Survey Ghana
More informationIT S WHAT S INSIDE. Automotive Industry Outlook: Navigating the Waters of Investment, Trade and Execution. Presented by
IT S WHAT S INSIDE Automotive Industry Outlook: Navigating the Waters of Investment, Trade and Execution Mike Wall Executive Director, Automotive Analysis mike.wall@ihsmarkit.com +1 248 728 8400 Direct
More informationCanadian American Business Council (CABC) Pre-Budget 2016 Submission
Canadian American Business Council (CABC) Pre-Budget 2016 Submission Contact: Maryscott Greenwood, Senior Advisor 1900 K Street, NW Suite 100 Washington, D.C. 20006 sgreenwood@cabc.co 202-408-9122 Executive
More informationBrexit in the. boardroom. Some issues and implications
Brexit in the boardroom Some issues and implications 3 Brexit BREXIT in the in Boardroom the : Issues :: Issues and implications and implications for Irish for Irish Business Business Contents Introduction...
More informationGLOBAL INDIRECT TAX. Canada. Country VAT/GST Essentials. kpmg.com TAX
GLOBAL INDIRECT TAX Canada Country VAT/GST Essentials kpmg.com TAX b Canada: Country VAT/GST Essentials Canada: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable to GST/HST?
More informationThe Great Canadian Uphill Battle
NEW THINKING The Great Canadian Uphill Battle While pockets of opportunity exist, headwinds remain for Canadian equities Bruce Cooper, CFA Chief Executive Officer & Chief Investment Officer, TD Asset Management
More informationSouth Africa Foreign Services Exemption Amended
South Africa Foreign Services Exemption Amended South Africa s Taxation Laws Amendment Act, No. 17 of 2017, promulgated on 18 December 2017, contained the amendment, capping the private-sector foreign
More informationNational Association of Foreign-Trade Zones National Press Building th Street NW, Suite 1071 Washington, DC
National Association of Foreign-Trade Zones National Press Building 529 14 th Street NW, Suite 1071 Washington, DC 20045 202.331.1950 May 11, 2018 Section 301 Committee Office of the United States Trade
More information2 UNLOCK TRAPPED VALUE WITH BLOCKCHAIN: TRANSFORMATIVE POWER FOR BUSINESS OPERATIONS
There s good news for companies seeking ways to use digital technologies to improve their value chains. Blockchain is emerging as a powerful tool for dramatically restructuring how companies work together
More informationThe Rising Drumbeats of Trade War: Protect Your Supply Chain from Surprises in the Face of New Tariffs
July 2018 news and economic outlook for the wire and cable industry IN THE SPOTLIGHT The Rising Drumbeats of Trade War: Protect Your Supply Chain from Surprises in the Face of New Tariffs A new set of
More informationSENIOR SCHOLARS AUDIO WRAPPER 1.5
SENIOR SCHOLARS AUDIO WRAPPER 1.5 to start the sound recording Press enter or use arrow keys to continue with the presentation. CHINA & U.S: TWO COMPETING MODELS OF ECONOMIC DEVELOPMENT Basic
More informationBorders vs. Barriers Navigating uncertainty in the US business environment. Executive summary
Borders vs. Barriers Navigating uncertainty in the US business environment For the first time since the global financial crisis, every major economy in the world is projected to grow, and President Trump
More informationMr Thiessen discusses the euro: its economic implications and its lessons for Canada
Mr Thiessen discusses the euro: its economic implications and its lessons for Canada Remarks by the Governor of the Bank of Canada, Mr Gordon Thiessen, to the Canadian Club of Ottawa in Ottawa, Ontario
More informationThe euro: Its economic implications and its lessons for Canada
Remarks by Gordon Thiessen Governor of the Bank of Canada to the Canadian Club of Ottawa Ottawa, Ontario 20 January 1999 The euro: Its economic implications and its lessons for Canada We have just witnessed
More informationThe Canada-European Union Comprehensive Economic and Trade Agreement (CETA)
The Canada-European Union Comprehensive Economic and Trade Agreement (CETA) Making History Complete CETA text reached in August 2014, marking the end of negotiations. Canada and the EU finished the legal
More informationstudy Trump: A Lose-Lose Plan for the Global Economy How do international companies react? Short-Study Transforming Knowledge into Practice
Short-Study 1 Trump: A Lose-Lose Plan for the Global Economy How do international companies react? study Transforming Knowledge into Practice 2 Short-Study Trump: A Lose-Lose Plan for the Global Economy
More information08 January United States and China trade actions 2018 The "Current State of Play"
Making Sense of the US-China Trade Dispute Presentation to the Association of Corporate Counsel Santa Clara, California January 9, 2019 1 United States imposes additional duties on imported steel and aluminum
More informationA world in transition: PwC s 2017 APEC CEO Survey, November APEC CEO Survey. Australia s findings.
A world in transition: PwC s 2017 APEC CEO Survey, November 2017 2017 APEC CEO Survey Australia s findings www.pwc.com/apec Key themes Making of the workforce of the future An operating model for a fluid
More informationI am the General Director of the Washington Office of the Japan Automobile Manufacturers
Lisa R. Barton Acting Secretary United States International Trade Commission 500 E Street SW Washington, DC 20436 RE: Investigation Nos. TA-131-038 and TA-2104-030 U.S.-Trans-Pacific Partnership Free Trade
More informationProcurement reporting alignment kpmg.com
Business Effectiveness Procurement reporting alignment kpmg.com 1 Procurement reporting alignment Procurement as a function is on a journey toward greater importance and influence. As it evolves beyond
More informationThird Quarter /30/2018 1
Third Quarter 2018 The third quarter saw strong returns for U.S. equity investors. The S&P 500 returned 7.7% and year to date is up 10.6%. At 114 months and counting, as measured by the S&P 500, the current
More informationThe Economic Potential of Foreign Trade Zones (FTZs) in Canada
The Economic Potential of Foreign Trade Zones (FTZs) in Canada The Issue and Opportunity In order to understand the importance of a Foreign Trade Zone (FTZ) one has to look to the US for clarity on their
More informationImpact of NAFTA on Industrial Real Estate
Impact of NAFTA on Industrial Real Estate Moderator: Brandi Hanback, The Rockefeller Group Panelists: Bob Cook, Cook Strategies Group, LLC Ross Moore, CBRE Limited Lorenzo Berho, Vesta Please silence all
More information