International Trade Blog

What a year and a half we’ve had. 2020 kicked off with the coronavirus spreading around the world, and concluded with a peak season that put all other peak seasons to shame. Global GDP slowed down by 4-5%, depending on who you ask. Supply chains had just enough time to fall apart before having to ramp up to meet e-commerce and vaccine distribution demands (at the same time, of course).

Not that 2021 hasn’t come with its share of excitement. Nearly halfway into the year, shippers are still dealing with the fallout from a week-long obstruction in the Suez Canal while imports continue to pile up on both coasts. 

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To say that 2020 didn’t turn out as expected would be an exercise in understatement. A combination of global economic disaster and trade-hampering policies marked the year. The coronavirus ripped through supply chains, disrupting economies worldwide. Trade wars raged. Policy changes kept importers and exporters in the United States on their toes. As the U.S. (and indeed, the world) struggles to overcome last year’s challenges, exporters have their own set of obstacles to grapple with.

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May is World Trade Month, and with it comes many events designed to celebrate the importance of international trade to the U.S. economy and to teach new and experienced exporters and importers about various aspects of international trade in this changing global economy.

This year's theme is "Growing exports in uncertain times."

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What does “trade compliance” mean? To understand, we first need to look at importing and exporting as a whole. In the United States, trade compliance hinges on the fact that we need to protect the physical safety of our country and citizens, as well as our economic security.

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Those expecting a dramatic reversal in some of former President Trump’s protectionist trade policies were surprised to see that one of the first trade-related proclamations in the first days of the Biden administration was “Buy American.” The executive order—Executive Order on Ensuring the Future Is Made in All of America by All of America's Workers—was issued without Congressional approval on Jan. 25, 2021, just 10 days after inauguration.

The executive order promotes enforcement of the existing Buy American Act of 1933 by tightening the test for measuring domestic content (the amount of a product that must be made in the U.S. for a purchase to qualify under Buy American law) and more tightly controlling when waivers are granted. The decree would make changes to Federal Acquisition Regulations (FAR), which deal with sales to the U.S. government, including some military and NASA contracts—a large sector of the economy.

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Those of us who are involved in international trade don't need to see pictures of a container ship stuck in the Suez Canal to understand the importance of global trade to the world's economy. We see it every day in the conversations we have with our international vendors and customers, freight forwarders and shipping lines, and customs brokers and customs authorities.

That's why the United States has designated May as World Trade Month every year since 1935. It provides an opportunity to recognize and celebrate the importance of international trade to the U.S. economy as well teach people how to begin and grow their exports.

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Now that Brexit is finalized, many are wondering what this means for trade between the United States and the United Kingdom. Both countries were restricted from formerly negotiating a trade pact while the U.K. was part of the European Union (EU). However, unbeknownst to many, the U.S. and the U.K. held informal talks for some time prior to Brexit so that a structure would be ready when the time came.

Former President Trump was very much in favor of a deal with the U.K., even though conceptually he did not like bilateral trade agreements. Part of this was his affinity for U.K. Prime Minister Boris Johnson and some antipathy for EU leaders. President Biden is also expected to pursue a trade deal with the U.K.

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May is fast approaching, which means World Trade Month 2021 is almost here! A number of government, private and public organizations are hosting events celebrating the importance of international trade to the U.S. economy and teaching people how to begin and grow their exports.

The World Trade Month Association publishes a list of these events organized by date, location and topic to make it easy to find events in your area or available online. Register now for free email updates about these events.

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The first and second parts of this series, Section 301 of the Trade Act of 1974: Yesterday, Today and Tomorrow, illustrated how, for many years,  Section 301 was used to eliminate trade barriers and open markets to U.S. exports. However, the average business may not have become familiar with this law until President Trump began to invoke it and impose tariffs against China in 2018. The Office of the United States Trade Representative (USTR)—after a notice in the Federal Register and a period for public comment—determined that China violated Section 301 by denying market access to United States companies and infringing on their intellectual property rights. Based on this finding, President Trump imposed the first round of 15% tariffs on $34 billion of Chinese goods covered in what is referred to as List 1.

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World Trade Month is scheduled for May 2021, and WorldTradeMonth.com is publishing a calendar of international-trade-related events scheduled to be held throughout the United States that month.

If your company or organization is hosting events during May 2021, simply complete the form located on the World Trade Month website to add it to the directory of events.

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