Category: Press Releases and Statements
NFTC Statement on Tariffs and Inflation
WASHINGTON D.C. – National Foreign Trade Council (NFTC) President Jake Colvin today released the following statement:
“We welcome the Administration’s initiative to take a fresh look at the costs of U.S. tariff policy on American businesses and consumers, including their contributions to inflation and supply chain challenges.
“The Biden Administration has an opportunity to lift tariffs on imports from China and other countries around the world that are doing nothing more than stoking inflation and harming American businesses and workers.
“President Biden’s comments that his Administration is reassessing U.S. tariffs on Chinese goods, combined with yesterday’s announcement that the United States will temporarily lift tariffs on Ukrainian steel as part of efforts to support the Ukrainian economy during Russia’s invasion, are steps in the right direction.
“We encourage the Administration to eliminate tariffs on Chinese imports and take a more strategic approach to dealing with China’s trade challenges, as well as to consider lifting permanently the remaining metals tariffs inherited from the previous Administration, not only on Ukraine but on all U.S. allies.”
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About the NFTC
Serving America’s Global Businesses Since 1914 – The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves 100 member companies through its office in Washington D.C
Joint Statement on the Importance of the Transatlantic Partnership
NFTC Foundation Recognizes Dr. Ngozi Okonjo-Iweala, Senator Pat Toomey, Peter Harrell
WASHINGTON D.C. – Last night, the National Foreign Trade Council (NFTC) Foundation hosted its annual World Trade Dinner and Awards Ceremony in-person after a two-year hiatus.This year, NFTC honored Dr. Ngozi Okonjo-Iweala and Senator Pat Toomey and featured remarks by Peter Harrell, Senior Director for International Economics and Competitiveness, NSC.
Leslie Griffin, President of the NFTC Foundation and NFTC Board Chair Susan Schwab delivered opening remarks.
Dr. Okonjo-Iweala, this year’s World Trade Award recipient, was honored for her efforts to modernize the organization and her leadership of initiatives to improve trade facilitation and address supply chain challenges during the pandemic.
In accepting the award, Dr. Okonjo-Iweala stressed the importance of strengthening the multilateral trading system at a time of great international uncertainty, calling it a “public good.” She also emphasized the role of trade as a source of resilience, adding that “retreating from trade would make countries more, not less vulnerable.”
Senator Pat Toomey, this year’s International Tax Award recipient, was recognized for his steadfast support of an international taxation system that allows American companies to compete globally.
Accepting the award, Senator Toomey extolled the economic gains that followed passage of the Tax Cuts and Jobs Act (TCJA) which “made American companies and workers more competitive globally and our economy more dynamic” by reforming the corporate tax code “so that America would be a more attractive and competitive place to invest and grow a business.” He also stressed the importance of a globally competitive tax regime that drives economic growth and highlighted the role of trade “in driving economic growth, better choices and lower costs for consumers, and better jobs for workers.”
This year’s dinner also featured remarks by Peter Harrell on America’s role as a leader on digital trade. He emphasized U.S. efforts to advance a positive vision for an open, global internet, promote trusted digital technologies, and counter digital authoritarianism and protectionism.
In closing, NFTC President Jake Colvin reiterated the critical importance of U.S. leadership in the global economy, adding that “America has a unique opportunity to work with our allies to write the rules of the road for the 21st Century — and to do so in ways that will strengthen supply chains, tame inflation, address shared labor and environmental goals and enhance inclusive economic growth.”
The NFTC Foundation’s World Trade Dinner has become a valued tradition for guests including senior U.S. government officials, diplomats and top executives of critical global industries. This year’s dinner was held at the Planet Word Museum in Washington D.C.
High res images available here.
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About the NFTC
Serving America’s Global Businesses Since 1914 – The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves 100 member companies through its office in Washington D.C.
NFTC Statement on U.S.-Chile Tax Treaty
WASHINGTON D.C. – National Foreign Trade Council (NFTC) President Jake Colvin released the following statement after the Senate Foreign Relations Committee today voted to approve the U.S.-Chile Tax Treaty:
“Today’s approval by the Senate Foreign Relations Committee of the U.S.-Chile Tax Treaty is an important step forward to avoid double taxation and strengthen economic ties between our two countries. We commend Senators Menendez and Risch for their bipartisan efforts to get the Chile treaty over the finish line. We urge Majority Leader Schumer to move swiftly to carve out floor time for, and for all Senators to permit the expeditious consideration of, this vital treaty with a key U.S. economic partner in Latin America.”
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About the NFTC
Serving America’s Global Businesses Since 1914 – The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves 100 member companies through its office in Washington D.C
NFTC Statement on Digital Markets Act
Washington D.C. – National Foreign Trade Council (NFTC) President Jake Colvin today issued the following statement following the announcement that the EU Parliament and Council negotiators finalized the Digital Markets Act:
“We are concerned that the EU has decided to move forward with the Digital Markets Act (DMA) without addressing key concerns articulated by the Biden-Harris Administration and Congressional leaders. Regrettably, the DMA appears to continue to target U.S. companies and exempt EU, Russian, and Chinese rivals from scrutiny while jeopardizing common transatlantic approaches to due process and the protection of intellectual property, privacy, and security.
“At a time when the United States and Europe should be seeking every opportunity to strengthen transatlantic economic and geopolitical alliances in response to Russia’s invasion of Ukraine, efforts by Brussels to target American technology providers undermine private and public cooperation to advance free expression, counter disinformation and address growing cybersecurity threats.
“We urge the EU to work with the United States, including through the Trade and Technology Council, to ensure non-discriminatory policy frameworks and initiatives to enhance transatlantic security and growth and promote shared values.”
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About the NFTC
Serving America’s Global Businesses Since 1914 – The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves 100 member companies through its office in Washington D.C
NFTC Applauds Progress, Calls for Ambition in U.S.- UK Trade Ties
Washington D.C. – National Foreign Trade Council (NFTC) President Jake Colvin today issued the following statement:
“We commend the United States and United Kingdom for making progress on U.S. tariffs on steel and aluminum imports and UK retaliatory tariffs, and for convening the business and labor communities in Baltimore to discuss the future of transatlantic trade with the U.S. and UK Governments. It’s critical that our governments build on this initial dialogue to create commercially-meaningful outcomes to benefit American businesses and workers.
“Russia’s invasion of Ukraine has made closer economic cooperation among allies imperative rather than important. The United States and UK have a chance to develop an even closer bilateral relationship while shaping the rules and narrative for an evolving trading system.
“We valued the chance to listen to labor representatives’ priorities and to share business community perspectives on the need to build an even more vibrant trade and investment relationship between the U.S. and UK economies.
“Whether you call it a trade agreement or some new construct, it’s incumbent upon the United States to demonstrate leadership to write the rules of the global economy at a time of immense change and conflict, and I can’t think of a better trading partner to start on that path with than the United Kingdom.”
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About the NFTC
Serving America’s Global Businesses Since 1914 – The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves 100 member companies through its office in Washington D.C
NFTC Names Former USTR Susan Schwab as New Board Chair
WASHINGTON D.C. – The National Foreign Trade Council (NFTC) today announced that it has appointed former United States Trade Representative (USTR) Susan Schwab as its new Board Chair. As Chair, she will serve as an advisor and leading voice on behalf of the NFTC at a crucial time.
“I’m thrilled to welcome Ambassador Schwab as our new Board Chair,” said NFTC President Jake Colvin. “We look forward to her trusted counsel and leadership at a critical juncture for the global economy.”
Ambassador Schwab served as United States Trade Representative (USTR) from 2006 until 2009 and currently serves as strategic advisor to Mayer Brown LLP and professor emerita at the School of Public Policy of the University of Maryland. She has also served as Assistant Secretary of Commerce and Director General of the U.S. & Foreign Commercial Service, staff economist and legislative director for Senator John C. Danforth (R-MO), technology negotiator at the U.S. Embassy in Tokyo and an agricultural negotiator at USTR.
“The NFTC has long-been a strong supporter of a rules-based global economy and a vibrant platform to help the business community look around corners on trade and tax policies,” said Ambassador Schwab. “I look forward to working with NFTC’s Board of Directors to navigate and shape an increasingly-challenging global economic policy landscape.”
Ambassador Schwab succeeds Secretary Carlos Gutierrez, who served as Chairman of the Board from 2017 to 2021.
To read Ambassador Schwab’s full bio, click here.
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NFTC Statement on Withdrawing Normal Trade Relations with Russia
WASHINGTON D.C. – National Foreign Trade Council (NFTC) President Jake Colvin released the following statement today following the Biden administration’s announcement of joint action to revoke most favored nation treatment of Russia:
“With its move to withdraw normal trade relations, today the Biden Administration, in close concert with allies, continued to exert economic pressure on Russia to end its invasion of Ukraine. It’s moments like these that elevate the critical importance of U.S. leadership on the international stage and the value of working closely with our allies and trading partners to strengthen and modernize multilateral institutions to prepare them to face new and unexpected global challenges.
“Member States have an important decision ahead as to Russia’s role at the World Trade Organization (WTO), and we are thrilled that Maria Pagán will be an integral part of those conversations as she assumes the role of Deputy U.S. Trade Representative following her confirmation yesterday. Ambassador Pagán will play an important role in U.S. economic diplomacy during a pivotal time for the organization. We look forward to working with her and the rest of the Administration to advance American interests and values at the WTO.”
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About the NFTC
Serving America’s Global Businesses Since 1914 – The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves 100 member companies through its office in Washington D.C
NFTC Submits Comments for OECD Pillar One Public Consultation
Washington D.C. – The National Foreign Trade Council (NFTC) today submitted comments to the OECD on the Public Consultation Document: Pillar One – Amount A: Draft Model Rules for Tax Base Determinations.
The comments, which “should be considered conditional pending the publication and review of all draft rules related to Amount A” lay out NFTC’s priorities with relation to uniform application, book-to-tax adjustments and consistency with Pillar Two, restatements and losses and profit shortfalls.
The letter also adds that the NFTC “looks forward to participating in an ongoing dialogue to develop uniform rules for tax base determinations that consider economic profit over time and do not result in double counting or double taxation of the same income.”
Full text of comments can be found here.
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About the NFTC
Serving America’s Global Businesses Since 1914 – The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves 100 member companies through its office in Washington D.C
