Category: Press Releases and Statements

NFTC Statement on Digital Markets Act

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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

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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

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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

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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

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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

NFTC Urges Treasury to Delay FTC Regulations

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Washington D.C. – The National Foreign Trade Council (NFTC) today urged Treasury to delay the applicability of the final foreign tax credit (FTC) regulations for at least a year.

In a letter addressed to Secretary Janet Yellen, NFTC President Jake Colvin outlined NFTC’s concerns regarding the final foreign tax credit regulations as well as the positive effects of a delay, including preventing an unnecessarily chaotic first quarter filing season for publicly traded U.S. companies and permitting Treasury more time to assess how these rules might interact with new foreign taxes being contemplated as part at the OECD Inclusive Framework’s Pillar One and Pillar Two work.

The letter requests that “Treasury reconsider several aspects of the regulations that will result in double taxation on the international operations of U.S. companies in circumstances that seem unintended or underappreciated by the regulation drafters, and will further destabilize the fundamental international tax rules that apply to U.S. companies and jeopardize the ability of U.S. companies to compete with multinationals based in other countries.”

Full text of the letter 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

NFTC Statement on Russian Invasion of Ukraine

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Washington D.C. – National Foreign Trade Council (NFTC) President Jake Colvin today issued the following statement:

“We denounce Russia’s invasion of Ukraine, which is a violation of international law and undermines the safety, security and prosperity of all Ukrainians. We commend the Biden Administration for its leadership in rallying the global community of nations to implement sanctions that maximize the deterrent and punitive effects while minimizing humanitarian impacts. The business community supports efforts by the U.S. Government to continue coordinating with our allies and lead a global response to uphold the rule of law and help the Ukrainian people.”

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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