Category: Press Releases and Statements

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

NFTC Calls for Removal of Legislation Restricting De Minimis

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Washington D.C. – The National Foreign Trade Council (NFTC) today joined 13 leading industry associations calling on Congress to remove the Import Security and Fairness Act from the America Competes Act of 2022.

The Import Security and Fairness Act, which would restrict the use of de minimis, would “impose sweeping costs on American businesses, workers and consumers, add new inflationary pressures on the U.S. economy, and exacerbate ongoing supply chain disruptions at U.S. ports.”

“Restrictions on the use of de minimis would significantly raise costs, imposing a de facto tax on low-income Americans. As we continue to recover from the pandemic and the recent economic challenges posed by the Omicron variant, as well as navigate a period of accelerating inflation not seen since 2001, restrictions on the use of de minimis would be the wrong policy at the wrong time, as the increased tariffs would be passed on directly to consumers and immediately worsen the inflation rate.”

To read the full letter, click 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

Tiffany Smith Joins NFTC as Vice President for Global Trade Policy

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Washington D.C. – National Foreign Trade Council (NFTC) President Jake Colvin today announced that Tiffany L. Smith has joined the NFTC as Vice President for Global Trade Policy.

Ms. Smith previously served as senior policy advisor in Mayer Brown’s international trade and government relations practices where she advised companies, trade associations, and non-profits on international trade policy and regulations.

Prior to joining Mayer Brown in 2007, Tiffany worked for 16 years in the Federal Government, serving in positions in the Office of the U.S. Trade Representative, the United States Senate, and the Department of Commerce.

“We are thrilled that Tiffany will be leading NFTC’s trade team,” said Colvin. “As we continue to navigate the ever-changing trade landscape, Tiffany’s expertise and extensive experience in both the private and public sector will prove to be invaluable for our member companies.”

Tiffany’s full bio can be found below.

Tiffany L. Smith
Vice President, Global Trade Policy

Tiffany L. Smith is Vice President for Global Trade Policy at the National Foreign Trade Council, the leading business association dedicated solely to advancing the interests of U.S. companies in international commerce.

As Vice President, she leads efforts to advance global commerce and strengthen U.S. companies’ competitiveness abroad. She oversees the development and execution of NFTC’s trade policy strategy and leads work on key bilateral and regional trade relationships, the World Trade Organization and tariff reform issues.

Tiffany previously served as senior policy advisor in Mayer Brown’s international trade and government relations practices where she advised companies, trade associations, and non-profits on international trade policy and regulations.

Prior to joining Mayer Brown, she worked for 16 years in the Federal Government, serving in positions in the Office of the U.S. Trade Representative, the United States Senate, and the Department of Commerce.

During her time in the Senate, Ms. Smith was one of the lead staff involved in drafting and securing passage of the Trade Act of 2002.

While at USTR, Tiffany led industrial goods market access negotiations for nine Free Trade Agreements and for negotiations allowing several countries to join the WTO. Tiffany worked with key industry sectors, including autos, chemicals, consumer electronics, and information technologies to achieve results in trade agreements that facilitated U.S. exports.

She is a graduate of The George Washington University (M.A., International Affairs) and the Stephen F. Austin State University (B.A., Political Science).

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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