Press Releases and Statements Archives - Page 16 of 104

Major Business and Agriculture Groups Urge Rollback of Section 232 and Section 301 Tariffs

Posted on March 24, 2021January 4, 2023 by dcadmin

In an advocacy document, a broad coalition of key associations calls for the rollback of tariffs imposed by the Trump Administration

Washington D.C. – National Foreign Trade Council (NFTC) President Rufus Yerxa today announced the re-launch of the Tariff Reform Coalition, a broad alliance of business and agriculture groups substantially harmed by the import tariffs imposed by the previous Administration.

The advocacy document, which includes a full list of the 37 associations who are members of the coalition, summarizes the damage caused to a broad array of businesses and to the American economy and provides recommendations to policymakers on how to address these adverse effects.

“At a time when so many businesses and workers in the United States are suffering from the COVID-19 pandemic, we urge the Biden Administration to reconsider the Section 232 and Section 301 tariffs that are causing serious damage to those already struggling” said Rufus Yerxa, President of the National Foreign Trade Council. “Eliminating unwarranted, ineffective and self-defeating import tariffs is key if we want to re-engage with our allies and build our economy back better. All sectors of our economy are being affected by these tariffs – manufacturers are faced with long lead times and high prices for inputs, farmers and ranchers are having a hard time exporting their goods to countries that have imposed retaliatory tariffs, consumers are paying higher prices for everyday goods and investments in new facilities are being reconsidered.”

The document outlines four recommendations for addressing the harm caused by these tariffs:

First: Tariffs on imports of steel and aluminum should be removed and use of other trade laws more consistent with the WTO should be considered to address the issue of overcapacity;
Second: The Administration should reassess the Section 301 tariffs and consider other approaches to addressing China’s unfair trade practices;
Third: Members of Congress should schedule public hearings for interested parties to be heard and provide oversight regarding the purpose of the Section 232 and Section 301 tariffs and whether they are achieving their objectives; and
Finally: While not an adequate substitute, the Department of Commerce and USTR should consider revising the existing Section 232 and Section 301 exclusion processes.

To read the full text of the document, 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 its member companies through its office in Washington D.C.

NFTC Urges Swift Confirmation of Katherine Tai as USTR

Posted on February 25, 2021June 29, 2022 by dcadmin

Washington D.C. – National Foreign Trade Council (NFTC) President Rufus Yerxa today released the following statement urging the Senate to bring Katherine Tai’s nomination as USTR to the floor for quick confirmation:

“I want to congratulate Katherine Tai on her nomination and I urge Congress to move swiftly to confirm her. I was encouraged by the priorities she set forward during today’s hearing and especially appreciate the emphasis placed on working closely with our allies on the challenges facing the WTO and ensuring that our trade policy works for all Americans.”

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NFTC Statement on DST Section 301 Announcements

Posted on January 7, 2021June 29, 2022 by dcadmin

Washington D.C. – National Foreign Trade Council (NFTC) Vice President for Global Trade and Innovation Jake Colvin released the following statement in response to USTR’s issuance of findings in Section 301 investigations of Digital Service Taxes (DSTs) adopted by India, Italy, and Turkey, and the decision to delay tariff actions in response to France’s DST:

“USTR’s investigations lay bare just how discriminatory and destructive these digital services taxes are to U.S. interests and the global economy. In addition to harming American interests, efforts by India, Italy, Turkey, France and others to move forward with these unilateral taxes threaten the global tax system and make it more difficult to find a consensus to the challenges of the digitization of the economy at the OECD. Given this week’s announcements by USTR, it will be imperative for the Biden Administration and Congress to urgently explore the most effective means to compel these countries to reconsider these damaging policies.”

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NFTC Statement on EU Digital Markets Act and Digital Services Act

Posted on December 15, 2020June 29, 2022 by dcadmin

Washington D.C. – National Foreign Trade Council (NFTC) Vice President for Global Trade and Innovation Jake Colvin released the following statement in response to today’s announcement by the European Commission of new proposals for a Digital Services Act and Digital Markets Act. “Today’s proposals by the EU appear at first blush to be protectionism masquerading as regulation.

“The EU’s focus on discriminatory approaches aimed specifically at innovative American companies threatens to undermine prospects for transatlantic cooperation on trade and technology. By targeting U.S.-based global technology platforms, which serve as bridge-builders rather than gatekeepers, EU regulators also threaten to harm European small businesses and innovators who rely on these services and technologies for visibility, marketing and sales.

“In the coming year, the EU and United States have an opportunity to reinvigorate the transatlantic trade relationship and establish new dialogues to advance shared interests and global standards for technology and digital trade. The bilateral relationship would be better served by close cooperation in these areas, including the creation of mechanisms such as a EU-US Trade and Technology Council and a transatlantic technology dialogue to establish a global model for respecting intellectual property and global competition rather than pursuing a digital sovereignty-driven approach.

“We look forward to engaging with the EU and United States to encourage a more constructive approach to global technology issues.”

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NFTC Joins Leading Industry Associations Urging IRS to Retain Revenue Procedure 94-69

Posted on October 19, 2020June 29, 2022 by dcadmin

Washington D.C. – In a letter sent earlier today, the National Foreign Trade Council (NFTC) joined sixteen leading industry associations expressing their disapproval for a proposal to declare Revenue Procedure 94-69 (“Rev. Proc. 94-69”) obsolete and instead urging the IRS to both retain and expand eligibility for its use.

Under current rules, a taxpayer has until the time the taxpayer is first contacted by the IRS and notified that a tax return is under examination to submit an amended tax return or make other adequate disclosures of errors on their originally filed tax return. Rev. Proc. 94-69 allows taxpayers who are under continuous audit to avoid the imposition of certain penalties by submitting a written statement within 15-days after receipt of an information request from the IRS, describing all items that would result in adjustments if the taxpayer were to file a properly completed amended return. Pursuant to Rev. Proc. 94-69, such written statements are treated as qualified amended returns.

The letter explains that “without Rev. Proc. 94-69, large taxpayers would be put in the position of either filing an amended return every time they discovered an error on a previously filed return or bearing the risk that penalties may be imposed, because they do not know whether the next day’s mail will include a notice of examination from the IRS.”

“Now is not an appropriate time to abandon the revenue procedure that has been in place and has been working well for over 35 years,” said Cathy Schultz, Vice President for Tax Policy at NFTC. “The Tax Cuts and Jobs Act (“Act”) caused a sea change in many elements of the Internal Revenue Code and the IRS and Treasury continue to release guidance on these changes almost three years later. Taxpayers are still digesting those regulatory changes, which could have an effect on their original tax returns. Given these regulatory changes, Rev. Proc 94-69 is still working and should not be eliminated, it is definitely not obsolete.”

To read the full letter, click here.

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NFTC Statement on French DST Collection

Posted on October 15, 2020June 29, 2022 by dcadmin

Washington D.C. – National Foreign Trade Council (NFTC) Vice President for Global Trade Issues Jake Colvin released the following statement in response to French Finance Minister Bruno Le Maire’s announcement that France will begin collecting digital services taxes after the Organization for Economic Cooperation and Development (OECD) delayed its deadline for achieving a global consensus-based solution to the tax challenges arising from digitalization:

“France’s decision to collect DST taxes is extremely troubling and is directly contrary to the recommendations of OECD’s leadership to avoid taking unilateral measures. Moving ahead with a unilateral DST threatens to sap whatever political momentum exists to find multilateral consensus at the OECD, and to worsen bilateral economic relations with the United States. This move by France will only give cover to other countries to move ahead with implementing and collecting other discriminatory services taxes, which would fray the global international tax framework.”

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During USITC Testimony, NFTC Highlights Importance of Digital Trade and E-Commerce Provisions in U.S. Trade Agreements

Posted on October 6, 2020June 29, 2022 by dcadmin

Washington D.C. – National Foreign Trade Council (NFTC) Vice President Jake Colvin today testified at a hearing held by the U.S. International Trade Commission (USITC) to inform its investigation into the economic impact of U.S. Free Trade Agreements, which is mandated by TPA legislation.

NFTC members derive substantial value from many aspects of U.S. trade agreements, but today’s testimony focused on the importance of digital trade and e-commerce provisions in WTO and FTA agreements.

During the testimony, Colvin highlighted the economic value to American businesses of trade commitments that enable businesses and consumers abroad to access an e-commerce ecosystem, including payments, shipping, social and productivity tools. He also explored the importance of prohibitions on customs duties on electronic transmissions, the Information Technology Agreement, and trade facilitation commitments to American export interests.

“Free trade agreements are most economically significant where they foster this entire ecosystem, enabling businesses to choose from their preferred global digital tools and services,” said Colvin. “Digital trade commitments in trade agreements are especially important during the pandemic as American small businesses are increasingly reliant on digital tools to access international markets that serve as an economic lifeline.”

To read the full testimony, click here.

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NFTC Statement on Taiwan’s Move to Lift Restrictions on Pork and Beef

Posted on August 31, 2020June 29, 2022 by dcadmin

Washington D.C.— National Foreign Trade Council (NFTC) President Rufus Yerxa released the following statement in response to Taiwan’s announcement that it would lift import restrictions on U.S. pork and beef:

“NFTC applauds Taiwan’s announcement that it will ease restrictions on U.S. beef and pork imports. Removing these longstanding irritants is a welcome step forward with an important trading partner. We hope this announcement leads to the strengthening of commercial relations between the United States and Taiwan.”

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NFTC Urges Administration Not to Impose Tariffs on Canadian Aluminum

Posted on August 6, 2020January 4, 2023 by dcadmin

Washington D.C. – National Foreign Trade Council (NFTC) President Rufus Yerxa issued the following statement today following the President’s announcement that he will be re-imposing tariffs on Canadian aluminum:

“This is a misguided action and I urge the Administration to reconsider. It was taken without meaningful justification or investigation and will undoubtedly hurt more U.S. manufacturers than it helps, especially in the middle of an economic downturn.

“These tariffs undermine the new USMCA agreement. We should not be imposing unilateral tariffs so quickly after its entry into force. Canada is our largest trading partner and one of our closest allies and this move will only hurt the relationship.”

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Leading Industry Associations Call for Congress to Provide Tax Certainty for Remote Workers

Posted on July 2, 2020June 29, 2022 by dcadmin

Washington D.C. – The National Foreign Trade Council (NFTC) today joined leading industry associations calling for Congress to address tax issues arising from employees required to work remotely due to COVID-19.

In a letter addressed to Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, House Speaker Nancy Pelosi and House Minority Leader Kevin McCarthy, 17 associations representing a broad cross-section of the U.S. economy urged Congress to “enact federal legislation that reduces uncertainty by allowing an employee’s wages to be treated as being earned at their normal work location.”

“Without changes to current tax laws, thousands of workers across the country could unknowingly be facing higher than expected tax bills for this year,” said Cathy Schultz, Vice President for Tax Policy at NFTC. “We strongly urge Congress to make this issue a priority in the next COVID-19 legislative package.”

The letter reads:

“Providing this certainty at an otherwise uncertain time is essential. Without Congressional action, employees may receive unexpected and unwelcomed tax surprises when they file their 2020 state and local income tax returns next year – and face penalties and interest charges (and even potential double taxation) through no fault of their own. A federal solution is needed because the states are taking different and conflicting positions on how the income of workers displaced by the pandemic should be taxed. Solving this problem will ensure employees who are working remotely during the pandemic are not penalized for doing so.”

In addition to the NFTC, the letter was signed by Business Roundtable, Computer Technology Industry Association (CompTIA), CTIA, Financial Executives International (FEI), Information Technology Industry Council (ITI), Motion Picture Association, National Association of Manufacturers, National Council of Chain Restaurants, National Retail Federation, NCTA – The Internet & Television Association, Securities Industry and Financial Markets Association (SIFMA), Silicon Valley Tax Directors Group, Software Finance and Tax Executives Council, United States Council for International Business, U.S. Chamber of Commerce, and USTelecom – The Broadband Association.

To read the full letter, click here.

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