Recent US and global trade policy developments may have caused paralysis at first. But in the face of persistent uncertainty, many companies are recognizing the need to press ahead with change: to modernize their trade programs and make their operating footprints more nimble.
Most companies are climbing a steep learning curve about trade’s impact on business strategy, operations and competitiveness. Tariffs are one among the many drivers of change. New trade alignments and automation opportunities, along with disruptions like the coronavirus crisis are all adding up to a perfect storm for companies. Companies must analyze multiple business, operations and tax and tariff scenarios, understand the costs of different supply chain configurations as well as opportunities and make informed decisions quickly.
The United States–Mexico–Canada Agreement (USMCA) went into force on July 1, 2020. Many companies are viewing this historic updated trade agreement, in this uncertain global trade environment, as a potential jump start for improvements in US-Mexico-Canada trade flows. There are some significant modernized approaches to rules of origin, intellectual property, digital trade, sector-specific changes, and much more. What can your business do now to take advantage of USMCA, while automating your overall trade program?
Watch the replay of our latest Global Trade Services webcast, USMCA and the economy - Is your company seizing the opportunities and benefits? We discussed into how suppliers and manufacturers are utilizing the new agreement, how it’s impacting their trade strategy including supply chain, sourcing, and production investment decisions, and looked at the impact it’s already having on certain sectors.
You need a modern, automated trade program that connects data from across the organization and empowers a cross-functional team of experts to review and revise pricing, sourcing, and manufacturing decisions, as events unfold. The goal is a fast and flexible global footprint – so you are ready to respond no matter what the future brings. At the same time, a tough regulatory environment calls for a strong compliance foundation for sanctions, export control requirements, CFIUS and customs regulations.
Our network of business specialists brings you the interdisciplinary perspectives needed to make your trade strategy work for your business. From economic impact on your industry, to trade legislative developments, to customs and tax planning and from product innovation to supply chain performance, we can help you navigate the uncertainty, speed up your cross-border activities, address your compliance requirements and keep you ahead of competition.
Managing Director, PwC's Customs and International Trade Practice Co-Leader, PwC US
Value Chain Transformation, Global Trade Services Principal, PwC US
Deals Partner, PwC US