By: Melissa Proctor (Shareholder, Polsinelli PC)
U.S. international trade agreements, such as the Trans Pacific Partnership (TPP) and the North American Free Trade Agreement (NAFTA), were heavily criticized by both candidates during 2016 Presidential campaign, and President-Elect Trump has vowed to renegotiate or withdraw from them upon taking office. Historically, the President has been given broad authority to negotiate, enter and even withdraw from free trade agreements without formal approval from Congress, as well as increase tariffs on imported goods.
Such actions would significantly impact the international supply chains and sourcing decisions of many U.S. companies. Importers and exporters in particular are urged to consider how international trade policy decisions made by the Trump Administration in 2017 could affect their operations and profitability, as well as to begin strategizing contingency plans.
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