Inflation Reduction Act Knifes The Multilateral Trading System. Here’s what USTR Needs To Do.

The multilateral trading system, birthed on October 30, 1947, was unceremoniously knifed and left for dead by President Biden’s signing of the Inflation Reduction Act. This is an unprecedented move by the United States in our seventy-five year history as part of that system. Retaliation will come from much of the world. Here is what…

Canada Supports Democrats’ Call for Effective Tariff Protection of North American Automobile Industry

In a surprise development last night, Senate Majority Leader Chuck Schumer (D, N.Y.) and Senator Joe Manchin (D, W.Va.), with support from President Biden, announced a deal on a massive tax, energy and healthcare legislative package. Sen. Kyrsten Sinema (D-Ariz.), as of the time of this writing, has not indicated her support, and she’s a…

Tax Provision in Reconciliation Bill would Limit Multinational Profit Shifting to Tax Havens

Yesterday, Senator Majority Leader Chuck Schumer (D-NY) and Senator Joe Manchin (D-WV) announced that they reached a deal on a reconciliation package that would change current U.S. tax law to benefit domestic American companies. The Inflation Reduction Act will implement a 15 percent Corporate Alternative Minimum Tax (CAMT) on foreign and American multinational companies with…

What the CHIPS Act Really Means for U.S. Semiconductor Manufacturers

CPA chief economist Jeff Ferry says the CHIPS Act is needed to counter China’s rise in the semiconductor space, and that the R&D component of the bill needs to include guardrails so American academia isn’t beta-testing and researching new chips in partnership with Chinese universities and companies.