By Gwendolyn Lee Hassan, Managing Counsel, Global Compliance & Ethics, CNH Industrial
Session 101: Mitigating Trade Compliance Risk – How to Build a Plane While Also Flying It!
September 16, 2019, 10:00 – 11:00 AM
There is little I enjoy more than gathering with a few good friends to crack open a new bottle of Italian red wine (I love a good Barbera d’Alba) and nibble on a few different kinds of French cheese (I’m especially partial to a good herbed Chevre.) I am operating under a personal, entirely convenient, and non-scientific theory, that the heart-healthy tannins in the wine counteract and render unharmful all of the fat in the cheese – that is my story and I am sticking to it!
If this is the type of thing you enjoy as well, you may want to consider stocking-up on both. The Trump Administration has announced its intent to impose tariffs later this year on approximately $11 billion in European goods (including wine and cheese.) These new tariffs would be in addition to those imposed on European steel and aluminum last year. Whether the threatened tariffs will come to fruition remains to be seen, as does the exact list of products that will be subject to additional tariffs if they are enacted. If new tariffs are indeed placed on additional EU goods, the EU is also likely to reciprocate with the placement of new tariffs on U.S. goods.
Companies buying from suppliers in the EU or selling goods into the EU would be wise to monitor this issue carefully for further developments. In the meantime, though, you will find me stocking-up in the imported cheese aisle with a cart full of wine just in case!