The United States boasts one of the largest economies in the world and is the largest importer of goods and services. Trade is critical to American prosperity, and so shifts in trade policy and multilateral trade agreements have a tremendous economic impact both domestically and internationally.

On March 21, Karen Lobdell, VP of Product Management, presented an “Update on Trade & Tariffs,” which covered the latest actions taken by the Trump administration and their impact on commerce at the CPAs in Industry Spring Conference in Milwaukee, Wisconsin. Her overview addresses the Trump trade policy approach, the recent uptick in unilateral and retaliatory tariffs, and the effects of these actions on international, domestic, and electronic trade.

By Karen A. Lobdell – Director, Product Management for Thomson Reuters

What is the value to your company of a robust corporate social responsibility program that holds foreign vendors accountable to global regulatory requirements? Can you afford to pay tens of millions of dollars in penalties over numerous years rather than implement a compliance program? Can your brand withstand the bad press that comes with violations? A good test case for these questions is to consider the most recent Department of Justice violation for Lumber Liquidators, Inc.

A trade agreement between Indonesia and Australia has been hailed as a timely signal to the world about the importance of free trade. The Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA) was signed on March 4, 2019 in Jakarta.

The IA-CEPA will allow 99% of Australian products to enter into Indonesia tax-free or with significantly improved preferential agreements. All goods from Indonesia will enter into Australia duty-free.