Trade Regulations
Supply chain resiliency and Small-Business exporting must be a priority to support opportunities for Small Business to engage and lead trade.
The COVID-19 pandemic saw an unprecedented disruption to supply chains and made clear that the security and resiliency of U.S. supply chains are paramount to our economic security. At the same time, in a global economy, Small Businesses disproportionately bear the burden of protectionist policies that insulate the U.S. economy from those of other countries.
The new administration is eager to levy tariffs on imports from foreign nations across the board – regardless of country or sector. The administration also intends to examine the De Minimis Tax Exemption (allowing shipments bound for U.S. businesses and consumers valued under $800 to enter the U.S. free of duty and taxes) as well as China’s treatment of intellectual property (IP) rights for purposes of implementing an “America First Trade Policy.”
On the export front, U.S. Small-Business owners often want to expand their reach to other countries, necessitating increased awareness and education regarding resources to help them export.
NSBA urges the Administration and Congress to include the SmallBusiness community in consideration and creation of trade policy.
Working solutions
NSBA urges the administration, with the support of lawmakers, to:
- Use tariffs in a narrowly tailored manner rather than taking an across-the-board approach to imports that Small Businesses rely on. • Obtain more data on the de minimis threshold and its impact on Small Business.
- Bolster U.S. intellectual property (IP) protection, including robust safeguards against IP theft.
- Strengthen collaboration between agencies such as the U.S. Small Business Administration (SBA) and the Export-Import Bank (EXIM) to educate Small-Business owners about export opportunities and provide them with the resources to pursue their export goals.