World Trade Center-Kansas City News: January, 2022
Jan 25, 2022
A LETTER FROM THE DIRECTOR
Happy New Year from World Trade Center Kansas City!
After a packed 2021, the WTC-KC is setting our goals and resolutions for 2022. What are your company’s New Year’s resolutions? Is this the year you take your company global? We are here to help! We have been hard at work planning events and creating resources to help your company reach its international goals in 2022. Keep an eye on this newsletter for resources and upcoming events to help you jump-start your international aspirations.
Investor Spotlight: Black & Veatch
This month, the WTC-KC would like to highlight our benefactor, Black & Veatch. In December, they were named the 2021 Governor’s Exporter of the Year in Kansas. This is an incredible achievement and speaks to Black & Veatch’s commitment in furthering international business for Kansas City. Read more about Black & Veatch here.
Dispatches from DC
2021 ended with the easing of supply chain issues that had plagued the latter half of the year. However, the emergence of omicron as the dominant COVID variant in the United States and Europe has created worries of a labor and supply shortages. US Secretary of Commerce Gina Raimondo stated in December that she did not believe that omicron would cause significant long-term disruption to supply chains, and continued to urge the public to get vaccinated against COVID-19.
Reflecting on 2021:
Looking back on the year, Secretary Raimondo shared the department’s biggest successes. This included work done domestically, such as allocating three billion dollars in grants to build long-term economic success for overlooked communities, and working to address the semiconductor shortage by issuing a request for information to bring transparency and creating an early alert system. Abroad, Secretary Raimondo touts a successful negotiation with the EU preventing retaliatory tariffs after a diplomatic irritant. Read the full press release here.
Husch Blackwell’s International Trade Law Year In Review report highlights notable events in trade from the past year. While they noted that trade laws and policies remained virtually unchanged amid the transition from one administration to the other, one noteworthy change was the swearing in of Katherine Tai as the new U.S. Trade representative. She stated that her priority was in working with traditional U.S. allies. Free trade agreements remained stagnant in 2021, with the expiration of the Trade Promotion Authority, which had expedited the process of Congress approving Free Trade Agreements. In November, a Cambodia Business Advisory on High Risk Investment was issued, which warned that “…companies doing business with certain sectors of the Cambodian economy should perform appropriate due diligence to avoid legal risks associated under various sanctions authorities.” The report remarked upon the fragility of the global trade ecosystem, as evidenced by the Suez Canal blocking in March. Overall, Demurrage and Detentions fees increased in quantity in 2021, with supply chain disruptions dominating the trade world. Read the full report here.
Looking Forward to 2022:
Looking forward to 2022, Secretary Raimondo identified the department’s priorities for the year. These priorities include implementing the administrations Build Back Better agenda and increasing clean tech exports. Read the full press release here.
In international trade law, the Husch Blackwell report is hopeful that the Generalized System of Preferences and the Miscellaneous Tariff Bill will be passed by Congress in Q1 of 2022. They predict that the U.S. will likely continue using export controls and sanctions on the People’s Republic of China in 2022. Read the full report here.