Mar. 29, 2017: Britain's Prime Minister Theresa May Triggers Article 50, Making 'Brexit' Official : The United Kingdom has officially began the process of 'Brexit,' almost nine months to the date after the country's momentous vote to leave the European Union. British Prime Minister Theresa May formally told the E.U. of her nation's desire to leave the bloc on Wednesday, emerging an unpredictable and fiercely complicated set of negotiations over the terms of departure and what comes after. In a letter to European Council President Donald Tusk, hand-delivered by Britain's ambassador to the European Union Tim Barrow, May invoked "Article 50" of the Lisbon Treaty, the mechanism for departing the bloc.
Mar. 27, 2017: Japan Finance Minister - G20 shared need for free trade : The Group of 20 major economies, including the United States, agreed on the importance of free trade at a finance leaders’ gathering in Baden-Baden, Germany, last week, Japanese Finance Minister Taro Aso said on Friday. “It’s true some countries persisted on the wording (of the communique) such as ‘free’ and ‘fair’ trade,” Aso told parliament. “But no country favored protectionism, or called for abandoning free trade.” Aso also said an upcoming bilateral economic dialogue between the United States and Japan won’t debate currency policy, which will be overseen separately by the finance minister of each country.
Mar. 22, 2017: Amazon & DHL Will Begin New Logistics Industry Partnership in May
: Amazon will begin a collaboration with its future across-the-street neighbor, German logistics and shipping company DHL, which operates one of its three global air freight hubs at the Cincinnati/Northern Kentucky International Airport. Beginning in May, DHL will continue to run its Americas Hub at CVG at night while Amazon uses the facility and equipment during the day in what is thought to be Amazon's first step in designing and building its own Prime Air hub at the airport.
Mar. 20, 2017: Biotech Mission to Cuba
:The biopharmaceutical sector of Cuba is so large that Cuba is considered to be the “clear biotech leader in Latin America”. Some of the products stemming from affiliated Cuban biopharmaceutical companies include “cancer immunotherapies, a hepatitis B vaccine, and therapies for macular degeneration”, all of which can be easily shared between Cuba and the US. With the help of leading US universities and biotech businesses Cuba will be able to improve research on such biopharmaceutical technologies. A strong relationship between the two as well as sharing of resources and research will help to increase the scale of necessary clinical trials. This collaboration marks an important turn in cooperation’s between these two nations.
Mar. 15, 2017: Captains of German industry to accompany Merkel on Trump trip : Superiors of German companies like Siemens and BMW will travel with Chancellor Angela Merkel to meet U.S. President Donald Trump this week. Because of Trump’s “America First” policy and threats to impose tariffs on imported goods, German bosses want to notify Trump about the high quantity of jobs generated by “Deutschland AG”. Trains-to-turbines group Siemens employs more than 50,000 people in the United States, its single biggest market, where it makes 21 percent of its total revenue, while BMW's South Carolina plant is its largest factory anywhere in the world.
Mar. 13, 2017: WTC-KY's International Trade Certification Program Graduates Spring Class
: The World Trade Center Kentucky is proud to announce the Spring 2017 graduates of its International Trade Certification Program. The three-day program was taught by experts from banking, tax, legal, customs compliance, market intelligence, freight forwarding, customs brokerage and government, to provide a foundation for effective and efficient international trade operations management for participants.
Mar. 8, 2017: Gov. Bevin Leads the WTC-KY Economic Development, Trade Mission to Japan : Gov. Matt Bevin will lead the WTC-KY economic development and trade mission to Japan, joined by other state and local officials, to meet with executives, strengthen ties and encourage international investment and job creation in Kentucky. Bevin, Sec. Terry Gill of the Kentucky Cabinet for Economic Development and other members of the delegation will promote Kentucky in meetings with leaders of Japanese manufacturing and technology corporations. Companies include those with facilities already in the state, as well as new prospects.
Mar. 6, 2017: Canada is No. 1 in KY world trade
: Canada’s top trade policy expert was sent to Northern KY to strengthen business ties with Kentucky’s largest international trading partners and discuss the recent increase in protectionism. Kentucky exported $7.5 billion worth of products to Canada in 2016 and Canada is Kentucky's No. 1 export destination. More than 112,000 KY jobs depend on direct investment from Canada and about 25,000 Canada-dependent jobs are in Northern KY. Because of this, the North American Free Trade Agreement (NAFTA) works for Kentucky and Canada and the increase in protectionism will hurt existing Canada-U.S. competitive advantages that have been built up over decades. Few realize that Northern Kentucky Spence Bridge is only 281 miles from the international bridge in Detroit to Canada- making it a prime location for trucking companies coming to and from Canada.
Mar. 1, 2017: A Report from De Beers’s New Diamond Mine :The world’s largest diamond miner, a company named De Beers, is setting up a new mine in northern Canada. The company has an interesting model, both in ownership and business. The company focuses not only on mining and trade, but also the creation of demand and a market for the gems. In the 1930’s, only 10% of American engagement rings featured diamonds and in the 2000’s that number was near 80%. De Beers strategy is focused on maintaining demand as the supply of diamonds and mines dwindle. They have run into marketing issues as they are owned partially by the government of Botswana and run many joint operations with African states.
Feb. 27, 2017: NAFTA in Need of an Update : U.S. President Donald Trump has called the North American Free Trade Agreement (NAFTA) "the worst trade deal," yet previous U.S., Canadian, and Mexican authorities, have spoken at the Atlantic Council on February 22, cautioned against surrendering the crucial trade that ties their three countries while recognizing that it needs a refresh. "NAFTA should be updated, the world has changed, the market has changed in twenty-three years," said Carlos Gutierrez, who filled in as U.S. Commerce Secretary in the George W. Bush administration.
Feb. 22, 2017: Increase in Arms Transfers Driven by Demand in the Middle East and Asia : In a study done by the Stockholm International Peace Research Institute, they have found that the international arms market has increased by 8.4% since 2007. The top five exporters – US, Russia, China, France, and Germany – account for 74% of total exports. SIPRI found that, in the time period of 2007 to 2016, demand in Asia and the Middle East increased, accounting for the increase in market. While the Middle East’s imports almost doubled, Europe’s imports decreased by 36%. We can also see the flux of imports in conflict zones in Western Asia and Sub-Saharan Africa
Feb. 20, 2017: High-Ranking Quebec Officials Visit Louisville to Foster Trade : Last week, a delegation of Québécois officials visited Louisville, Kentucky to foster trade agreements between the two sub-national units. In times of uncertainty with trade at the national level,states are looking to strengthen ties with existing trades partners. Kentucky's largest partner in exporting is Canada, with about $7.3 billion being sent to the northern state, and approximately a third of that goes to the province of Quebec. The Canadian government estimates that over 100,000 Kentucky jobs are dependent on this partnership. After the visit, officials from both governments are optimistic as to the continued partnership between our economies.
Feb. 15, 2017: Kentucky Shatters Export Record at $29.24 Billion in 2016 : Kentucky's fares bankrupt an unsurpassed record in 2016 with $29.24 billion in products and services sent abroad from the Commonwealth, a 5.8-percent expansion from 2015, Gov. Matt Bevin as of late reported. Aviation items and parts where at the top of all classifications with more than $10.85 billion in merchandise sent out globally, an expansion of more than 24 percent more than 2015. Kentucky positioned second broadly for 2016 in aviation related trades.
Feb. 13, 2017: Justin Trudeau and Donald Trump Try to Bridge Some Gaps While Avoiding Others : Despite sharp differences on immigration, refugees, trade and climate change, President Trump and Prime Minister Justin Trudeau of Canada struck a cordial tone on Monday in their first meeting, alternating between attempting to bridge those gaps and steering clear of them. Mr. Trump has called for a halt to the admission of refugees, saying that terrorists might slip into the United States among them, while Mr. Trudeau has held out Canada as a haven for refugees, particularly people who have fled the war in Syria, publicly.
Feb. 8, 2017: Carrier's Reputation Founded on Their Ability and Commitment to Solve Unique Processing Application Problems of Their Clients : The imagination of Carrier's custom solutions is prove by a technology profile of more than 150 patents. They proudly offer some of the industry's most advanced vibratory technology, conveying equipment and foundry equipment, and can custom design a solution to meet your needs. Their commitment extends beyond equipment design.
Feb. 6, 2017: Logistics Companies Fear the Return of Hard Borders : The most serious effect on business would originate from higher taxes, which would hurt interest for cross- border imports and conveyances for nearby products. This is the place Mr Trump's threats come into core interest. A trade war would hit the enormous volume of transfers that DHL's, FedEx's and UPS's planes convey each day all through America.
Feb. 1, 2017: Amazon to Locate Prime Air Shipping Hub at Northern Kentucky's CVG Airport : Kentucky has been well known as a top logistics center. Recently Gov. Matt Bevin announced that Amazon will build a $1.49 billion shipping hub to serve its Prime Air planes at the Cincinnati/Northern Kentucky International Airport (CVG) in Hebron, producing 2,700 full and part-time jobs.
Jan. 30, 2017: Trump Hands Lifeline to Kenya’s U.S. Exports :Sub-Saharan African countries could benefit from President Trump’s decision to withdraw the US from the Trans Pacific Partnership. Through the pre-existing Agoa trade pact, these countries are able to export to the US tax-free. 80% of Kenya’s exports via the agreement are textiles; the industry would have experienced intense competition had the US entered the TPP with countries that also primarily export textiles. This decision opens the opportunity for the US to promote development and stronger economic ties with African countries.
Jan. 25, 2017: The Northern Kentucky Chamber of Commerce is Key to Regional Growth and Prosperity: Some see NKY as an extension of Cincinnati and Ohio, while others see it as a place as blue as the Bluegrass itself. The truth is both and neither. Navigating which part is which is something the Northern Kentucky Chamber of Commerce has helped business to do for many years. The Chamber itself grew to serve a niche in the region. With so many counties and dozens of small cities, the Chamber became the voice from which Northern Kentucky made its voice heard in Frankfort and Washington.
Jan. 23, 2017: British Prime Minister Theresa May is Expected at the White House This Week : May has a meeting scheduled with President Trump this Friday in order to discuss a possible bilateral trade agreement. A deal with America would be the first step to constructing May's vision of a "global Britain." It's unclear how the EU will react to a trade agreement between the US and the UK, but May is aiming to construct a myriad of free trade deals independent of the EU.
Jan. 18, 2017: May Sets Out Brexit Vision With Vow to Quit EU Single Market : Prime Minister Theresa May offered her most explicit vision of Britain’s future relationship with its European Union neighbors, pledging to quit the single market and instead seek a customs agreement with the bloc to deliver “a smooth and orderly Brexit.” The pound surged after May’s speech, in which she set out for the first time that her government is determined to make a clean break from the EU and said she would give Parliament a vote on the final Brexit deal. While saying that she wanted the U.K. to be “a good friend and neighbor in every way” to its former partners, she also warned them not to reject the model she was proposing.
Jan. 16, 2017: WTC-KY Congratulates 2016 KSEF Fellows : "KSEF Fellow" - an honor conferred by the Kentucky Science and Technology Corporation (KSTC), through the Kentucky Science and Engineering Foundation (KSEF). The honor is bestowed to distinguished persons to recognize their significant contributions to the advancement of excellence in science and engineering in Kentucky, thereby helping foster a science and engineering innovation-based entrepreneurial culture in the Commonwealth.
Jan. 11, 2017: Barr Named Chairman of Financial Services Subcommittee on Monetary Policy and Trade : Congressman Andy Barr (KY-06) has been named the Chairman of the Financial Services Subcommittee on Monetary Policy and Trade for the 115th Congress. Among other issues, the subcommittee is responsible for oversight of the Federal Reserve System, as well as domestic and international monetary policy.
Jan. 9, 2017: America's Arms Exports Dominate Despite Global Competition : International arms transfer agreements – defined as the "total values of conventional arms orders [made in a given year], which include all categories of weapons and ammunition, military spare parts, military construction, military assistance and training programs and all associated services" – clocked in just shy of $80 billion last year. That's down more than 10 percent from 2014's $89 billion. But more than half of 2015's agreements, 50.3 percent, involved U.S. companies, which is up significantly from America's 40.5 percent market share in 2014.
Jan. 4, 2017: 2017 to be a Big Year for South Asia ports : An exciting region for port development globally, South Asia had a busy 2016 and much more is expected in 2017. Geopolitics is probably the biggest driver of port activity in South Asia, as regional powers invest in facilities to increase influence in the Indian Ocean and develop better access to resources and future markets in Central Asia and the Middle East.
Jan. 2, 2017: Trump Floats 5 Percent Tariff On All Imports : President-elect Donald Trump and his transition team are considering imposing a 5 percent tariff on all imports into the United States, according to CNN. Trump's representatives are "floating the possibility of an early executive action to impose tariffs on foreign imports, according to multiple sources," according to CNN reporter John King. Trump officials are considering a border adjustment tax measure similar to the one proposed by Rep. Kevin Brady, R-Texas, which would tax certain imports to stimulate U.S. manufacturing. Brady is the chair of House Ways and Means Committee.