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Trump’s U.S Trade Policy With China Will Remain The Same

Posted on October 2021October 2021 by info

In a major disappointment for importers of goods from China who were hoping that the Biden administration would change the course of Trump’s U.S. trade policy with China, United States Trade Representative (USTR) Katherine Tai indicated on October 4, 2021 that the Section 301 ad valorem tariffs of 25% and 7.5% (depending on each item’s tariff code) will remain in place. Tai did indicate that the tariff exclusion process would be reimplemented. However, she did not provide specific information or details as to when this would occur. The highly anticipated address followed a lengthy internal policy review by the Administration. This review was expected to shed light on the strategy for China moving forward.

Tai pointed to China’s continued state subsidization of key industries that has harmed workers in the U.S. and other countries. These industries include solar panels and its current focus on semiconductors as reasons for continuation of the tariffs.

China has failed to meet its commitments under the “Phase One” agreement it previously entered into with the former Trump administration with regard to the purchase of U.S. agricultural products. The Biden administration will not pursue a phase two agreement. This is because little optimism exists for further negotiations to try and change Chinese behavior on industry subsidization, which is the primary source of contention.

Tai would not state whether the U.S. has plans to initiate another Section 301 investigation if China does not change its position regarding industrial subsidies. However, Tai said that Section 301 is a very important tool for trade enforcement. Tai said she intends to speak with her Chinese counterpart in the near future.

The tariff exclusion process in 2019-2020 allowed U.S. importers the opportunity to remove certain products from the imposition of Section 301 tariffs if the product was not available from non-Chinese sources and the tariffs created an economic hardship. The exclusion requests were filed with USTR, which determined on a case-by-case basis whether to grant the exemptions. All previously granted remaining exclusions expired on December 31, 2020. Although details have not yet been provided, the reimplemented exclusion process will likely be similar to the previous process. Importers should closely monitor announcements from USTR regarding the reimplementation of the exclusion process. Importers should also monitor other announcements such as filing dates and deadlines for the exclusion petitions.

How we can help

For now, Trump’s U.S. Trade Policy will remain in place. We can assist importers with the preparation and filing of exclusion requests with the United States Trade Representative. Should the exclusion request be granted, we can assist with file administrative protests for the refund of duties should the exclusions be effective retroactively. We can review the tariff classifications for products to determine if a previous tariff exclusion was available. We can also help determine if any refunds can still be claimed based on the entry date of the merchandise.

More information can be found at https://ustr.gov/

Restaurant Technology Series Part 1: The Restaurant of the Future

Posted on October 2021October 2021 by info

More than a year ago, no one could have predicted the unprecedented challenges faced by so many restaurants around the world due to a major global pandemic. Customer demand for convenience and flawless digital experiences are on the rise and further fueled by the pandemic. How can restaurants improve the new generation customer experiences using these new demands and digital ecosystems?

As a restaurant owner or operator, you need to look for fresh perspectives as you plan your way forward to remaining successful in the business. Some of the things you can look into include changes in business models that came about as a result of the pandemic, customer behaviors and dining habits.

As long as concerns about being exposed to COVID-19 remain, people are likely to continue opting for the payment and ordering trends we’ve seen since the onset of the pandemic such as delivery and pickup.

Read on for some insights into what the restaurant of the future might look like.

Digital Experiences will continue to evolve

Without a doubt, digital is a main component of the transformation of the restaurant industry. Online ordering and payment are here to stay. It has proved to be profitable, and it also eliminates too much dependence on third parties for sales, marketing and customer engagement.

Besides interacting with their customers, restaurants will continue to develop digital experiences that are fun and easy to use. This will consequently increase customer loyalty.

The digital evolution will replace the conventional point of sale system as we know it. Customers will order and pay for their food via their smartphones, whether dining in or ordering take-out. The pandemic has accelerated this trend. For instance, some restaurants have been providing their dine-in customers with a QR code which they scan to access the menu, place an order and pay.

The digital takeover has also seen menus adjusted and optimized for online platforms. Fewer menu options have been offered on these platforms to reduce food process, improve food quality and simplify operations.

Health concerns will remain a major factor

Restaurants will endeavor to do everything they can to make their customers comfortable by constantly enhancing their safety and hygiene practices.

Some of the things to expect include increased adoption of contactless payment and ordering, and modification of operations to include hygiene practices that customers can actually see, to give them a sense of safety. Hands-free handwashing stations and hand-sanitizing areas will become normal for any restaurant. It will also be vital to have an employee responsible for hygiene stations and maintenance in the restaurant.

We could also expect the introduction and adoption of new technologies like the UV-C light for disinfecting high-touch surfaces like POS touch screens.

Flexible seating in line with social distancing guidelines

Moving forward, it will be crucial to device creative ways of maximizing space while maintaining social distance. For example, a group table meant to seat people together will have dividers to separate people as required. Outdoor seating could also become part of the main floor plan.

Multiple for friends and family

Customers will want to dine together in groups. Some of the ways restaurants can approach dine-in for such groups include setting up private reserved areas, specialty demos or cooking demos. Restaurants will also have to support friends and family that want to eat restaurant-quality food at home. For instance, they can provide a meal pack for curbside pick-up and provide video recipes and a phone number of an employee to guide them if they get stuck.

Versatile kitchens

Kitchens are likely to become more productive and compact. There will be a need to design flexible kitchens so as to minimize expenses whenever there’s a major menu overhaul.

Popular trends caused by the pandemic will continue to grow

Such trends include delivery, curbside, takeout and drive-through orders. Restaurants will become very proficient at improving contactless operations for their customers who love convenience. This will involve covering all the intricate detailed in developing seamless systems such as customer education, staff training and aligning processes.

The restaurant of the future is already here. Customers are excited about going back to dining in with their family and friends again. However, this is being done gradually and cautiously as we get through the pandemic. Our experience with Covid has changed our behaviors and expectations which have had an impact on how restaurants operate. The restaurant of the future will not be the same again and it will have to pay close attention to both the customer and operator needs.

SEC Has Released Climate Change Disclosure Guidance To Companies

Posted on October 2021October 2021 by info

In September, the SEC’s Division of Corporation Finance released a sample letter sent to companies regarding climate change disclosures. Such disclosures are currently a focus area of the SEC led by Chair Gary Gensler. The SEC solicited public input on climate change disclosures earlier in 2021 to inform the Commission’s future rulemaking on the topic. Chair Gensler has since directed the staff to put together recommendations for mandatory disclosures on climate-related matters though a formal proposal is pending.

The September guidance and sample letter largely remind registrants of the existing Commission-level interpretive guidance issued in 2010 on disclosures related to climate change. Based on a registrant’s specific facts and circumstances, climate change-related disclosures may be required in SEC filings within the description of the business, legal proceedings, risk factors, and management’s discussion and analysis under existing rules and guidance.

The staff’s example letter requests additional information to understand registrants’ disclosures, particularly in circumstances where there is very little disclosure related to climate-change matters or where such disclosures have been included in a separate corporate social responsibility report, but not within SEC filings. Other requests may include or seek additional information about:

Risk Factors, including any material transition or litigation risks related to climate change, and
Management’s Discussion and Analysis, including significant developments in climate-related legislation and international accords, any material past or future climate-related capital commitments, material indirect consequences of climate-related trends or regulation, material physical impacts of climate change on the business, any corresponding material increased compliance costs, and any material purchases or sales of carbon credits or offsets.

Examples of indirect consequences of climate-related regulation and trends and example disclosures regarding the physical effects of climate change are provided in the sample letter.

Registrants are advised to consider the 2010 interpretive guidance and the sample letter regarding climate disclosures in their upcoming SEC filings. In accordance with existing SEC rules, companies are reminded to disclose “such material information, if any, as may be necessary to make the required statements, in light of the circumstances under which they are made, not misleading.”