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NAFTA prep list
Recommendations from trade lawyers on how to prepare for potential changes to the North American Free Trade Agreement:
- Gather a cross-functional team from accounting, legal, purchasing, supply chain and compliance to determine exposure to changes in the rules.
- Using the tariff code, identify significant imports being claimed as duty-free under NAFTA and their production lines.
- Determine how those goods qualify and whether there is an audit trail for certificates of origin from vendors.
- Figure out whether products barely qualify for duty-free treatment or whether there's enough cushion to meet a higher regional content requirement.
- Assess trade imbalance for each imported product and assume it will be at the top of the list for tighter controls.
- Use the data to develop an offensive or defensive position, then use consultation period to explain to the U.S. Trade Representative's Office whether you benefit from the NAFTA rules and what improvements can be made.
WASHINGTON — The auto industry is expected to be in negotiators' crosshairs as preparations speed up to renegotiate the North American Free Trade Agreement and fulfill President Donald Trump's promise to bring production jobs back to the U.S.
