Foley Manufacturing Update (November 02, 2022) – International Trade and Investment

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This news digest is provided by Foley’s competitive intelligence team to update business leaders on recent news and developments in the manufacturing sector.

Analysis by Julie Dautermann, Competitive Intelligence Analyst

Key developments

  • The most recent article in Foley & LardnerThe Supply Chain Disruptions series provides insight into a number of key
    terms and conditions for buyers and sellers in the supply chain to be considered in commercial forms. Click here to subscribe to the article series.

  • Bloomberg Law outlines some of the challenges faced by
    US Securities and Exchange Commission with the aim of finalizing a proposed ruledemanding listed companies to disclose climate-related risks.

  • Over three hundred business and industry organizations are urging the Biden administration to work with railway unions and management to prevent a potential strike and ensure that all parties ratify a tentative agreement.

  • The National Association of Manufacturers calls on Congress to repeal a recent amendment to the tax code which obliges American companies to spread the deductions for R&D expenses over several years. NAM said a previous policy allowed businesses to deduct such expenses in the year the expenses occurred.

  • Cybersecurity is the top spending priority for CIOs in 2023and 66% of respondents to an annual Gartner survey of CIOs intend to increase their investments in cybersecurity, according to data taken from The Wall Street Journal.

  • A analysis labor force rates in 12 countries from the Reshoring Institute indicates
    China has higher factory labor costs compared to production workers in Thailand, Malaysia, Vietnam, Mexico and India. The report also notes that lower labor rates can be waived if a location does not have adequate productivity rates.

  • Share of China in world exports has declined since 2016, and countries such as Vietnam, Malaysia and Bangladesh have increased their share of global exports for a number of consumer goods, according to MDS Transmodal data extracted from CNBC.

  • The public comment period will end on November 7, 2022 for a
    proposed rule from United States Environmental Protection Agency who could designate PFOA and PFOSchemicals like hazardous substances.

  • Total U.S. Housing Starts fell 19% in September to a seasonally adjusted annual rate of $1.02 trillion, according to a report by Dodge Data & Analytics. The total number of housing starts for the first nine months of this year was 16% higher than for the same period last year.

Smart manufacturing

  • The data of the International Federation of Robotics indicates a half a million industrial robots were installed worldwide last year, an increase of 31% year-on-year. This exceeds previous installation levels, and the IFR estimates that the annual rate of robot installation has more than doubled in six years.

  • The US Department of Commerce released a National Advanced Manufacturing Strategywhich includes goals to increase the country’s advanced manufacturing workforce, accelerate innovation in areas such as microelectronics and semiconductors, and strengthen supply chains.

Supply Chain

  • Commitments to improve supply chain sustainability are likely to intensify, according to a new report from the Council of Supply Chain Management Professionals and the MIT Center for Transportation & Logistics.

  • Certain sections of the Mississippi River are experiencing the lowest water levels in several decades, causing
    potential delays for commercial traffic due to closures or shipping limitations.

International trade and national security

  • The Biden administration is reported to be considering restrictions on imports of Russian aluminum in response to recent military escalations in Ukraine. According to a report in BloombergRussia accounts for approximately 10% of aluminum imports to the United States

  • The U.S. Trade Representative is solicit public opinionin areas related to the efficiency and economic impact of
    Section 301 Rates on Chinese imports. Comments will be accepted from November 15 to January 17, 2023.

  • Recently announced restriction on US exports to China for certain types of semiconductors and semiconductor manufacturing equipment could reduce chipmaker sales in 2023 by up to $7 billion, according to Bank of America estimates taken from Bloomberg.

Sustainability and Product Stewardship

  • Bloomberg Law report it United States Environmental Protection Agency is expected to start publishing rules later this year, which could increase scrutiny of cases of new uses of 150 per- and polyfluoroalkyl substances (PFAS).

  • As part of the ongoing discussions regarding his project
    climate reporting standardsthe
    International Sustainability Standards Council voted for last month to require companies to report all three levels of greenhouse gas emissions. The ISSB has published drafts of the proposed requirements for Scope 1 and Scope 2as good as Litter 3 GHG emissions. The ISSB hopes to publish the final standards in 2023.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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