Chapter News, News

OECD | G20 Trade Accelerated in Q2 2026, Boosted Primarily by Merchandise Imports and Services Trade

G20 merchandise trade accelerated in Q2 2026. Measured in current US dollars, quarter-on-quarter import growth rose markedly to 6.7%, from the 5.2% growth recorded in the previous quarter, reflecting strong increases in a number of G20 economies. G20 merchandise exports growth remained broadly flat at 5.9%. Preliminary estimates also point to an acceleration in services trade, with exports rising by 3.4% and imports by 2.5%, as compared to 2.0% and 1.5% respectively in Q1 2026 (Figures 1 and 3).1 In...

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Chapter News, News

IMF | Managing Director Kristalina Georgieva’s Statement at the Conclusion of the G20 Finance Ministers and Central Bank Governors Meeting in Asheville, North Carolina

 Asheville, N.C., United States: International Monetary Fund Managing Director Kristalina Georgieva delivered the following remarks at the G20 Finance Ministers and Central Bank Governors Meeting in Asheville, North Carolina: “I would like to thank the Government of the United States for hosting this week’s G20 meeting, and Secretary Bessent and Chairman Warsh for their leadership in delivering a focused discussion on key global economic priorities. During our discussions, there was a strong convergence of views around the importance of lifting potential growth...

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Member News, News

Baker Tilly x Anchin | U.S. Expansion Playbook – Building a U.S. Presence: Key Accounting and Compliance Issues for Foreign Entities

There are several operational issues foreign businesses should be aware of when they are considering expanding into the U.S., including: Assessing whether the business will have a physical presence in the U.S., Day-to-day business management, such as inventory, online sales, and hiring U.S. employees, Determining whether the foreign parent or U.S. subsidiary will handle certain business expenses, and Managing any intercompany payments between the two entities. Another significant aspect to consider is how a foreign business will handle accounting for...

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Chapter News, News, Uncategorized

European Commission | Commission Designates ChatGPT, Reddit, Roblox Under Digital Services Act

Today, the Commission has designated ChatGPT as a Very Large Online Search Engine (VLOSE), as well as Reddit and Roblox as Very Large Online Platforms (VLOPs), under the Digital Services Act (DSA). These services declared that they reach at least 45 million average monthly users in the EU and thus meet the threshold for designation. Following the notification of the designations, these services have four months, i.e. by January 2027, to comply with the additional DSA obligations for VLOPs and VLOSEs, such...

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Member News, News, Trade & TTIP Related

Jaguar Freight | Routes and Rates

In this week’s Roar: Record high port congestion, optimism in the Red Sea, rising air rates from Asia to the EU, contrasting East Coast to West Coast rates, and unpredictable lead times for South American importers. In conditions reminiscent of the pandemic, port congestion has hit a record high, with 4.31 million TEU of container capacity stranded around the globe. The situation has worsened due to delays in Asia and Europe and longer routes around Africa, which have also helped...

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Member News, News

Barnes & Thornburg | U.S. Considers New Six-Figure Fees Following Appellate Court Decision

Highlights U.S. Citizenship and Immigration Services (USCIS) proposed a $103,265 fee for all cap-subject H-1B petitions, which is a broader scope than the prior $100,000 fee. The newly proposed H-1B fee would not apply to extension, change of employer, or cap-exempt petitions. The proposed rule will undergo a 30-day public notice and comment period, after which USCIS will announce its implementation, if applicable. The executive branch is also considering a $100,000 fee for Optional Practical Training (OPT), which would...

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Member News, News, Trade & TTIP Related

Thompson Hine | United States Implements 50% Tariffs on Canada; Canada Responds with Matching Retaliatory Tariffs

On August 21, 2026, trade negotiations between the United States and Canada faltered and the parties, for now, have ceased further negotiations. As a result, the United States has implemented 50% tariffs on a broad range of Canadian products under Section 338 of the Tariff Act of 1930. First announced on July 20, 2026 (see SmarTrade update of July 21, 2026), when President Donald Trump signed three Presidential Proclamations imposing these additional, implementation of these tariffs was delayed until August 22,...

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Member News, News

CILC | U.S. Company Cannot Rely on U.S. Attorney-Client Privilege Rules in the EU

For EU antitrust investigations, a U.S. company cannot rely on U.S. attorney-client privilege to prevent the Commission from demanding U.S.-located documents, particularly communications with in-house counsel. The context is an EU antitrust investigation into Broadcom/VMware’s licensing practices (VMware virtualization-software licensing practices following Broadcom’s 2023 acquisition of VMware, including moving customers from perpetual licenses to subscriptions, bundling VMware products, significant price increase, contractual terms that could increase customer lock-in, restrict interoperability, or make it harder for customers to switch). What happened The...

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Chapter News, News

IMF | Rethinking Central Bank Communications in an Uncertain World

Blog | In a world of frequent shocks, central bank communications should anchor expectations by explaining how policy responds to changing conditions, rather than committing to a fixed path. In a world of frequent and faster-moving shocks, where uncertainty is high and markets react instantly, central banks face a fundamental communications challenge: how to help the public understand monetary policy objectives while explaining how policy may evolve as economic conditions change. In this regard, explaining the policy framework, the reaction...

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New York Related News, News

PwC | New York City Retroactively Cuts UBT Credit for High-Income Residents; Prior Estimated Tax Payments May Warrant Review

What happened?  The New York City Council enacted Int. No. 972 on August 18, amending Section 11-1706 of the Administrative Code to reduce the Unincorporated Business Tax (UBT) credit available to city residents with taxable income of $1 million or more. Under the new provision, the credit phases down from 23% to 15% for city residents with taxable incomes between $1 million and $1.25 million, and is capped at 15% above $1.25 million. The law is retroactive to January 1, 2026. Why is...

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