The United States has released a nine-page framework that outlines key areas of U.S. tax reform. Canadian businesses with cross-border connections need to be aware of the impact these potential changes could have on their operations. Read more. On March 7, 2017, the U.S. Treasury`s Office of Foreign Assets Control (OFAC) announced a record fine against Chinese telecommunications giant ZTE Corp. Canadian companies, whether in the financial sector or in other sectors, that have ties to the United States, incorporate components or technologies into their products, or use U.S. currency in their transactions. , may be investigated and possibly enforceable under several U.S. trade and anti-terrorism laws.

Read more. While the other data protection provisions are not binding in the first place, they encourage the United States, Canada and Mexico to ensure that their respective data protection rules reflect a common set of rules and are compatible. These principles include limiting the collection and use of data; Security measures Transparency Individual participation Responsibility. In addition, each country is invited to examine the principles and directions of relevant international bodies, such as the Asia-Pacific Data Protection Economic Cooperation Framework and the Organisation for Economic Co-operation and Development (OECD). Council recommendation on privacy guidelines and cross-border movement of personal data. Finally, the United States, Canada and Mexico jointly recognize in the agreement that compliance with data protection and possible restrictions on the cross-border flow of data must be necessary and proportionate to the risks and should not discriminate between parties in other USMCA countries. Osler partner Nathaniel Lipkus comments on the intellectual property provisions of the Trans-Pacific Partnership, a multilateral agreement that covers 40% of the global economy. Read more. The COVID 19 pandemic and growing tensions with China have led to further disruptions in an already uncertain trading environment. Nevertheless, the agreement between the United States and Mexico-Canada (USMCA) is progressing as scheduled on July 1. What can U.S.

leaders do to track trade impact? Osler`s partner Riyaz Dattu told Maclean`s that “President Trump should get Congress to repeal the [NAFTA] provisions that have been enshrined in U.S. law” if he wants to withdraw the United States from NAFTA. But the potential conflict for the power of the president and Congress is an “area that has not been tested.” Read more. On Friday, March 13, Canada ratified the Canada-U.S.-Mexico Trade Agreement (CUSMA). In this update, Alan Kenigsberg and Roger Smith discuss the tax impact.