May is World Trade Month according to the International Trade Administration and we at the Go Global Initiative couldn’t be more excited. The news cycle has been swirling with talks of tariffs and new trade deals to reduced barriers to trade, streamlined procedures, and stronger protections. Here are a couple of the highlights:
U.S. and U.K. – (Wisconsin’s #7 trading partner)
This trade deal will significantly expand U.S. market access in the UK, creating a $5 billion opportunity for new exports for U.S. farmers, ranchers, and producers.
- This includes more than $700 million in ethanol exports and $250 million in other agricultural products, like beef.
- It commits the countries to work together to enhance industrial and agricultural market access.
- It closes loopholes and increases U.S. firms’ competitiveness in the UK’s procurement market.
- It ensures streamlined customs procedures for U.S. exports.
- It establishes high standard commitments in the areas of intellectual property, labor, and environment.
- It maximizes the competitiveness and secures the supply chain of U.S. aerospace manufacturers through preferential access to high-quality UK aerospace components.
- It creates a secure supply chain for pharmaceutical products.
U.S. and China – (Wisconsin’s #3 trading partner)
In the latest round of negotiations, the United States and China announced:
- The importance of the critical bilateral economic and trade relationship between both countries and the global economy.
- In reaching an agreement, the United States and China will each lower tariffs by 115% while retaining an additional 10% tariff. Other U.S. measures will remain in place.
- China will remove the retaliatory tariffs it announced in the time since April 4, 2025, and will also suspend or remove the non-tariff countermeasures taken against the U.S. since April 2.
- China will also suspend its initial 34% tariff on the U.S. it announced on April 4, 2025, for the next 90 days, but will retain a 10% tariff during the period of the pause.
Wisconsin businesses consistently outperform other U.S. states in exporting products such as boat motors, welding machinery, paper, lawnmowers, agricultural products, and even fire trucks. If you’re a small business seeking growth, consider leveraging Wisconsin’s robust “Super-Categories” of export: Energy, Power, and Controls; Water Technologies; comprehensive Agricultural products (including bulk, processed, and specialty items); and the dynamic Biotech and Life Science sectors. The Aviation and Aerospace category, though down slightly from last year, still presents excellent opportunities for Wisconsin’s supplier networks.
How can the Go Global Initiative and Wisconsin’s SBDC Network help your company? Find out here! https://wisconsinsbdc.org/about/
