The value of global trade professionals around the country spiked on Nov. 4, 2020.
We all know the simple truth that every time a new administration moves into the White House, there has been a shift in trade policy. President-elect Joe Biden did not spend much campaign time laying out his plans for new trade policy initiatives, but we know his victory will have especially significant consequences. The change is not only a new party affiliation, as has occurred during the last six presidencies, but the replacement of an aggressive president who was very comfortable branding his trade relationships and negotiations a “war.” The strategy and tactics that Biden will employ remain to be seen.
But we know this about employment opportunities within the global trade community the past few decades: Change is job security, and change creates new career paths. Every trade professional will be tasked with keeping their firm compliant with US import/export trade policy and able to take advantage of our free trade agreements. We will also soon see the details of Biden’s $700 billion campaign pledge to “buy American.” Luckily, policy change provides high-visibility, career--invigorating opportunities for trade professionals to advise their corporate brain trusts and to navigate the confusion of new trade agreements, revised regulations, tariff battles, and China and EU trade relationships.
Biden and his former boss were big proponents of the Trans-Pacific Partnership (TPP). Trump walked away from the negotiations the first week in office, and TPP has since been renamed CPTPP. Get used to using that acronym. Expect the US to become active partners in this trade partnership.
With every shipper in need of a team of experts to recalibrate supply chain strategies to account for the inevitable trade policy changes, 2021 will be a year of job security and career opportunities.