Amcham Finland, AmCham EU, and 23 other business associations see the upcoming EU-US summit as a critical milestone for the global agenda.
In December of 2017 the Tax Cuts and Jobs Act (TCJA) was signed into law which marked the most significant change to U.S. tax laws in over three decades. President Biden has made it clear that he plans to make substantial changes to this tax law.
On January 30, the EU established a “transparency and authorization mechanism” for vaccine exports prohibiting the export of Covid-19 vaccines to select destinations outside the EU without prior approval. Amcham has published a statement regarding our concerns towards restricting exports because it may lead to vaccine spoilage and delay the resolution of the current public health crisis.
Wednesday, January 27
Online event
Now that Joe Biden is U.S. President-elect, we anticipate that some of the existing business-immigration roadblocks may dissolve. Practically speaking, however, implementation of more favorable rules will take time. In addition, lockdowns and limited resources due to a new wave of Covid-19 will continue to cause immigration delays, at least for the time being.
EU companies need to monitor and be prepared to address actions taken by the Trump administration on trade with China, Iran, and Russia in the near-term. While a Biden administration is unlikely to remove restrictions in the short-term, expect to see more cooperation on trade concerns with allies in Europe.
It is anticipated that President-elect Biden will immediately implement executive orders undermining President Trump’s policies related to immigration, climate change and management of Covid-19. It is also expected that the Biden-Kamala team will dedicate substantially more attention to data privacy which is significant to international data transfers, particularly in light of the July 2020 Schrems II decision invalidating the EU-US Privacy Shield due to US surveillance concerns.
Deb Mangone recently became Pfizer Finland’s new Country Manager. She arrived from New York City, and we interviewed her to learn what motivated her decision to come here. How does she perceive Finland’s strengths and weaknesses as a business environment and home?
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