World Trade in the Time of COVID-19 Today starts World Trade Month, a national observance begun by President Franklin Delano Roosevelt in 1935 to commemorate the Reciprocal Trade Agreements Act (RTTA) passed in 1934, bringing to an end, an era of trade restrictions such as the import tariffs included in the Smoot-Hawley Act (1930). Within two years of Smoot-Hawley's passage, other countries retaliated with restrictions of their own leading to further declines in the global trade and loss of confidence in the financial sector, already suffering from the 1929 stock market crash. RTTA's passage liberalized trade between the US and other countries leading to increased global trade. Following World War II, the multi-country General Agreement on Tariffs and Trade (GATT) was established. In 1994, GATT was replaced with the World Trade Organization (WTO), which oversees international trade agreements today. While President Roosevelt proclaimed a World Trade Week to be observed during the third week of May, it has been celebrated by numerous federal agencies, international trade, and business organizations during the entire month. We would have started the month with a full-day workshop kicking off the US-Africa Business Summit. Instead, we will present a series of webinars focusing on Africa with a variety of speakers from industry and government. You may want to participate in other activities such as those being organized by the World Trade Center Denver every Friday in May or the Small Business Administration. Please go to our COVID-19 Resources Page for more information from our partners. And check our EVENTS page for more learning opportunities. The transportation sector is an essential business, remaining in full operation to make sure that we have the vital products we need. This is especially important now because, as our speakers in yesterday's WTC Delaware virtual conversation said, China and other foreign countries supply 80 percent of the active pharmaceutical ingredients (APIs) used by commercial sources to produce finished products and are the only source of other types of pharmaceuticals. We are reliant on foreign supplies of masks and other PPE. Thank you to WTC Delaware Premier Member Port to Port International for preparing the following observation on supply chains. Best regards, Carla Sydney Stone President Supply Chain Amid COVID 19 Pandemic The COVID 19 pandemic has caused disruption in all ways of life. Businesses are facing a once in a lifetime event with unprecedented consequences. This is amplified in the international logistics sector as it can be affected by regulations and restrictions imposed by different countries. The World Trade Organization forecast that global trade could fall by up to a third in volume. For businesses that depend on international logistics, either by importing or exporting goods, it is paramount to ensure that their supply chain can adapt to this precarious moment. The speed by which supply chains can adapt to this new reality will be an important factor contributing to companies' ability to successfully do business in international trade. During this time of crisis, Port to Port International has remained opened and is providing shipping services to its customers. This has been done by taking the necessary precautions and strictly following CDC and US Government guidelines to keep our workforce safe and healthy. Our customers can reach out to our service representatives for support. Port to Port services includes the shipping of used vehicles, heavy equipment, construction and farming equipment and boats from the Unites Stated to any port in the world. However the company specializes in the shipments to Central America, where it has local offices in Guatemala, El Salvador, Honduras and Costa Rica.