Talking Trade: Recent Episodes
WisBusiness.com
Talking Trade is a podcast produced by WisBusiness.com and hosted by UW-Madison Professor of Agricultural and Applied Economics Ian Coxhead and M.E. Dey President and Managing Partner Sandy Siegel. The show features interviews with experts on trade policy, supply chains, economic trends and much more.
In the latest episode of “Talking Trade,” Alex Wolf of JP Morgan Private Bank says global supply chains are adapting to persistent shocks.
Wolf, the bank’s global head of macro and fixed income strategies, discusses the ripple effects of shifting trade policies and armed conflicts. He notes the new normal for international trade is characterized by frequent “shocks,” pointing to U.S. tariff changes, Russia’s invasion of Ukraine and the war in Iran.
“We’ve seen more stress on global supply chains than we have in a very long time,” Wolf said. “So on the negative side, you almost have a persistent state of uncertainty and … you could even say trade policy almost looks like, the goal of it is to be uncertain and opaque and keep companies guessing.”
But at the same time, “global trade has held up” better than initially expected through this period of uncertainty, according to Wolf.
“If you go back to April last year, and you had a lot of projections and forecasts showing a cratering in global trade, certainly that hasn’t come true,” he said. “We’re seeing still pretty robust demand, so companies have been able to adapt, supply chains have been able to adapt.”
Wolf also shares insights on tariff-related cost increases being absorbed by the economy and how that’s changed over time, as well as how price increases differ between goods and service sectors.
The discussion also explores the shifting U.S. trade relationship with China, as the United States’ trade deficit with the rival nation has declined due to lower imports from China. Still, China’s trade surplus has “continued to balloon,” reaching $1.2 trillion for 2025.
“They’re sending less to the U.S., because the U.S. is buying less, but they’re flooding the rest of the world with goods,” he said. “So they’re finding other markets … that is increasing pressure on the rest of the world that’s seeing a flood of cheap Chinese goods.”
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel and sponsored by the Dairy Farmers of Wisconsin, Carroll University and Michael Best Strategies.
In the latest episode of “Talking Trade,” Great Lakes Advisors Chief Investment Strategist Jason Turner says trade disruptions in the Middle East are creating opportunities for exporters elsewhere.
Turner notes the conflict with Iran has largely impacted commodities being transported through the Strait of Hormuz out of the region, but other markets are adapting to meet global demand.
“Those minerals, those goods that are coming from the gulf … they are produced other places,” he said. “And you’ve got countries in Europe, countries in the far east that had been large trading partners of some of those Middle Eastern nations … looking to other places, looking to the United States, looking to Australia, looking to other areas in South America, for example.”
And while commodities coming out through the strait are facing blockades, finished goods that would normally enter the region through the key shipping lane are also being disrupted, Turner explained.
The discussion explores how exporters can navigate the current landscape, including strategies such as contingency planning and running potential scenarios.
“I definitely think flexibility is key … What happens if tariffs were to go up, and have a 25% tariff slapped on anything going between us here?” he said. “Where can I pivot, where can I obtain inputs from, where can I export to?”
He also said it’s “a great time to be thinking about developing new markets” as an exporter, arguing those that are more entrenched will take a larger hit from the conflict.
“There’s those that are also going to take advantage, and become the new supplier for something. Those doors are starting to open up,” Turner said. “The longer the current conflict persists, and the higher the degree of uncertainty around tariffs, the more those other nations are going to look for new markets and new providers.”
Meanwhile, Turner weighs in on stock market trends amid the uncertain environment, corporate income growth, the path ahead for tariff refunds and more.
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. CEO Sandi Siegel.
The show is sponsored by the Dairy Farmers of Wisconsin, Michael Best Strategies and Carroll University.
In the latest episode of “Talking Trade,” UW-Madison Prof. John Pevehouse says the ongoing conflict in Iran is affecting more than oil markets, as the key trade route in the region is being used as a bargaining chip.
The interview was recorded Wednesday, one day after a two-week ceasefire in the Iran war was announced.
“We’ve seen wild market swings, you know, as the conflict has gone on, and clearly there’s been a tremendous depression of trade effect,” Pevehouse said.
While the earlier closure of the Strait of Hormuz had led to skyrocketing fuel costs in the United States and elsewhere, Pevehouse notes the critical shipping route is used to transport the element helium, used for processing computer chips and components.
“Helium is essential, and so that can disrupt the tech sector pretty easily,” he said. “You also have other kinds of refined petroleum products, but also you have a lot of petrochemical feedstock that comes out of the region, in other words, fertilizers and intermediates.”
As much as a third of global fertilizer industries depend on goods moving through the strait, Pevehouse said, noting ripple effects from the conflict through agri-business supply chains.
While the United States has shifted toward energy independence in the past two decades, becoming a net energy exporter, Pevehouse pointed to a “boomerang effect” as Asian countries affected by the conflict drive up prices globally, including domestically.
Meanwhile, as negotiations play out between the U.S. and others in the region, the “omnipresent” threat of Iran closing the strait once again will remain, he said.
“That said, Iran depends on the strait too,” Pevehouse said. “People talk about, ‘Well, they could sink ships and close the strait.’ But that cuts them off too, and that gives them no source of capital.”
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest episode of “Talking Trade,” Michael Best Strategies Partner Sarah Helton says uncertainty persists after the recent U.S. Supreme Court tariffs decision.
“It’s nice that we have clarity around where the Supreme Court lands on the president not having authority under IEEPA to impose tariffs, but we are in a kind of part two of a world of uncertainty,” Helton said.
After the nation’s highest court ruled the president can’t use the International Emergency Economic Powers Act to impose tariffs, undercutting a key element of the Trump administration’s trade policy, questions remain about the potential for refunds for affected businesses.
“I think all eyes are on what the Court of International Trade is going to do next related to refunds and relief for importers for IEEPA tariffs paid,” Helton said, adding “for the thousands of lawsuits that have been filed to date, those essentially have been put on stay right now.”
She said that stay is expected to be lifted soon, but added it’s “not clear” what a framework for getting refunds would look like.
“The soonest that we can get direction from the court, the more clarity there will be on the next steps forward and how soon relief will be provided,” she said.
Helton also weighs in on alternative tariff routes the administration has been using as well as how they could be leveraged going forward.
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
The latest episode of “Talking Trade” is with Susan Meyer, Norwegian honorary consul for Illinois and Wisconsin.
Meyer, who’s also a partner at the law firm UB Greensfelder in Chicago, discusses the ties between Nordic countries and the Midwest and calls for more collaboration between the regions.
Along with the existing Norwegian community in Wisconsin, she points to Swedish and Danish heritage in nearby Illinois.
“We already know each other, so now is the time to leverage those cultural connections to drive strategic growth,” she said. “Wisconsin, for instance, has a lot of manufacturing, skilled labor, logistics, of course as well as being centrally located. While Nordic technology, automation and capital can compliment and support local manufacturing facilities.”
Meyer says Norway and other nearby countries are very interested in exporting physical products to the United States, as well as entertainment and other cultural assets.
The discussion also explores intellectual property considerations for international trade, hurdles around using trademarks elsewhere that were established in a given country, and differences in patent regulations.
“So where industrial designs are protected in the EU, we don’t recognize those in the United States,” she said. “We do have design patents, but they’re not enforced in the same way.”
Meyer highlights her work with the organization Women Entrepreneurs Grow Global, supporting women-owned businesses. She serves as an intellectual property advisor to the group and holds a position on its board.
“The idea is that you bring together industry leaders, business owners, supporting experts … This creates a valuable ecosystem, support, inspiration and expertise, in WEG’s case to help wojmen grow their businesses,” she said. “But the advice I would give to all business owners … is no matter what stage you’re in, activate your network. Ask for help.”
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest episode of “Talking Trade,” Monex USA Chief Economist John Min says tariffs are driving up prices on imported goods, contributing to inflation.
“If it wasn’t for tariffs, I think we may be close to 2%, which is our goal, but we’re stuck at 3%, so there’s an effect,” he said.
He noted the U.S. Department of the Treasury is currently collecting $30 billion per month, adding U.S. companies are the ones footing the bill.
“Whether they’re passing on the tariffs to the consumers … about 50% of the cost is being passed on, and companies are absorbing with their margin, we just don’t know how long they could last doing that,” he said.
If that’s the case, he expects to see “the full effect” of tariffs hit prices within the next six or seven months.
“I see an almost divided economy, to a certain extent … the bigger retailers are able to absorb it better, because they have the scale, they can negotiate, they can find alternative suppliers,” he said. “It’s the smaller businesses, they’re really getting hurt because cash flow is very thin anyway.”
While he’s optimistic about future U.S. economic growth, Min raised concerns about a “disconnect” between that growth and labor market trends.
“As I describe the microeconomic conditions, I’m very concerned,” he said. “Because we are growing, but we’re not creating jobs. And in fact, I’ve never seen this type of disconnect between growth rate and the employment numbers.”
The discussion also explores potential impacts of AI on productivity and related investment trends, supply chain changes and more on the international trade landscape for 2026.
“Overall, international trade we expect to be, I don’t want to say rosy, but still positive, still growing,” Min said.
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest episode of “Talking Trade,” John Gatto of Transatlantic Strategy Group says “decades-overdue” German defense spending creates new opportunities for U.S. businesses.
Gatto is the founder and managing director of the Milwaukee-based international business and government relations firm, which helps clients navigate the regulatory environments of the United States and Europe.
He discusses how recent developments in U.S. foreign policy have led to changes in Germany, which is putting more funding into defense after President Donald Trump pressured it and other NATO members to contribute more to the military alliance.
“We are putting money behind defense which has historically never been there,” said Gatto, who grew up in Germany. “There was a defense budget, but it was very, very, very small. All of a sudden, within one fell swoop, you have a trillion euros in additional defense spending in Germany alone.”
That’s in addition to about $870 billion in proposed European Union defense spending, he noted. While Germany, France and other NATO countries are ramping up their ability to defend themselves militarily, their economies alone won’t be able to fulfill this rising demand, according to Gatto.
“The funds are there, but the capabilities are not really there,” he said. “And that’s where I identified tremendous opportunity for U.S.-based companies.”
That includes Wisconsin manufacturers such as Oshkosh Defense, smaller suppliers of technical components in the state, as well as bigger companies elsewhere in the country including Lockheed Martin and Boeing.
Gatto says the “political volatility” in Europe and elsewhere is shaping investment and business decisions around the world. He pointed to a shift from “just in time” manufacturing to a “just in case” approach in the post-COVID era, as companies are stocking more supplies and products than they did before the pandemic.
“Many people are now focusing on supply chain resilience, diversifying their supply chain,” he said, adding “the defense industry has historically been a very well-established and settled marketplace, but there’s so much more opportunity for new players now.”
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
The Talking Trade hosts, Sandi Siegel and Ken Wasylik, talk with Sarah Helton, Government Procurement and Trade group leader for Michael Best Strategies about the Trump administration's evolving tariff policies.
Sponsored by the Wisconsin Center on Manufacturing and Productivity, the Dairy Farmers of Wisconsin, Carroll University, and Michael Best Strategies.
The latest episode of “Talking Trade” features Wisconsin Soybean Association President Doug Rebout on how U.S. tariffs impact the country’s soybean farmers.
Rebout, who also serves as the chair of the Wisconsin Department of Agriculuture, Trade and Consumer Protection board, said there’s “so much uncertainty out there in global trade.”
One of the biggest issues is China’s decision to largely stop buying soybeans from the U.S. since the country used to buy over 60% of the soybean export market, he said. China hasn’t bought anything in the last month, he added.
“Let’s stop the bleeding right now,” he said. “Let’s try and get it so we’re not losing any more markets. Yeah, China's huge, we’d love to get part of that back, but we do need to concentrate on other countries. The more diverse we are, the better it is for us.”
Most of Wisconsin’s soybean production, roughly two-thirds, are exported, Rebout said. That much volume can’t just be replaced by other trade partners, he added.
“China is so significant because of the volume,” he said. “Yeah, some of these other countries are buying from us … Mexico, Canada. These are all some of our major export countries, especially here for Wisconsin, not just for soybeans, but for all agricultural products. … So yeah, some countries were increasing what we’re trading to them, but like I said, it cannot make up that loss that we have in China.”
Rebout also said he goes to Washington DC to lobby lawmakers by telling them how the U.S. needs to work to stop the losses right now and work on rebooting trade deals with major importers like China. He argued that while China has already found other trade partners that they’re unlikely to give up if the U.S. eliminated its latest tariffs, “we have to start regaining that.”
“Every time I go out there I have good conversations,” he said. “I don’t care what office I go into, what party I go into, we’re talking agriculture. It should be and it is the most bipartisan issue out there, because it affects everyone.”
He also said farmland typically used to produce soybeans can be used for other crops, but doing so would upset farmers’ traditional routines. Those routines, switching between growing soybeans and corn every two years for example, help promote soil health, he added. Farmers also have to consider how a sudden influx of corn on the market would impact the corn market price, Derout said.
“We can adjust those numbers a little bit,” he said. “But we can’t go and say, ‘You know what, soybeans aren’t selling, so we’re going to let that land sit or we’re going to go and raise 2,000 acres of sunflowers or something.’ Because, like on our farm, we don’t have the knowledge for that, and then there’s not a market for that.”
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
Talking Trade hosts, Sandi Siegel and Ken Wasylik discuss the overall impact of global trading and trade's role in U.S. markets with Government Analytics CEO John Pournoor.
Sponsored by the Wisconsin Center on Manufacturing and Productivity, the Dairy Farmers of Wisconsin, Carroll University, and Michael Best Strategies.
The latest episode of “Talking Trade” features Laura Baughman, senior fellow with Trade Partnership Worldwide, on evolving U.S. trade policy.
Baughman, who has worked with a variety of American businesses spanning multiple sectors, says tariffs are creating major uncertainty and confusion for companies. She’s a senior staff member for the Washington, DC-based international trade and economic research firm.
“Nobody knows what to do, nobody knows who’s going to get hit and with how much and when,” she said. “And so onsequently, all of this uncertainty is pushing a lot of costs onto companies, even though there was earlier this year and until really recently, no extra tariffs had been imposed yet.”
Still, she said many businesses were driven by uncertainty to stock up on imported supplies, taking a financial hit to store them in warehouses in anticipation of higher costs to come. Others are putting off investment decisions, even domestically.
“Economic research has shown that this uncertainty is equivalent to a tariff in and of itself, sometimes on the order of 8% to 10%, depending on the product,” Baughman said, adding “the ability of companies to bear these costs, of course, depends enormously on whether they’re big companies or little companies.”
She shares details on how larger companies are addressing these challenges, while smaller ones are “taking it on the chin.”
Baughman said she expects much more tariff-related price increases on consumer prices as amassed inventories are diminished over time, likely in the fall or winter.
“We’re also hearing tariff impacts on sectors you wouldn’t think, like car insurance,” she said. “Some car insurance companies, we’ve been told, are raising their premiums because it costs more to get a car repaired, because brake parts … have tariffs on them now, if they’re imported.”
Meanwhile, spending on entertainment and food is “starting to slow” as consumers pull back amid the uncertain environment, she said.
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest episode of “Talking Trade,” Wisconsin Manufacturers & Commerce President and CEO Kurt Bauer emphasizes the state’s reliance on foreign markets for exported goods amid tariff-related uncertainty.
Bauer highlights the central role of manufacturing in Wisconsin’s economy, calling it “our economic supersector” for creating jobs and wealth in the state. It makes up 18% of state GDP, compared to 12% for the Midwest and 8% nationally.
The discussion explores how tariffs on raw materials are impacting exporters in Wisconsin. Bauer notes “our membership is a bit divided on this,” as some companies support the Trump administration’s tariffs while others are opposed.
“It really depends on what you make or what you grow, where you sell it, where you source inputs, what your supply chain looks like,” he said. “So it really depends on those different factors, on how you evaluate you’re in support of what the president is trying to do.”
Larger companies in WMC’s membership tend to be more opposed, Bauer says, noting tariffs have created uncertainty and confusion for many businesses. And while the situation has been “stabilizing a little bit,” pricing has remained a challenge due to market fluctuations, he added.
“Access to markets is critical, as I indicated, we’re a manufacturing state and we need to export,” he said. “You need to have access to those markets, and there are retaliatory tariffs that have come into place that make some of our U.S. goods unaffordable.”
But at the same time, the WMC members that support tariffs do so for “fundamental fairness” reasons and due to the opportunities they create, Bauer added.
“We have opened our markets to foreign products basically since World War II, and other nations have not reciprocated completely … some of our members are just frustrated that we’ve opened our markets and other nations have not reciprocated,” he said.
Meanwhile, frustration among foreign trade partners have led to “soft boycotts” of U.S. products, causing further challenges for already stressed supply chains.
“The president of course is trying to grow manufacturing and the supply chain in the United States, which we understand and support, but the reality is that you just can’t snap your fingers and create a manufacturer that can make a specialty component, a precision part,” he said.
Bauer says his counterparts in Canada are frustrated and angry, noting the tariff backlash has been particularly intense there.
The show is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
The latest episode of “Talking Trade” features Sandi Siegel, president and managing director of ME Dey & Co., a Milwaukee-based customs broker.
Siegel, typically one of the show’s co-hosts, is interviewed by fellow host Ken Wasylik, managing director of E.M. Wasylik Associates. The discussion focuses on how Siegel’s company is advising clients on navigating the uncertain tariff landscape.
She shares insights on where tariffs stand on certain key commodities such as steel and aluminum, as well as how importers are being impacted under the current framework.
“Everybody’s in need of working with their suppliers, and even big importers are challenged, you know, to work with their foreign suppliers,” she said, noting ME Dey & Co. is urging its clients to work with suppliers to ensure they have critical sourcing information to avoid higher tariffs.
Siegel also pointed to the rising requirements from government agencies about supply chain transparency and the burden it places on importers, noting some of these tougher regulations are aimed at limiting the role of forced labor in supply chains.
“You want to be able to show due diligence, right, but again, now more than ever there’s a price tag for not being able to get that information,” she said.
The conversation underlines the importance of understanding each link in a given supply chain, as Siegel references rapid changes happening in U.S. policy.
“It’s very hard to have supply chain resiliency in today’s environment … because we don’t know what’s around the corner,” she said.
In the latest episode of Talking Trade, Crow Holdings Industrial Vice President Jack Rabenn says a new air cargo facility set to open in Milwaukee will provide an alternative to the delays and congestion importers and exporters currently face in Chicago.
Rabenn spoke with Talking Trade host Sandi Siegel about the new supply chain center set to open in the third quarter of next year at Milwaukee International Airport. He said under the current system, freight is trucked between Wisconsin and O’Hare International Airport in Chicago. He said that “doesn’t make sense.”
“There's an understanding among the shipping community in Wisconsin of … it does not make sense operationally for stuff to be trucked down in Chicago, then back up to Wisconsin,” Rabenn said. “There's a lot of uncertainty with the congestion of O'Hare. So when their goods fly in, and they might be stuck for days sometimes before they can get back up to Wisconsin, or on the way out, get stuck at the building because of their ground stops, what have you.”
He also said using the Milwaukee facility would be about 60% cheaper for importers and exporters than O’Hare.
Rabenn said there has been a lot of excitement about the new facility, and he’s working on turning that into action by addressing any perceived risks. He said he understands no one will lose their job sending goods through O’Hare, even if it’s inefficient and costs more.
“So we're working to reduce that perceived risk to make sure we get a first mover,” Rabenn said. “Because the first question I always get from a carrier or even a forwarder that doesn't know the area is, ‘Well, who's currently flying in there?’ And that's inherently the wrong question, because there's no facilities for them to fly into, and that's why there's the opportunity.”
Rabenn said part of tackling the issue will involve working with state lawmakers to create incentives, such as reducing landing fees or offering fuel tax subsidies, working with freight forwarding groups to demonstrate the benefits, and engaging with shipping companies.
“Because ultimately, if enough of them agree, making some type of commitment to a carrier on loads as a whole is a lot less risk than one of them sticking their neck out. So that's where we're at right now,” Rabenn said.
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest episode of “Talking Trade,” British Consul General in Chicago Richard Hyde says the new trade deal between the United States and United Kingdom includes key provisions on agriculture that will benefit both countries.
“This is something we’ve been talking about for a number of years, since we left the European Union this has been one of the big things that we’ve been trying to achieve,” Hyde said of the deal. “And it’s been challenging, and so it was a big breakthrough for us.”
After the framework for the deal was announced earlier this year, both U.S. and UK leaders recently signed it during the G7 conference in Canada, Hyde noted. He argued the trade deal is “all about mutual prosperity” for both countries.
“The U.S. and the UK have a trade relationship that’s balanced, that’s fair and frankly is reciprocal,” he said, adding “we are not a threat to U.S. jobs … we do not undercut you on steel or agriculture or anything else that people are rightly concerned about. But we are a complementary economy.”
Hyde said agriculture is “always the most complicated” and often emotional part of international trade agreement negotiations, given the pride people take in what they produce and differences in how they make it.
One element of the trade deal aims to increase U.S. ethanol exports to the UK through a new quota, he noted. Another will open up beef imports and exports between the two nations, which Hyde says will give farmers certainty that they can “sell in much bigger quantities” outside of domestic markets.
Still, he said this represents a “starting point for our agricultural conversation” between the countries.
“There’s much more we can do, and there’s much more we want to do on this, but we don’t want to hold everything up,” he said.
The discussion also touches on changes in food standards over time, trends in other commodities such as steel and aluminum, trade imbalances and other topics.
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest episode of “Talking Trade,” Prof. Denis Leclerc of the Thunderbird School of Global Management at Arizona State University shares insights on negotiating international trade deals.
Leclerc, who teaches cross-cultural communication and global negotiations, emphasizes the importance of building trust for developing international trade. He also raises the question of whether European countries and Canada can trust the United States as a trading partner amid ongoing tariff tensions.
“If you don’t have that trust, where you know, we understand, we’re going to trade goods and services because it's in both’s interest, both benefits … both sides are going to lose that part, that notion of trust,” he said.
He predicted exchanges between the U.S. and these major trading partners going forward will fall under the concept of “distributive bargaining,” in which negotiations are focused on dividing up a fixed amount of value.
“This is what we’re seeing right now … most global economies don’t like that. What they want is a system that’s not based on, you know, one-to-one issue,” he said. “They like to have a stable system, might not be the best system, but at least it’s stable.”
Leclerc explained that stability enables better planning, as consistent costs can be used in making business decisions and calculations. As tariffs on specific countries, industries and goods change week by week, he noted “everybody’s … pretty stressed” about the uncertainty.
“Issues like, can I trust what I’m signing now going to be good in six months from now?” he said.
The discussion ranges from the United States’ relationship with other trade partners such as the United Kingdom to resources available for companies looking to reach international markets and related opportunities.
“Do the work to make sure you understand the market, because you’re going to have to change,” Leclerc said. “Like if you want to be very practical to talk about cross-cultural issues, you might have to change your labels … you might have to do a lot of things that you are not used to.”
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest episode of “Talking Trade,” Chris Wojtowicz of the Wisconsin Small Business Development Center discusses the latest developments in federal tariff policy.
Wojtowicz, an international trade consultant and chairman of the Wisconsin District Export Council, says he’s urging his clients to stay positive despite the current uncertainty.
“The world’s not fallen or coming to an end, there are a lot of opportunities to be found out there … politics and governments and personalities and rhetoric aside, people are still looking for your solution,” he said. “So let’s lead with that.”
He shares examples of how he’s working with clients to navigate the international shipping landscape given tariff-related challenges, including finding ways to avoid paying certain taxes when “re-exporting” goods.
Wojtowicz also touches on U.S. relations with other countries, noting Canada is “still charging us 25% in retaliatory tariffs even though we’re not charging them,” and referencing the Trump administration’s alienation of some Canadians.
And while he’s telling clients to take some of the president’s rhetoric with a grain of salt, he notes it can also signal the administration’s next moves.
“Does that mean ship now, get stuff on the water and panic? No. But be prepared, that’s what it means,” he said. “And you know, it’s difficult. It really is. I’m trying to tell my clients to be proactive rather than reactive.”
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest episode of “Talking Trade,” Aquarius Systems President Jane Dauffenbach discusses how tariffs are impacting the North Prairie company.
The business makes various machinery for aquatic applications, ranging from weed harvesters to excavators, transport barges and more.
Dauffenbach says Aquarius Systems has been exporting since 1970, shipping aquatic plant harvesters to customers in Iceland’s kelp industry. Its products have now been shipped to dozens of countries across Europe, Africa, South America, Asia and elsewhere.
“I would declare before the world, we were the first company to ever produce a marine debris collection vessel,” she said. “So we’re working hard now on trying to get the world out to the rest of the world that we’re the OG in that space.”
The conversation explores how tariffs and related uncertainty are throwing a wrench into Aquarius Systems’ operations, as two pending orders in Canada have been “tabled” amid trade tensions with the U.S. government.
“My concern is that it’s because they’re irritated right now with the United States,” she said. “With that said, we are producing two other machines that are going to Canada, this summer we’ll be shipping. And our customer there is concerned about retaliatory tariffs.”
The majority of the company’s customers are government entities, and Dauffenbach said one of its buyers in Canada doesn’t have enough wiggle room in its municipal budget to pay for the increased price under reciprocal tariffs.
Other prospects in Canada have remained “receptive,” she said, though she said she’s heard from other companies that have been stonewalled entirely “with almost no explanation.” Still, she said the business is also getting new inquiries from buyers in other countries that would be affected by tariffs.
Dauffenbach highlights some lessons learned from the pandemic-era supply chain disruptions, noting Aquarius Systems has modified its pricing structure to avoid getting caught by abrupt spikes in material costs. She also stresses the importance of export markets to the company’s future.
“I don’t know that there’s enough United States business to support the folks that are in this business long-term,” she said. “Because we need the world market, we need to have these other places to sell our product, in my opinion. It’s certainly contributed to, you know, to our success and I would hate to see that go away.”
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest episode of “Talking Trade,” Michael Best Strategies Partner Sarah Helton offers an update on the latest tariff developments.
Helton, the practice group chair for government and trade for the advisory firm, said the recent 90-day reprieve from more substantial tariffs on most countries is giving businesses some wiggle room to adjust supply chains and other factors.
“What a sigh of relief for a lot of companies that are impacted in a negative way by these tariffs,” she said.
Helton noted the Trump administration has signaled that negotiations are advancing with other countries, adding foreign leaders are coming to the table as a result of the current U.S. trade approach.
The conversation also touches on the “all out trade war” between China and the United States, as Helton notes retaliatory moves show that China isn’t backing down.
“With all of this ramping up, and the retaliatory tariffs on our side ramped up further, you’re looking at the overall landscape and by our calculations, depending on what you add in it … you’re facing a near 170% in retaliatory tariffs,” she said. “That is incredibly impactful.”
Still, she said observers are “starting to see some language” from U.S. officials about wanting to make a deal with China.
“Understanding what does that mean for China to come to the table, what does that mean for the U.S. to come to the table,” she said. “From my perspective, I do think that you’re going to start to see that at some point. The timeline of it is unclear right now.”
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest “Talking Trade” podcast, WEDC Chief Operating Officer Sam Rikkers discusses tariffs, export trends and how the agency helps Wisconsin businesses reach international markets.
He touches on a recent trade mission to Mexico that was organized by the Wisconsin Economic Development Corporation. It included a handful of businesses across agriculture, manufacturing and chemical industries.
Rikkers called the trip “tremendously successful” for the companies, most of which had never been part of a trade mission before.
“Mexico, as Wisconsin’s second largest trading partner, is a place that we go back to quite regularly,” he said. “And that’s because our Wisconsin companies, when they’re looking to expand their markets, they’re looking at our neighbor to the south as a place of just tremendous opportunity.”
He also highlights trends in Wisconsin exports, noting the state’s expertise in industrial machinery, plastics, farm products and more.
The conversation explores the latest developments with international tariffs and possible impacts on Wisconsin exporters. Rikkers underlines the uncertainty that businesses are grappling with as the situation changes daily.
“That’s what we certainly know in business across Wisconsin, that the single greatest premium is certainty,” he said. “After that, there’s a lot of other considerations, but the first thing is certainty of what the rules of the road are.”
Amid this uncertainty, Rikkers says WEDC’s role has been to “communicate stability” as it works with businesses in Wisconsin.
“From both the data that we know, and who we’re trading with most and who’s investing most with us, our partners will remain Canada, Mexico, Germany. The Chinese market is just too big to ignore,” he said. “And that’s what we hear from our businesses.”
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest episode of “Talking Trade,” Michael Best Strategies Partner Sarah Helton discusses the impact new tariffs may have domestically and on major U.S. trading partners.
Helton, the firm’s practice group chair for government procurement and trade, says President Trump’s newly enacted tariffs on steel and aluminum and other goods have created a “period of uncertainty” for the international trade landscape.
“There hasn’t been much time for anyone to take a breath, so everyone is trying to understand exactly what is included in all these actions, what this means, what the implications are,” Helton said during the interview, which was recorded Feb. 13.
The conversation touches on the possibility for exclusions and exemptions under the tariffs, retaliatory actions by other nations, the political conversation surrounding Trump’s trade moves and more.
Helton weighs in on possible strategic goals underpinning the tariffs, noting Trump’s approach may be “his mechanism to be able to bring China to the table” in trade negotiations.
“They understand the pain points related to, you know, controls on critical minerals and what that means for the necessity for production of defense materials here in the United States,” she said, adding “it’s a signal to each, right, of flexing muscles, but also too of understanding the best way forward would be through cooperation.”
Helton shares her thoughts on questions around the legality of the tariffs, noting she expects some to be challenged in court. Earlier challenges to certain tariffs “were largely unsuccessful,” she said, noting courts have been reluctant to take action when national security is involved.
She also touches on the role of Congress in the tariff discussion, saying she “would be highly surprised” if lawmakers were to move forward with legislation related to tariffs.
“I think they’ll have to keep their constituents in mind,” she said. “There’s a lot of their constituents that are highly impacted by these tariffs, and not necessarily in positive ways.”
The podcast is hosted by Wasylik, head of E.M Wasylik Associates, and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest episode of “Talking Trade,” Kallman Worldwide President and CEO Tom Kallman touts the prestige of U.S. medical products on the global stage.
The interview was recorded during the recent Arab Health trade show in Dubai, where Kallman Worldwide has been organizing U.S. participation since 1995. At the time, the show included 27 American businesses — including major players such as Johnson & Johnson and GE Medical — and that’s grown to more than 400 in the 2025 conference.
“American products are very well respected here … When you have all the money in the world, you have a lot of money, as many of the clientele here do, and you’re sick or your family is sick, what do you want? You want the best care possible,” Kallman said. “And for that, the local market turns very often to the United States.”
The conversation touches on differences in the way business is done in the Middle East, emphasizing the role of building relationships over time. Kallman notes the government of the United Arab Emirates “wants to make sure that you’re well-vetted and serious about being here” and stresses the importance of export readiness.
“It is not cheap to be here, there’s no question about that, but frankly that’s one of the things that separates the wheat from the chaff, those companies that are committed to an international program,” he said.
He also references common cultural touchpoints for American companies seeking to do business in the region, noting many business leaders in the Middle East have received higher education from U.S. institutions.
Still, because the Arab Health conference draws attendees from countries across Asia, Africa and elsewhere, Kallman notes different approaches may be required for reaching these varying markets.
“When you come here to Arab Health, you’ll have a meeting with someone from Kuwait, okay, consider that, then India, then Pakistan, then Saudi Arabia. And each one has its own unique approaches, and perhaps requirement for representation within that country,” he said.
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest episode of “Talking Trade,” Ben Miller of Dairy Farmers of Wisconsin touts the opportunity for dairy exports to reach new markets.
Miller, senior vice president of industry relations for the dairy business promotion group, shares insights on Wisconsin’s specialty cheese and other dairy products being shipped to markets around the world. While Canada and Mexico are the top export destinations, Miller says the group sees “a lot of growth” and opportunity in places like South Korea and China and elsewhere in Asia.
“We at [DFW] are partnering with a variety of organizations to get in front of these buyers, and also bring these buyers to Wisconsin so they can experience what you and I take for granted,” he said. “That is how we take care of our farms, how we take care of our rural communities.”
The conversation also touches on the latest developments with the next federal Farm Bill, the organization’s major policy priorities for that legislation and related funding.
“It will be interesting to see how Congress, you know, balances all of these priorities, but it is really important for our rural economy,” Miller said.
He also weighs in on the potential impacts for tariffs being imposed under the new presidential administration and possible responses by other countries. Miller stresses the importance of keeping relationships with partners outside of the United States and raising the visibility of Wisconsin dairy on the world stage.
“We’re going to do that, regardless of what’s happening around us in the political landscape,” he said. “And we’ll do it this year and next year, and we’ll continue to build on that momentum.”
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest edition of “Talking Trade,” Monex USA Chief Economist John Min shares insights on the U.S. economy as well as global trends.
Monex USA is an international payment services business specializing in foreign currency.
“For the last two years, many of my colleagues and fellow industry experts and market watchers, we’ve been expecting the U.S. economy to enter a recession … I also expected a recession last year,” he said, but noted newly adjusted models predict “another solid year” domestically in 2025.
He noted the United States has “defied” economists’ predictions as productivity has grown more quickly than expected.
“There’s a surge in productivity, at the same time there has been a surge in U.S. population,” he said.
The podcast explores the impacts of tariffs on the world stage, with Min noting the direct cost of tariffs typically hits U.S. consumers. He said Federal Reserve board members are expressing worry about expected tariffs under the incoming Trump Administration, pointing to greater inflationary pressures in the near future.
“Right now, they are getting close to 2%, that is our explicit goal by the Federal Reserve,” he said. “But it has been tough, that last mile from 3% to 2%, that’s going to be tough and with the tariff coming on board, and possible deportations, the Fed may be forced to keep the interest rate higher for longer.”
Still, he notes that trend would be good for the U.S. dollar in the foreign exchange market.
“So there’s a huge demand for the dollar, and that’s why the dollar has been very, very strong this year and last year, the year before,” he said. “And again, from Monex, our research department, we expect the dollar to continue to be very strong.”
Min will be a featured speaker Tuesday at a 2025 Economic Forecast event hosted by the Madison International Trade Association. See details and register here.
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest edition of “Talking Trade,” Explore Markets Founder and Managing Partner Fredrik Udd discusses opportunities for doing business in Poland and other parts of Europe.
Explore Markets, based in Poland, offers market research, supply chain help, export readiness assessments and other services. It works with international companies expanding operations in central and eastern Europe, as well as the Nordic nations.
Udd touts the strength of the Polish economy, calling it a “powerhouse” for Europe in business, politics and defense.
“It’s the land of business opportunities in Europe … development in Poland over the past 20, 30 years has been just fantastic and it’s really mindblowing to see what Poland has achieved during these years,” he said.
Along with highlighting Poland’s economic growth since joining the European Union in 2004, Udd paints an optimistic picture for the future of the country’s economy. He notes it has “outperformed all other European countries” over the past few decades along with other major economies around the world.
“So you have a stable strong growth, sort of just like a train that keeps on running,” he said. “And now you see big investments, big potential ahead.”
The podcast also touches on economic shifts in the region linked to the war between Russia and Ukraine, as well as potential opportunities for Polish companies looking to set up shop in the United States. Udd says more of these businesses are now looking outside the country’s borders in the past five years or so.
For U.S. companies aiming to expand elsewhere, Udd said most export-oriented businesses will find opportunities in Poland, particularly those in manufacturing. That includes machinery, automation solutions, material handling and more. This sector accounts for nearly one-fourth of Poland’s GDP, he said.
“The manufacturing industry is a traditionally strong industry and sector in Poland, that’s something that couples really well with the U.S. and with the Midwest,” he said. “So I think there are really good opportunities there.”
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
“Talking Trade” is now available in audio form on Apple Podcasts and Google Podcasts. Subscribe and find more episodes here.
In the latest episode of “Talking Trade,” FTI Consulting Managing Director Nick Baker says trade tensions with China are “guaranteed” to escalate going forward.
Baker, a licensed customs broker with the Washington, D.C.-based advisory firm, weighs in on the impacts of ongoing tariffs on Chinese goods. He predicted trade conflicts between the United States and China would continue to rise.
The interview was done before the election.
“The primary question is, how quickly, to what extent, and whether these are broad-stroke measures or more targeted,” Baker said.
He noted Donald Trump has established “very clear” tariff goals related to China.
“He is not shy about using the word tariff. I think on a recent podcast he said it’s his favorite word, maybe more favorite than the word love, which I thought was extreme,” Baker said. “But he’s been consistent in that messaging, and tariffs are his preferred negotiating tool.”
Trump has mentioned targets of 10% across all goods and 60% on all goods coming from China, Baker said, adding “you have to take these threats and comments seriously” given his track record on tariffs.
The United States currently has a trade-weighted average import tariff rate of 2% on industrial goods, the Office of the U.S. Trade Representative says. A variety of Chinese goods including solar panel cells, critical minerals, battery parts and more face tariffs ranging from 25% to 100%, according to an overview from New York based international law firm White & Case LLP.
While Congress has authority to levy duties and tariffs and set rates, legislation has shifted more of that power to the executive branch over time, according to Baker. He said mechanisms for enacting Section 301 tariffs in particular have “proven very effective.”
Under part of the Trade Act of 1974 focused on “unfair trade practices,” often just called Section 301, the United States can enact trade sanctions on countries that violate trade agreements or otherwise engage in “acts that are ‘unjustifiable’ or ‘unreasonable’ and burden U.S. commerce,” according to an overview from the Congressional Research Service.
“It does require an investigation by [the U.S. Trade Representative,] so there’s some administrative process behind it, but the support for those allegations can be very broad,” Baker said, adding “there’s a high likelihood that Trump will use 301 to expand the scope and degree of tariffs on products from China.”
He expects Trump will take actions under other trade acts to increase tariff rates while also pressuring other trade allies to “put similar pressure on China under the threat of retaliation.”
The interview also explores the potential for Section 232 tariffs on steel and aluminum to be used in further negotiations with trade partners and allies. Baker says threats of expanded tariffs in this area could be used “to negotiate other national security-related concessions,” such as restricting the flow of materials to China that could be used in making semiconductors, AI technology and renewable energy products.
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
“Talking Trade” is now available in audio form on Apple Podcasts and Google Podcasts. Subscribe and find more episodes here.
In the latest episode of “Talking Trade,” consultant Mickeala Carter offers insights on the next U.S. farm bill and ag export trends.
“When you’re thinking about agricultural exports and what that means for our farmers here, a lot of that now is due to U.S. ag output growing faster than domestic demand for a lot of products, and some of those products include those of importance to Wisconsin, like dairy products, meats, vegetables,” said Carter, senior director of government affairs for FTI Consulting.
She attributes a rise in international exports to rising incomes and growing populations in other countries, connectivity through the internet and more. This has come after U.S. exports in 2018 and 2019 had a “bit of a decline” related to retaliatory tariffs enacted by other countries, according to Carter.
“And so today, we’re looking at the bulk of those tariffs, which have been removed, and I think that we’re seeing those numbers climbing back up steadily,” she said.
She said other nations are increasingly interested in U.S. staples, noting exports of cranberries to Colombia have “shot up” in recent years. Wisconsin is the top cranberry-producing state in the country.
“They were getting more top chefs into Colombia, because they’re seeing their tourism go up and people wanting to experience different types of cuisines,” she said. “And I think that as tourism rises in other countries that maybe perhaps in the past weren’t known for their tourism, we’ll see more of this.”
The podcast also explores the potential for the coming federal farm bill, after the previous one was signed into law by then-President Donald Trump in 2018. The bill is typically passed every five years, so “the re-up of this particular farm bill should have been last year,” but a one-year extension delayed legislative progress, Carter explained.
“That year was up in September, and now we have some folks in Congress hoping it can be done during the lame duck session, and you have other folks who are holding out,” she said. “And a lot of it is due to the same age-old fights that happen during every farm bill.”
Carter is scheduled to speak on trade policy during an upcoming Madison International Trade Association event on Nov. 12 in Pewaukee.
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest episode of “Talking Trade,” AgTrade USA CEO Robert Bishop offers insights on the global livestock market.
Bishop, who is also the president of the Livestock Exporters Association, discusses the latest developments related to an outbreak of highly pathogenic avian influenza, or bird flu.
“The main country we’re concerned about right now is Turkey, they’ve cut us off because of it,” Bishop said, highlighting an October visit from a Turkish delegation that’s meant to “show them that bird flu really doesn’t affect the type of cattle that we export.”
The podcast puts a focus on American cattle, with Bishop noting decades of genetic manipulation have led to the “top genomic cattle in the world” that are sought after worldwide.
“Today, we ship cattle out of Wilmington, Delaware; Galveston, Texas; and Olympia, Washington are the three major ports in the U.S.,” Bishop said, noting they’re being shipped to destinations throughout Asia, eastern Europe, the Middle East, northern Africa and elsewhere.
He also touches on how historical animal shipping trends have changed over the years, including how trade relationships with China have shifted, as well as the role of USDA’s Animal Plant Health Inspection Service in reaching new markets.
“It’s a fantastic relationship that livestock exporters have with our partners at APHIS,” Bishop said.
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
The latest episode of “Talking Trade” features insights from ABI Research Industry Analyst James Iversen, who discusses a recent survey of U.S. and German manufacturers.
“German and U.S. manufacturers, they have a very similar investment priority when it comes to deployment of new technology … They kind of hope to achieve the same if not very similar goals when they do end up deploying these new technologies,” he said.
The survey found the top issue faced by both German and U.S. manufacturers is minimizing product defects, Iverson said, while American businesses are putting a greater emphasis on network security issues than German companies.
“They’re still looking predominantly at eliminating data silos, minimizing the cost of utilizing big data centers to store all your data and your pipelines,” he said. “So that would be kind of the biggest difference.”
Iverson also said German companies have more established sustainability frameworks, while the U.S. is less rigid and structured.
“When you talk about core issues of sustainability and environment, for German manufactures, they have -- I don’t want to say solved the issue, because I think this issue has a long way to go -- but generally speaking, German manufacturers are ahead of the curve on this,” he said.
The discussion also highlights the “shrinking workforce” for the industry, as skilled workers leaving the industry aren’t being replaced adequately with proficient workers. While Iverson points to AI as one solution to this problem, noting its role in training new hires, he acknowledged it’s not bulletproof.
“I don’t think it’s going to be the complete solution,” he said. “I think this is more of a Band-Aid until we find the correct long-term solution.”
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest episode of “Talking Trade,” Milwaukee Mitchell International Airport Director Brian Dranzik discusses an ongoing expansion project aimed at improving cargo shipping.
“We’re well on our way to groundbreaking hopefully at the end of this year,” he said, adding the cargo facility will have capacity for five 747-class aircraft at any given time. “Which hopefully will provide some relief for those who are moving cargo freight from Wisconsin and northern Illinois.”
Dranzik describes the project as “pretty uphill task” but said interest has risen over time as airport officials have ramped up messaging and engaged with trade conferences.
“A lot of interest, I think, from domestic and international carriers,” he said. “I think it’s just going to come to the point where it’s a ‘if you build it, they will come’ scenario, hopefully. That’s the track where we’re on right now.”
He said smaller operators or those with specific needs may be interested in using the new Milwaukee cargo center, as an alternative to the larger Chicago O’Hare International Airport across the state’s southern border.
“We do have to advertise Milwaukee as a city that stands on its own, which it does … We probably lose about 2 million or so passengers to Chicago. We know that, but at the same time, we have sufficient traffic levels here,” he said.
Dranzik also noted the Milwaukee area benefits from less congested airspace than the Chicago airport, which may give some carriers more confidence for choosing the smaller airport as a freight alternative.
“It’s kind of a first mover thing,” he said. “Once we get one in the door, we feel confident that others will follow.”
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
The latest episode of “Talking Trade” features banking insights from Judith Pryor, first vice president and vice chair of the Export-Import Bank of the United States Board of Directors.
EXIM Bank, created in 1934 under President Franklin D. Roosevelt, is celebrating its 90th anniversary this year. The bank acts as the official export credit agency of the U.S. government, providing direct loans, loan guarantees, working capital, supply chain finance guarantees and export credit insurance for U.S. businesses.
“We’re considered sort of the bank of large exporters, right, the high-dollar items, and we do quite a bit,” Pryor said. “In fact, last fiscal year we supported over $8.5 billion in finance throughout the world.”
Still, she notes 80% of its transactions are with American small businesses. As one example, Pryor highlighted Mathews Archery in Sparta, Wis., which the bank has helped export $22 million over the past decade.
“We can guarantee, or lend, up to $135 billion,” she said. “Today, our exposure is around $34 billion, so we have plenty of room to grow.”
The interview explores the role of EXIM Bank in global competitiveness as part of the Organisation for Economic Co-operation and Development, which has dozens of friendly member countries. The OECD provides guidelines so comparable agencies in this framework aren’t undercutting one another in the international marketplace.
“Now China, of course, is not a member of the OECD,” she said. “But in my opinion, we need to lead by example in order to encourage countries who are not members to play by the same rules.”
Pryor also discusses how the OECD is undergoing a “modernization” process, offering more favorable term options for those building solar or wind energy technology developments.
“If it’s clean, if it’s green, certain sectors -- energy storage, energy efficiency, renewable -- let’s lean in and provide longer term limits for those repayment terms,” she said.
In the latest edition of “Talking Trade,” German Deputy Consul General in Chicago Gabriela Bennemann discusses the close trade relationship between the Midwest and Germany.
She highlights the role of Germany’s consulate in the region, ranging from cultural work and services to promoting international trade in partnership with the German American Chamber of Commerce.
“We as a consulate are best equipped to support the activities of the chamber on a political level,” she said. “Helping with negotiations, negotiating memoranda of understanding, or any such thing. So we work hand-in-hand.”
Bennemann shares figures to illustrate Germany’s economic presence in America, noting 5,800 German businesses are located in the U.S. and German companies have invested $619 billion domestically. That’s in addition to $11 billion going into research and development in the U.S., with 75% of that figure focused on manufacturing R&D.
About half of those German companies in the U.S. are in the manufacturing industry, she notes, adding German businesses collectively represent the third-largest employer in the United States with more than 900,000 jobs.
“That is, I think, the best number that we can give you because it shows how integrated the German trade and German companies are,” she said. “If you look at the Midwest, it’s basically the main area where the German companies are located.”
Wisconsin imports about $2.6 billion in goods from Germany each year, she said, along with about $1 billion in state exports to the European country.
The podcast also explores the potential for future trade agreements at the European Union level, along with non-binding structural agreements between states that can offer a framework for economic cooperation.
In the latest episode of “Talking Trade,” Carroll University School of Business Dean Tim Sullivan touts opportunities for U.S. businesses to reach foreign markets.
Commenting on a report showing just 5% of American companies do business at the international level, Sullivan said he’s “shocked” that more businesses aren’t taking advantage of that opportunity.
“Five percent is extremely low … You look at the size of the overseas markets, it’s just flabbergasting that it’s that low, that as Americans we just really don’t concentrate on these abundant and very accessible markets around the world,” he said.
Sullivan held leadership positions with Milwaukee-based manufacturers the Rev Group and Gardner Denver Inc. after working for Bucyrus International, Inc. for 35 years. He also served as a special consultant to former Wisconsin Republican Gov. Scott Walker, leading councils focused on workforce development and education.
Since taking the helm of Carroll University’s School of Business last year, Sullivan says he wants to coordinate and expand efforts to provide international business studies at the Waukesha-based private college.
“We’ve already begun working on creating a curriculum that they can concentrate a lot of their business and technological studies on international markets,” he said.
The interview touches on the university’s efforts to expose students to various cultures around the world through travel, and Sullivan says “we need to really back it up” with more educational options focused on supply chain management and importing and exporting.
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest edition of “Talking Trade,” Great Dane Pub & Brewing Company co-founder and CEO Rob LoBreglio discusses his experience establishing a craft beer operation in Japan.
“We ended up transplanting the name here, even though it’s in English and we’re in Japan,” LoBreglio said in an on-site interview at the Madison company’s brewery in Sendai within the country’s Miyagi Prefecture. “And you know, now I am happy. I was not sure about that decision, but now it seems like people are reacting well to it. It’s becoming somewhat iconic.”
LoBreglio says fundraising for the brewery’s foray into Japan was a challenge in getting the business off the ground, along with the language barrier and regulatory differences.
He also discusses the rise of craft brewing in Japan in recent years.
“About seven or eight years ago, craft beer in Japan was about 1.5% of the market,” he said, noting that now “it’s increased to somewhere between 3% and 4% … No one thinks it’s going to grow to be 15% of the market like in America, but most people believe that it’s going to at least double up to about 7% or 8% of the market.”
Great Dane produces 16 different beers in Sendai, and LoBreglio says the business needs to “make what’s popular” despite his own background as a traditional lager brewer.
“So we’re kind of trying to fill that void between the light lagers and the IPAs, we’re trying to infill a little bit,” he said.
The discussion also explores the Japanese beer market more broadly, as well as some recent high-profile acquisitions and trends LoBreglio is observing.
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest episode of “Talking Trade,” Wisconsin Manufacturers & Commerce President and CEO Kurt Bauer discusses export challenges for companies in the state and how they’re addressing them.
“We are still seeing a hangover effect from COVID, supply chains for some are still tangled,” he said. “But most have solved that problem. Most of our members are telling us that they have resolved supply chain challenges. Inflation, however, I still blame on COVID.”
He tied ongoing inflation to the “trillions in government stimulus that was pumped into the economy,” adding it remains a major issue for businesses.
Bauer also weighs in on demographic trends driving workforce shortages, noting WMC is increasingly hearing that companies are expanding outside of Wisconsin rather than within, “because they need a long-term pipeline of workers” that the state can’t supply.
The interview also covers tariffs and global shipping lane disruptions linked to conflicts in the Middle East as well as geopolitical instability linked to the war between Russia and Ukraine and tensions between China and Taiwan.
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest episode of “Talking Trade,” Global Lite Refinery CEO Sahr Lebbie discusses how he launched a palm oil refinery in Sierra Leone from his corporate base in Milwaukee.
He shares details on the history of the business, as well as challenges he overcame on that journey.
“One of the reasons why myself, as many other students that came to the United States to study, was in search of better opportunities,” he said. “So ultimately, when I came and I noticed some of the opportunities that the United States provides, as long as you work hard, I was able to utilize that.”
Lebbie says he hasn’t established a “fixed market” in the United States yet, but he’s getting “a lot of attention” from parts of Europe and Asia. He notes palm oil is used in many industries, ranging from food production to pharmaceuticals and manufacturing other products.
“There’s a high demand for it in Europe, there’s a high demand for it in Asia — China, India, etcetera — I also believe the United States has a high demand for it, but I have not been able to fully incorporate the companies that utilize it,” he said.
The refinery business is a subsidiary of Global Lite, which is also involved in home and hospice care, maritime transport and real estate development, according to the company’s website. Its Sierra Leone presence includes a 120,000-square-foot space and 300 acres of land.
In the latest edition of “Talking Trade,” Michael Best Strategies Partner Sarah Helton weighs in on recently announced extensions to tariffs on Chinese imports, arguing the move is motivated by “both politics and strategy.”
“This was the first concrete action that the Biden Administration has taken related to the 301 tariffs, outside of calling for comments from public stakeholders, outside of just continuing the tariffs and the exclusions in place,” she said.
Last month’s announcement detailed coming changes to tariffs on various products such as steel and aluminum, semiconductors, electric vehicles, batteries, “critical” minerals, solar cells, ship-to-shore cranes and medical products.
“The U.S. has seen that China is making significant investments in certain areas, like solar, like critical minerals. Also too getting it more into the semiconductor space,” she said. “And so at the same time, you look at the U.S. investments in these areas, more than $860 billion under this administration … They do not want to see, right, that any surge in imports from China would jeopardize the investments that the U.S. is making in those areas.”
Helton also notes the number of tariff exclusions has been declining over time, falling to about 165 in the latest update from federal officials.
She advises businesses to keep up with the latest developments in Congress and the Biden Administration related to tariffs, adding “if you’re sitting on the sidelines, you’re going to miss opportunities available to you.”
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest episode of “Talking Trade,” Port of Green Bay Director Dean Haen discusses the business climate in northeastern Wisconsin and an ongoing expansion project.
“We’re serving the industries of agriculture, construction and manufacturing, so as they need raw materials, the port serves as the conduit for those commodities,” he said, noting the port ships petroleum products, diesel, ethanol, liquid asphalt, limestone, salt, coal, iron, aluminum, forestry products and more.
The port is actively looking for new tenants, Haen said, with a goal of filling gaps in supply chains for the region.
“Getting someone to change their supply chain takes a lot of time and effort, and they don’t happen overnight,” he said. “So port-related new developments take several years to facilitate.”
The podcast highlights an effort to transform a former coal-fired power plant into a port project, which has financial support from various county, state and federal grant programs.
“And we have one last grant that’s out there, a U.S. DOT Raise grant, that if we are successful here, in June we will have assembled all the dollars necessary to repurpose that property,” he said. “So we’re really optimistic and hopeful that we’re successful in this next and hopefully last round of grants needed to see this project built.”
Haen also touches on the port’s efforts to diversify its commodities as coal use declines amid the clean energy transition, as well as shipbuilding operations in the region that rely on the port.
“Collectively, we are working to sustain and grow shipbuilding in Wisconsin,” he said.
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest edition of “Talking Trade,” Wisconsin District Export Council Acting Chair Chris Wojtowicz discusses the latest developments in the global export landscape and how it connects to the state.
Wojtowicz, who’s also an international trade consultant with the Small Business Development Center, said he’s seeing “a lot of continued opportunity and growth” in the ports of Superior and Duluth.
“Around the state, we’re seeing really cool opportunities in foreign direct investment,” he said. “That’s something that we really don’t talk about quite a bit, but you know, between Japan, China’s still investing of course, Mexico’s investing, Italy — it’s just been really kind of neat.”
The discussion also touches on companies looking at alternatives to China for diversifying their supply chains, as well as some recent disruptions that have underlined the fragility of these networks. That includes the collapse of the Francis Scott Key Bridge in Baltimore, caused by a collision with a large container ship.
The DEC recently re-launched its website with a new events page, Wojtowicz said, aimed at capturing all international trade-related events happening across the state.
In the latest episode of “Talking Trade,” UK Consul General in Chicago, Alan Gogbashian, shares insights on the post-Brexit global trade landscape and other trends.
Trade between the United States and the UK is on the rise, he notes, as “the economic relationship is thriving” between the two nations.
“Sitting here in the Midwest, we obviously play a major part of that — this is an economic powerhouse region, it’s a hugely diversified economy,” he said.
Gogbashian weighs in on the ripple effects of the UK leaving the European Union, noting uncertainty following the move in early 2020 has largely died down. He argues companies “now have the certainty they need,” pointing to various frameworks for “creating certainty and clarity” around international business.
“Since leaving the European Union, the UK has been allowed to pursue its own international trade policy,” he said. “We couldn’t do that as a member of the [EU] … We can pursue our own trade objectives in the way that makes the most sense for UK interests, and the interests of the individual countries we have relationships with.”
The discussion also touches on the potential for a free trade agreement between the U.S. and the UK, for which negotiations began under the Trump administration but fizzled under President Joe Biden, Gogbashian said.
“We’ve had a fantastic economic dialogue with this administration, it just looks different to an FTA conversation,” he said. “In the future, if an FTA were to come back on the table, then we’d certainly be interested in pursuing that. But in the meantime, there’s so much opportunity for us to pursue at state level.”
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
In the latest edition of “Talking Trade,” City of Superior Planning, Economic Development & Port Director Jason Serck discusses upcoming projects at the port and broader economic trends.
Serck, who is also president of the Wisconsin Commercial Ports Association, shares insights on commodities moving through the port, ranging from stone, coal and clay to grains and more.
“Pretty robust here, and a good diversity of moving product and actually importing product as well,” he said.
He also outlines a $23 million port development project overhauling a C. Reiss Company dock at the port, which received $8.3 million in federal funding from the U.S. Department of Transportation’s Maritime Administration as well as state dollars from the state Department of Transportation’s Harbor Assistance Program.
“It’s a win-win,” he said. “It kicked off in August ahead of schedule because the winter has been very, very favorable. And I think they’re hoping to push a little bit of product through there starting this summer.”
The podcast also spotlights a major project to replace the aging Blatnik Bridge, which was the subject of a visit from President Joe Biden to Superior earlier this year.
“It’ll be, by the time we’re done with it, probably a considerable little over $2 billion project, which is huge for our area,” he said. “Putting a lot of people to work.”
In this week’s episode of “Talking Trade,” Michael Sekula of InPro Corporation discusses global supply chain challenges and how companies are navigating them.
Sekula is vice president of global supply chain management and safety for the Muskego-based company, which provides architectural products for commercial buildings.
“There are a couple wars going on, there’s the Red Sea issue going on, and from an export and import perspective, it’s difficult,” he said. “But flying around to various countries … I was just in Europe, and I was just in Dubai, and in the end, you know, there might be those things going on but all they want to do is do business.”
He also shares advice for companies facing compliance hurdles, noting InPro Corp. recently underwent multiple audits that didn’t uncover any issues.
“It’s also important to show that you’re a compliant company,” he said. “Don’t try to hide anything … Reach out to them, reach out to the officer or whoever it is and understand what they want, so there’s clear direction on both sides.”
The discussion touches on the role of compliance consultants in logistics decisions, as well as the potential for technologies such as AI to shape the industry, balancing sustainability with growth and more.
Sekula also shares insights on how InPro is approaching Asian markets, the impact of tariffs and other government regulations.
“It’s been a good exercise for us,” he said. “We still have a long way to go but we are mitigating our risks, that’s for sure.”
In the latest edition of “Talking Trade,” Jackie Bojor of the FRD Center in Bucharest, Romania, discusses opportunities in the region for Midwest companies.
Bojor is the director of business development for the Factor Regional Development Center’s Bucharest location. The advisory firm offers consulting, market research and other services focused on entering new markets and mergers and acquisitions.
She notes Romania is seeing more activity from American businesses and specialists in clean energy, pointing to investments in small nuclear modular reactor development from an Oregon company called NuScale Power.
“As U.S. officials have recognized recently, Romania is a regional pillar of stability, energy security and economic development,” Bojor said, adding the country has a “very strong” industrial manufacturing sector that continues to grow.
American-made vehicles, aircraft, electrical machinery and equipment are among the most in-demand products in the Romanian market, she explained.
She also said Romania is looking to advance its agricultural industries with more digital technology.
“In terms of transport and infrastructure, there are billions of euros to be received from the European Union, and this will generate a lot of interest from foreign investors, from foreign manufacturers looking to expand their businesses into Romania,” she said.
The discussion also touches on potential stability concerns among U.S. companies related to Romania’s proximity to the war in Ukraine. Bojor says Romania is “quite safe” in terms of conflict exposure, noting the eastern European country has been a part of NATO for decades.
“Practically, we have very strong facilities and a strong presence of NATO members here,” she said. “This is a stable economy, a stable country, and we have seen actually quite a lot of interest from companies which had their operations in the past in Ukraine and also in Russia.”
In the latest edition of “Talking Trade,” Matt Umhoefer of the state Department of Transportation discusses Wisconsin’s freight plan and federal infrastructure funding.
Umhoefer, the economic development section chief for the agency, notes the Bipartisan Infrastructure Law added new items for states to add to their existing freight plans. He discusses the latest iteration of the plan and shares details on the state agency’s future work on that effort.
He notes the law will help fund improvements to roads and bridges, upgrades to airports and maritime ports, expansions to public transit and passenger rail, and more.
“That phrase, generational investment, I think really does hold true in this case,” Umhoefer said.
Meanwhile, show host Sandi Siegel, president and managing director of M.E. Dey & Co., highlights some of the challenges facing supply chains.
“For years we’ve been hearing how the infrastructure hasn’t kept up with all the extra trucks and deliveries and so forth on the road, and certainly the trucking industry seems to have had the perfect storm,” she said. “Not only with more demand, but a continuing trend of driver shortages and drivers aging out.”
Umhoefer highlights various elements of the freight plan, including those focused on trucking, rail safety, riverways and more.
In the latest edition of “Talking Trade,” Mark Rhoda-Reis of DATCP shares insights on the latest agricultural export trends and more.
Rhoda-Reis, director of the agency’s International Agribusiness Center, says Wisconsin ag export activity in 2023 was down from the prior standout year.
“2022 was a record year for the U.S. and for Wisconsin,” he said. “For Wisconsin it was $4.22 billion, largest on record. And whenever you go to those kinds of peaks, oftentimes it’s difficult to maintain that really high level.”
Still, state ag exports hit $3.87 billion last year — the third largest annual total on record, he noted. And Wisconsin’s ranking for this measure improved from 13th in 2022 to 11th in 2023.
The discussion touches on the state’s production of meats, sauces, cheese and other food products, as well as how global trends have impacted the trade relationship with Mexico, Wisconsin’s second-largest export destination in 2023.
Rhoda-Reis notes U.S. tariffs and the COVID-19 pandemic created major economic difficulties for Mexico, with these challenges hitting the country harder than other parts of the world.
“As we’ve seen, they’ve started climbing back out of that,” he said. “I think some of it too is from that re-shoring that’s happening, a lot of that business that’s coming back from Asia, from China, back into Mexico.”
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In the latest episode of “Talking Trade,” Director General Dennis Yen-Feng Lei of the Taipei Economic and Cultural Office in Chicago discusses U.S.-Taiwan trade relations.
Lei focuses on trade relationships between Taiwan and Midwest states in particular, noting the country recently signed economic agreements with leaders in Michigan and Indiana, as well as educational memorandums of understanding with Ohio, Indiana, Michigan and Minnesota.
“We have a very promising future, our office is trying to increase more Taiwanese companies here, and also ask more American companies to invest in Taiwan,” he said.
Bilateral trade between the United States and Taiwan reached $135.6 billion in 2022, marking an annual increase of 19%, according to figures provided by the Lei’s office in Chicago. Meanwhile, U.S. imports of integrated circuits from Taiwan increased by 50.6% in 2022, for an increase of $2.7 billion.
Taiwan is the 9th largest trading partner for the U.S., and the 8th largest source of imports to the United States, Lei noted.
The interview was recorded before the recent elections in Taiwan, in which Democratic Progressive Party presidential candidate and current Vice President Lai Ching-te was chosen to lead the country.
In the latest edition of “Talking Trade,” former U.S. Ambassador to the Czech Republic Rick Graber discusses the political landscape around the Russia-Ukraine war and how the conflict is affecting European economies.
Graber, the former state Republican Party chair and current leader of the Bradley Foundation, says he differs from other Republicans who question why the United States is getting involved by providing aid to Ukraine.
“I think there is a legitimate American interest, and I think the United States and the Biden Administration should have stepped up sooner, more quickly and more aggressively than they did,” he said.
As the situation currently stands, Graber said there’s little reason for optimism about Ukraine.
“This is going to be, has been and will be a long, long slog,” he said.
Still, when the conflict does get resolved eventually, a “massive reconstruction effort” will be required to rebuild Ukraine, Graber said. He described it as an opportunity for Europe and the United States, though he said China is keeping an eye out for opportunities in the region as well.
“In the meantime, the economies of central Europe … are going to have to adjust without much input from Ukraine, I’m afraid, as the country continues to get pummeled,” he said.
Graber also weighs in on how President Biden and former President Trump have been dealing with China through tariffs and other economic tactics.
“I am not, in general, a big fan of tariffs,” he said. “I think you’ve got to let the free market operate … I would hope that [tariffs] would be a temporary weapon. By the same token, the Chinese haven’t been playing by the rules. If they’re stealing intellectual property — which they do — that’s not acceptable either.”
In the latest edition of “Talking Trade,” Djaagou-A Export founder and CEO Ognadon “Eddy” Djagou discusses his food and beverage business and U.S.-Africa trade.
Djagou launched the company in 2017, and since then has been exporting agricultural products from the United States to African countries, with a focus on West Africa.
“Right now, we are just working with three to five countries,” he said. “So our goal for the next five years is to extend, is to move to another country, is to, you know, have a new relationship in a new country.
Djagou says many American companies don’t have that same level of access. But he notes the average person on the continent is relatively young and African markets are expanding rapidly.
“There is a lot of opportunity in Africa,” he said.
In the latest episode of “Talking Trade,” outgoing MMAC President Tim Sheehy discusses his 31-year tenure with the Milwaukee chamber and the importance of business exports.
The Metropolitan Milwaukee Association of Commerce in October announced former Republican state Sen. Dale Kooyenga of Brookfield will take over as the group’s president early next year.
Sheehy said one of his most important accomplishments while leading the MMAC has been helping more Wisconsin governors and mayors to understand the competitive global environment for corporate investment, as well as related opportunities.
“One of the things I’ve learned from the countless trade missions that I’ve been on to Canada, South America, Mexico, the Middle East, Southeast Asia, is that every day those regions are getting up and competing for capital investment and jobs,” Sheehy said.
He also touts the strength of Wisconsin’s workforce and talent pool, noting it helps attract investments by large manufacturers such as Haribo, which has a large production facility in Pleasant Prairie. And he touches on international transportation infrastructure development in the state as well.
“Something like 86% of the companies in Wisconsin that export are small or mid-sized companies, maybe exporting to one or two markets primarily, but as they start to expand, they need the service providers here that have that expertise to help them do that along with the physical infrastructure,” he said.
Given the global uncertainty linked to conflicts in the Middle East and tensions between China and Taiwan, Sheehy said some businesses are turning inward to focus on domestic markets rather than opportunities overseas.
“I think that’s a mistake,” he said. “And so, I think the message I would leave is, it’s a tough world out there, but buckle up and go at it and you’re going to be better for it.”
In the latest episode of “Talking Trade,” Asian Insiders Partner Primadi Soerjosoemanto shares insights on business opportunities in Indonesia.
As the world’s fourth most populous country, Indonesia has a growing economy that’s attracting investment from many global companies, Soerjosoemanto explained.
He said policies advanced by the country’s government have drawn investment from around the world. As examples, he pointed to a recent law that allows more foreigners to work and live in Indonesia, as well as a new work permit for entrepreneurs.
“For the past 10 years, the development is growing and you know, it’s easier to do business now,” he said.
Soerjosoemanto said opportunities abound for U.S. companies looking to reach Indonesian markets, noting the country already imports soybeans and milk from the United States. He added more high-value goods are being manufactured in Indonesia as part of international supply chains.
In the latest episode of “Talking Trade,” Rapport International owner Wendy Pease shares insights on the translation and interpretation industry.
The business offers written translation, spoken interpretations and other communications services for businesses, helping its customers to reach international markets. Pease discusses how technologies such as Google Translate have influenced this work.
“When that first came out, we said ‘Oh, is Google Translate going to put us out of business?’ And it hasn’t,” she said. “It’s actually raised the demand for good translation, because now people understand that you can communicate across languages, and that there’s a way to do it appropriately.”
Pease also comments on the impacts of AI on this field, noting it functions better than Google Translate when applied to certain topics. But she added “you don’t know which one’s going to be better, so you can’t consistently use one” of these services over the other.
“What I’ve heard [from] the experts, the analysts that are really deep-diving into the different technologies that are out there, is that we still need humans involved,” she said. “And it’s getting harder and harder to judge the quality, because there are some companies that will say ‘human-involved’ translation.”
That means the service is using machine learning for translation, and then having a person review it. But if those reviewers lack subject matter expertise, mistakes could “slide by,” Pease said.
In the latest episode of “Talking Trade,” Midwest Food Products Association President Jason Culotta discusses supply chain challenges, impacts on pricing and more.
Certain metals used in can manufacturing have been in short supply in the United States, he said, which impacts the Midwest canned food industry. The region supplies most of the U.S. canned vegetable supply, from sweet corn to green beans.
“We beat everyone in the world on quality, but on price … normally with labor it’s not an issue actually, surprisingly, compared to the foreign competition,” he said. “But this packaging issue, with the steel for the cans, has put us at a bit of a disadvantage.”
More foreign products in this market are being sold by U.S. retailers, Culotta said, adding that’s been disappointing to see. Many of those competing products come from China, Thailand and Brazil, he said. But he noted “these things ebb and flow, and we’re sure hopeful that we’re going to get a chance to compete fairly again.”
He also shares his thoughts on top export opportunities for agricultural producers, highlighting “some significant growth” in places such as Mexico and the Netherlands.
And Culotta touches on new shipping lanes opening up in the Midwest, emerging trends in the transportation business and more.
In the latest episode of “Talking Trade,” co-hosts Sandi Siegel and Ken Wasylik interview Ian Coxhead, senior research fellow for the Institute of Developing Economies in Tokyo, Japan, about trade policy and Asian economics.
Coxhead, a former host of the show, shares his perspective on China’s economy, noting its central economic role for other nations in Asia.
“Before the global financial crisis, China was doing great with all of these policies and efficiency gains. Since about 2010, a lot less growth. And this year, much, much less growth in the Chinese economy,” he said.
He explains China has been challenged by slow growth, aging population, a shrinking labor force and financial instability.
“All of these things are not the product of the Trump trade wars and the terrible Chinese response to COVID-19, but they have been exacerbated by those as well,” he said. “Chinese households, they’re getting scared. Their savings are tied up in real assets and stuff like that, so they’re really unwilling to spend at the moment.”
Coxhead added Chinese skilled labor is still very limited, despite national workforce investments. And major efforts, such as the global Belt and Road Initiative infrastructure project, have been “very costly with very little payoff” for the country’s economy.
He also highlights ripple effects on other middle-income countries that have relied on the Chinese market to prop up their growth.
In the latest edition of “Talking Trade,” Croix Valley Foods owner Damon Holter discusses the company’s history, successes and plans for future expansion.
The Hudson-based business operates out of a 20,000-square-foot facility where it makes barbecue sauces, steak sauces, marinades, dry rubs and bloody mary seasonings.
“It’s been very successful, and we continue to thrive here in the U.S. and abroad,” Holter said.
He highlights the company’s efforts to reach international customers after realizing “the competition in the grocery industry is really cutthroat,” with relatively small margins. After being approached by a distributor in Canada, the company turned to buyers in the hardware and home improvement industry, Holter explained.
“Basically anywhere that people are selling grills and grilling accessories, so we saw the success in the Canadian market and we decided to pivot our business here in the U.S. to do the exact same thing,” he said. “It really increased our business tremendously.”
Holter also touches on the company’s participation in professional barbecue and steak competitions in other countries, which further catapulted efforts to reach new markets such as parts of Europe, Asia, Australia and South America.
“We’ve utilized the lessons that we’ve learned and the relationships we’ve built with other people across the world — especially those that are passionate about cooking, and competition cooking specifically — to be able to take our business from where we were a few years ago to really the next level,” he said.
In the latest episode of “Talking Trade,” Canadian Consul General Aaron Annable shares the latest figures illustrating Canada’s trade relationship with Wisconsin.
According to Annable, 174 Canadian companies currently operate in the state, employing more than 22,000 Wisconsin workers. Annual trade between Canada and the state reached $14.7 billion in 2022, marking a 13 percent increase from the prior year, he said.
“This means that Canadians buy 31 percent of all foreign-bound goods produced in Wisconsin, and that’s more than the next five largest foreign markets for the state combined,” Annable said.
Total Wisconsin exports to Canada were up 15 percent last year, he added. The state’s largest export categories to its northern neighbor were paper and plastics last year, valued at $621 million and $615 million, respectively.
Plus, nearly one-fourth of all Wisconsin imports from Canada are forestry products, valued at around $1.4 billion annually. Other top import categories include agricultural products and equipment and machinery, each of which are valued at around $800 million per year.
“We’re very optimistic about seeing this growth continue, given the very positive and productive relationship we have with Wisconsin,” he said.
Annable also discusses bipartisan efforts by U.S. lawmakers to boost trade and improve security agreements with Canada, as well as the latest international supply chain trends and more.
In the latest episode of “Talking Trade,” international trade consultant Chris Wojtowicz of the Small Business Development Center highlights resources available to companies in the state.
“Wisconsin has a wonderful, really dynamic ecosystem of help for exporters,” he said.
He touches on support offered by local chambers of commerce, economic development officials and state agencies such as DATCP and the Wisconsin Economic Development Corp.
And he discusses the role of trade compliance experts for companies looking to reach international markets, noting the current trade landscape is becoming more complex.
“I don’t want to scare people away, but I want them to just take a look and see what could possibly affect their business … At the end of the day, if you’re exporting and you have any kind of concern about your product or who you’re doing business with, that would be the time you know you need a compliance professional,” he said.
In the latest episode of “Talking Trade,” Rural Export Center Director Heather Ranck highlights exporting opportunities and resources for rural companies.
This North Dakota-based national research center is part of the U.S. Commerce Department, and focuses on assisting small businesses in rural parts of the country with market research and other support.
“There are three main barriers to exporting for rural exporters: knowledge, connections and confidence,” she said. “And you can use data to tackle all three of those … We tie in our global network of staff that are at the U.S. embassies and consulates around the world with the U.S. Commercial Service to help tackle those barriers.”
The center helps its clients identify promising export markets, spending more than $1 million per year on databases. Plus, it provides lists of potential buyers to U.S. companies using its network of contacts, as well as web presence analysis and other services, Ranck said.
She discusses one example of a Wisconsin company that benefited from the center’s services: Ventris Learning, a provider of early childhood education curricula based in Sun Prairie.
“We identified some potential partners, and they ended up signing a partnership with a company in Australia,” she said.
In the latest episode of “Talking Trade,” Port of Milwaukee Director Jackie Carter discusses plans to develop a new cruise ship dock, commodity shipping and more.
“We are the northernmost point that can access the Mississippi River … We can get down to the Gulf of Mexico, we can get through the seaway, so from the East Coast there’s commodities that come in,” she said. “So there’s a lot of different ways that you can get products to the heartland of America, and they can come through the Port of Milwaukee.”
As the second-largest port on the Great Lakes system by tonnage, Port of Milwaukee plays a major role in supporting business imports and exports in the region, Carter explains.
She also highlights a new agricultural maritime export facility being developed at the port, and how farmers in the Midwest will benefit.
“We’re really proud that that’s going to be located right here at Port Milwaukee,” she said.
In the latest episode of “Talking Trade,” Wisconsin Center for Manufacturing and Productivity CEO Buckley Brinkman discusses how the center prepares businesses for exporting.
He says the center’s ExporTech program helps manufacturers develop an exporting plan in 90 days that can be implemented immediately.
“It’s really a strategic submersion, where you really get to the point where you understand, here’s my product portfolio, here are the likely targets in the world where this can be sold, and then connecting into the other resources that are available through the state or the federal government,” he said.
According to Brinkman, companies that have gone through the program gain about $1 million in additional sales on average.
“This isn’t as risky as most people think, because you have a lot of people helping you,” he said. “Then you have an opportunity for a huge upside when you’re talking about exporting.”
He also shares his thoughts on some of the top trends impacting manufacturers, including supply chain uncertainty, the effort to get “critical manufacturing” out of China and the outlook for the North American market.
In the latest episode of “Talking Trade,” St. Lawrence Seaway Development Corporation Administrator Adam Tindall-Schlicht underlines the importance of Great Lakes shipping for the Midwest economy.
He also highlights room for growth in the region, noting the amount of vessel traffic through these waterways could be doubled with “no operational impact” on U.S. and Canadian ports there.
“Now, we want to do that in an economically and environmentally resilient way,” he said. “We view ourselves as stewards of the Great Lakes, and stewards of this freshwater asset.”
Tindall-Schlicht also discusses the need for expansion, automation and infrastructure investment at U.S. ports on the Great Lakes, referencing the “generational opportunity” presented by the federal Bipartisan Infrastructure Bill and Inflation Reduction Act.
“We’re in a time of cargo diversification on the Great Lakes,” he said. “We’re seeing new container services coming online that forwarders are looking at, that supply chain logisticians are looking at.”
In the latest episode of “Talking Trade,” MI Group Senior Advisor Terry Dittrich discusses the path ahead for rebuilding infrastructure in Ukraine.
While the war between Russia and Ukraine rages on, Dittrich says reconstruction planning has already begun, noting “if you wait, you’ll be too late.” He shares insights from a recent conference held in Poland focused on these efforts.
“The bottom line is, the Europeans, the Asians and to an extent, some American companies, are already in planning,” he said. “A lot of engineering, planning, design … particularly things like social housing and hospitals, schools. Very immediate need-type projects.”
While banks in Ukraine aren’t currently operating due to instability, Dittrich says large European banks are “starting to put themselves in a position to go in” once the conflict is over.
“I’d say we’re probably about six to 12 months away from major funding being available,” he said. “And of course that’s all contingent on things settling down over there … but pre-planning is going on full speed.”
Dittrich adds the “real gateway” into Ukraine right now is Poland, noting most staging efforts for financing, exports and services are based in Warsaw.
In the latest episode of “Talking Trade,” Pawan Bhatnagar of Kasvu Consulting and Asian Insiders touts the strength of the Indian economy.
He says India has “proven to be remarkably resilient in the face of the headwinds” facing global markets, pointing to inflation, the war in Ukraine and other factors.
“India is on track to become the world’s third-largest economy by ‘27, surpassing Japan and Germany,” Bhatnagar said. “And just to tell you, we may have the third-largest stock market by 2030.”
The country is expected to more than double its current DGP of $3.5 trillion to $7.5 trillion by 2030, according to Bhatnagar. This projected growth is linked to three major trends, he said, pointing to global offshoring, digitalization and energy transitions.
He also highlights “expanding credit availability, creation of new businesses, improving the quality of life and increased consumer spending” and the country’s growing manufacturing sector as contributing factors.
In the latest episode of “Talking Trade,” Rebekah Sweeney of the Wisconsin Cheese Makers Association discusses the “recipe for success” for dairy exports in 2022.
Sweeney, the group’s senior director of programs and policy, says last year was “an outstanding year” for U.S. dairy with more than $9.6 billion in exports.
“That represents a 25 percent increase overall, and creates a new record both in terms of volume and value,” she said. “And I always like to say — and I really believe — that dairy processors’ success is built on a firm foundation of their commitment to quality and safety.”
She also touts their efforts to build business relationships with export markets around the world. Sweeney highlights rising sales to Mexico, as well as other countries in Central America and South America, parts of Asia, Australia, Canada and elsewhere.
“It’s an unmitigated success story, though perhaps one that could have been even greater absent some global disruptions,” she said, pointing to Russia’s invasion of Ukraine, supply shortages and inflation limiting consumers’ purchasing power.
Sweeney also shares her perspective on economic forecasts for 2023, arguing it’s unrealistic to expect dairy exports to rise another 25 percent this year.
In the latest episode of “Talking Trade,” Armada Corporate Intelligence Chief Economist Chris Kuehl discusses a recent shift in the global economic outlook.
“If people were listening to the commentary even a few weeks ago, it was pretty doom and gloom,” Kuehl said. “It was looking at 2023 as a year of serious recession, maybe starting in first and second quarter and extending through the year.”
But in the past several weeks, several new data points have helped to challenge that assumption, Kuehl explained. For one, he noted some information suggests global inflation had peaked in November or December of 2022.
“We started to see a decline in commodity prices, we started to see a decline in shipping rates,” he said. “We saw a little bit of a decline in factory gate pricing — not like it’s gotten back to where we were prior to the pandemic, but considerably less than what we saw earlier in the year. And less than what had been anticipated for the coming year.”
He also discusses expectations for China’s role in the global industrial community, touching on the country’s COVID-19 response, competition from India and other Asian nations, and more.
In the latest episode of “Talking Trade,” Orbis Corporation Senior Director of Global Logistics Mike Heindselman says trade compliance efforts need to be company-wide to be effective.
“There’s no compliance without teamwork,” he said. “This can’t be one faction, or one department, or one functional area of a company that’s leading the charge on that. It has to be multiple areas that understand the goal, how it impacts them and why we are doing this.”
To ensure that broad understanding, he underlines the importance of senior management buy-in as well as coordinated education.
Heindselman also shares his perspective on the status of international tariffs and how they’ve influenced compliance efforts.
“One challenge that we found was sourcing from different markets,” he said. “I think there’s a lot of people that were entrenched in certain markets that now had to learn the nuances or the ins and outs or specifics of a different market where they’re getting product overseas.”
In the latest episode of “Talking Trade,” recently retired Trek Bicycle Corporation executive Maureen Muldoon discusses industry trends and how the company weathered COVID-19.
Muldoon, who was the vice president of international business development for the Waterloo-based bike maker, highlights the “bike boom” seen early in the pandemic.
“They wanted to get bikes for their kids so they could do some things outside, people were buying bikes because they were doing stay-cations, etcetera,” she said. “It ended up being that there was this sort of boom of sorts. We reacted quickly to that, we increased our [purchase orders] with our vendors.”
Looking forward, she expects the trend of increased sales to slow down as people return to more typical buying habits.
“Things are going to settle in, they’re starting to settle in now,” she said. “But what we’re seeing is we’ll land the plane at a higher level than what we were pre-pandemic.”
She also discusses the effects that supply chain disruptions had on the industry.
“There’s so many different parts that go into a bike, if you’re missing a disk brake, you can’t build a bike,” she explained. “So in some cases, our vendors had a lot of product, a lot of inventory … but they couldn’t build a product because they were missing one item.”
In the latest episode of “Talking Trade,” Asia Society Policy Institute Vice President Wendy Cutler says it’s unlikely that tariffs on Chinese goods will be lifted anytime soon.
She discusses the recent news that tariff exclusions on several hundred products have been extended for another nine months after being set to expire at the end of last year.
“But we’re talking about 352 products out of thousands and thousands,” she said. “And so, the exclusion relief also has been pretty minimal under the Biden administration. But I do think what you’re seeing is businesses are learning how to live with these tariffs, and how to do workarounds, and how to restructure their businesses.”
Cutler notes some vocal advocates have been urging the United States to engage more with China and “get back to the negotiating table,” but says those perspectives are now in the minority.
“The climate in Washington is you can’t be tough enough when it comes to China,” she said. “I think there’s a sense that if we sat down at the negotiating table with them on trade, what exactly would we negotiate?”
She explained Chinese President Xi Jinping has made it clear the government will continue to play a major role in the country’s economy. That includes more restrictions on data and privacy. Cutler says U.S. trade policy will focus more on boosting competitiveness while working with allies to “develop a collective response to objectionable practices” by China.
The discussion also highlights U.S. export trends, COVID-19, China’s contracting economy and resulting efforts to improve self-reliance, as well as the Trans-Pacific Partnership and more.
In the latest episode of “Talking Trade,” Omanhene Cocoa Bean Company President Steve Wallace discusses challenges associated with growing the Milwaukee-based chocolate business.
The company’s products are processed and produced in Ghana, one of the world’s largest producers of cocoa.
“Overcoming history was difficult … the politics and the economics were very much centered on getting things cheaply from this part of the world and making money with it elsewhere,” he said.
Wallace explained his goal for decades has been to “move up the cocoa value chain.” Ghana and the Ivory Coast are the two largest cocoa growers on the planet, but most of the value linked to cocoa and other commodities from the area is added elsewhere such as Europe or the United States, he said.
“So we were disrupting this existing value chain, and there were a lot of parties — both within and without Ghana — that benefited from the old way of doing things,” Wallace said.
State and federal officials in October announced Niche Cocoa of Ghana was partnering with Omanhene to establish its first North American manufacturing facility in the Franklin Business Park. According to the Wisconsin Economic Development Corp., the project represents the largest food and beverage investment by an Africa-based company in U.S. history, and the largest Ghanan foreign direct investment ever made in Wisconsin.
While Wisconsin wasn’t initially a top-of-mind destination for the project, Wallace pitched the Milwaukee area as “the perfect place” for the factory.
“Largely because of our manufacturing expertise — in particular, the food and beverage expertise and ecosystem here — and the very highly trained and capable labor force, and the universities and the agricultural history of this state,” he said.
In the latest episode of “Talking Trade,” former diplomat Andy Rothman of the firm Matthews Asia highlights the benefits of U.S. engagement with China and says an initially bumpy transition from strict COVID-19 protocols will improve next year.
Rothman urges continued engagement, including international investment and trade, as well as academic exchanges, partnering on innovations in science and medicine and more.
“All of that engagement I think over the last several decades has been really, really positive for most Americans,” he said, citing positive Wisconsin trade numbers with China. “And I think it’s also been really positive for most Chinese people as well. On the business side, it’s really worked.”
While he conceded China doesn’t follow all of the rules laid out by the World Trade Organization, he said “they follow enough of the rules” to facilitate growth in the U.S.-China trade relationship.
He noted U.S. exports of goods to China have risen by 600 percent since China joined the WTO. That’s compared to a 100 percent increase in exports to other countries.
“Our agricultural exports — important for Wisconsin — are up 1,600 percent to China,” he said. “It’s now our largest market in the world for agricultural goods.”
Rothman also weighs in on China relaxing its “zero-COVID” policy and possible implications for U.S. industries and the pandemic response. He notes the country has dropped restrictions that were seen as disruptive to daily life and normal economic activity.
“In the end — certainly by the spring or early summer in the coming year — this is going to be good news for everybody, for Chinese people and for us as well,” he said.
Chinese health officials announced yesterday the country would begin limiting its reporting of COVID-19 data as cases there are on the rise.
In the latest episode of “Talking Trade,” Europartnerships Managing Director Mark Dodsworth says businesses in the United Kingdom “have been hit very hard” by the pandemic, the war in Ukraine and Brexit.
“These have caused a number of serious disruptions, which have led to, for example, 11 percent inflation as of today,” he said. “Rising interest rates, exchange rate volatility, supply shortages, energy price rises, shortages of labor and consumer spending under pressure.”
But despite these challenges, he said the U.K. economy has proved to be “fairly resilient.” After a dip in 2020, its GDP rose 7 percent in 2021, Dodsworth explained. And the current quarterly GDP is only 0.4 percent below its pre-pandemic level.
“At the moment, things are not too bad but they are likely to get a lot worse,” he said. “And there are major concerns about a prolonged recession in 2023/24.”
He also highlights some areas of opportunity for U.S. companies, including financial technology, digitization, electric vehicles and charging infrastructure, energy efficiency, and health care and life sciences.
In the latest episode of “Talking Trade,” Michael Best Strategies Principal Mike Dankler says a federal review of Section 301 tariffs on China could be “a sign of some tariff-liftings to come.”
Federal officials recently opened a comment period on these tariffs, and Dankler says Michael Best Strategies has been encouraging clients to apply to submit comments on this process.
“I think there’s a lot of people hoping that they may use it to rebalance things somehow, maybe use it as pretext to reopen an exclusion process,” he said. “As we’ve been telling clients, there’s an old political adage that, ‘if you’re not at the table, you’re on the menu.’”
Dankler also discusses potential actions federal lawmakers could take related to trade regulations and programs in the wake of the recent midterm elections. And he touches on the possibility for a rail worker strike and how Congress may respond.
He also explains the chair position for the House Ways and Means Committee is up for grabs between three lawmakers from Missouri, Florida and Nebraska.
“All of them are likely to chart kind of a free-trader type of path on trade policy,” he said.
In the latest episode of “Talking Trade,” Trade Acceptance Group Principal Bruce Glaub outlines the benefits of export credit insurance.
If an exporter isn’t paid by a client, the insurer will pay out a percentage of that unpaid amount, Glaub explained. That’s useful at the international level because exporters have fewer options for recouping their losses from outside the country, he said.
“Rather than what you do in the U.S., using the law maybe as your heavy hand, internationally, it’s great to use trade credit insurance,” he said. “That gives you the ‘stick,’ per say, if you need to collect from someone.”
Glaub also noted this type of policy can help exporters offer longer payment terms to their customers amid the ongoing supply chain delays. He said that’s helpful for customers, as they’re more likely to have received the shipment by the time the payment is due.
“The way it helps you, is you now have a longer term but it’s a protected term,” he said. “You have that guaranteed payment. So you know that, ‘Okay, I’m not going to get paid in 30 days but I’m definitely going to get paid in 90. And if I don’t, I have this insurance policy that’s going to pay me if something catastrophic happens.”
He added those longer terms will likely be shortened in time as supply chains continue to untangle.
In the latest episode of “Talking Trade,” Mark Rhoda-Reis of DATCP discusses another potentially record-setting year for Wisconsin ag exports.
Rhoda-Reis, the director of the agency’s International Agribusiness Center, said the state set a new record with $3.94 billion in ag exports in 2021, marking an 18 percent increase over the prior year.
“And we’d had some challenging years, so that was good news to see,” he said. “And then year-to-date June, so our second quarter, we are already up 10 percent over that record amount. So it’s shaping up to be a strong year.”
He gives an overview on the latest figures for Wisconsin dairy, crop and meat exports, all of which are on the rise.
And he shares his thoughts on how the state has been faring amid all the challenges of the past several years, pointing to supply chain disruptions, shipping container shortages, higher shipping costs and COVID-19 disruption of export markets.
“There’s a long list of things that we’re looking at, you would think that we would be down at this point,” he said. “But I think post-COVID demand has been so strong — and this is what the companies that we work with are telling us — that it’s actually been driving a lot of that need.”
In the latest episode of “Talking Trade,” Cohen Group Associate Vice President Damian Felton explains the implications of the Uyghur Forced Labor Prevention Act on international commerce.
The act aims to bolster U.S. prohibitions on importation of goods from the Xinjiang region of China, according to co-host Sandi Siegel of M.E. Dey & Co. Felton explains the law prohibits imports of any products coming from the region or any organization included on a UFLPA list of associated entities.
“This really stems from the social programs that China is targeting Uyghurs and other ethnic minorities in the Xinjiang autonomous region that give rise to forced labor … items originating wholely or in part from Xinjiang will be denied entry unless there’s clear and convincing evidence that they were not made with forced labor,” he said.
He noted information on which projects being stopped isn’t made public, aside from some anecdotal reports of solar panels, men’s apparel and shirts being detained.
“I think the impacts of UFLPA will increase over time,” Felton said.
In the latest episode of "Talking Trade," Briggs & Stratton legal executive Jennifer Jin discusses the impact of trade sanctions on manufacturing supply chains.
Jin holds the position of senior counsel, global compliance, contract and litigation for the Wauwatosa-based manufacturer. She shares her perspective with hosts M. E. Dey & Co. President Sandi Siegel and Katie Henry, executive director of the Metropolitan Milwaukee Association of Commerce's World Trade Association.
She explains the importance of geopolitical changes related to the conflict between Ukraine and Russia.
"It's vital that companies, especially global companies, are able to respond and understand their responsibilities as it relates to some of those changing laws, not just here in the United States but all across the world," she said.
Jin says Briggs & Stratton created a rapid response team to grapple with the complexities of export control changes resulting from the conflict, including members of sales, finance, logistics and legal divisions.
"Making sure that you understand not only where your products are coming from directly, but where your products are coming from along the chain," she said. "So where are the materials coming from, are the materials going to be sourced from places, or people or entities that are sanctioned?"
In the latest episode of “Talking Trade,” attorney lawyer Ngosong Fonkem discusses the “seismic trade shift” in global supply chains caused by sanctions on Russia.
Fonkem, a trade compliance specialist with Chicago law firm Page Fura, notes “this is the first time since the end of the Cold War that sanctions of this magnitude” have been levied on a major global economy. Many nations including the United States have enacted sanctions on Russia following its invasion of Ukraine in February.
“Russia essentially has become the most sanctioned country in the world, essentially bypassing Iran,” he said. “Bear in mind the country is the 11th largest economy in the world in GDP terms … and you pick any commodity out there, Russia is among the top three exporter of that commodity.”
He provides an overview on various types of sanctions against businesses, individuals and specific sectors including finance, energy and others.
In the latest episode of “Talking Trade,” energy specialist Emily Pickrell highlights industries and companies likely to benefit from the federal Inflation Reduction Act.
Pickrell is a journalist and global energy scholar at the University of Houston and currently writes about energy, politics and technology for Forbes. She says the wide-ranging legislation will benefit suppliers of electricity needed for electric vehicles, among others.
“That’s solar and wind and battery production,” she said. “That’s where a large portion of the benefits are going.”
She notes the legislation contains about $80 billion for certain EVs, with caveats aimed at steering future electric vehicle production away from China and other countries “perceived as unfriendly” to the United States.
“Tesla is an obvious, huge beneficiary of this,” she said. “They have a vertical supply chain, they’ve already thought about these issues in advance.”
She predicts a push toward development of related supply chains in response to the legislation, along with a “broad re-think” in the industry around long-distance supply chains.
China may view Joe Biden’s presidency as an improvement over the Trump Administration according to Talking Trade’s Kelvin Ma in his discussion of the recent election with WisPolitics.com’s Jeff Mayers.
With President-elect Joe Biden developing his transition team, Talking Trade’s UW-Madison Prof. Ian Coxhead, and M. E. Dey & Co. President Sandi Siegel consider how Biden’s international trade policy might not follow his predecessor’s approach.
After the world’s largest international trade pact was signed in November, “Talking Trade” hosts Prof. Ian Coxhead and M. E. Dey & Co. President Sandi Seigel explore the treaty and why the U.S. did not join the Regional Comprehensive Economic Partnership, dominated by the People’s Republic of China.
Talking Trade’s UW-Madison Prof. Ian Coxhead and M.E. Dey & Co., Pres. Sandi Siegel discuss changes afoot in east-west trade as Pres.-elect Joe Biden prepares to take office.
Ian Coxhead, UW-Madison professor, and Sandi Siegel, president of M. E. Dey & Co. in Milwaukee, interview Joe Glauber, senior research fellow at the International Food Policy Research Institute, about trends in U.S.-China agricultural trade affecting the Midwest.
Adam Tindall-Schlicht, director of Port Milwaukee, talks with Sandi Siegel and Ian Coxhead of “Talking Trade” about new port developments.
He also talks about the port’s role in Midwest trade and how possible rail mergers may impact Wisconsin.
The latest episode of “Talking Trade” features a conversation with Samantha Vortherms, an assistant professor of political science at University of California, Irvine.
Vortherms, a 2017 graduate of UW-Madison, discusses trade relations between the United States and China with hosts M.E. Dey & Co. President Sandi Siegel and UW-Madison Professor Ian Coxhead. She highlights recent research on how trade wars impact multinational firms operating in China.
“Tariffs do increase exits, but really it’s this broad political souring that’s pushing firms out,” she said. “And not just U.S. firms, but firms much more broadly.”
She found that large firms, and those that entered China about 20 years ago, were the least likely to leave the country amid the “souring” environment. Companies that are more entrenched in China with a stronger base of operations were “much less likely” to leave than other businesses.
“We really think that firm size, so how much capital they have, and their age — how long they’ve been there — are proxies for how well integrated they are, maybe the relationships that they develop locally that can kind of buffer,” she said. “Instead of shutting down to reduce costs, they then pass on the costs to consumers or somewhere else down the supply chain.”
In the latest episode of “Talking Trade,” a UW-Madison economist and expert on Russia provides insight into the evolving conflict with Ukraine.
Paul Castaneda Dower is an assistant professor of agricultural and applied economics at the university and is involved with UW-Madison’s Wisconsin Russia Project. He offers his perspective on the rationale behind Russia’s invasion of Ukraine as well as how it could impact global trade.
“Precisely because Ukraine is so close to Russia … economically, culturally, historically, politically, all these things, because they’re so close, if Ukraine is able to successfully integrate with the west and democratize in a successful way, this means that it can be done in Russia too,” he said. “That’s very problematic for Putin’s worldview.”
Aside from the predicted rise in fuel costs, Dower notes Russia and Ukraine combined produce a fourth of the world’s wheat and a fifth of the world’s corn. And Ukraine is the world’s largest exporter of sunflower seed oil.
“So obviously this is going to have huge effects across the globe,” he said. “With the pandemic’s disruption of the global supply chains, this is going to be an additional, kind of perfect storm if you will, to impact global prices.”
In the latest episode of “Talking Trade,” Visthar founder Pradeep Nedungadi highlights trade opportunities for Wisconsin companies in India.
His company provides consultant services for businesses looking to operate in India, which is the second most populous country in the world.
“It’s a shame that the U.S. is just discovering India as a manufacturing option, and even as a trading partner in non-manufacturing businesses, only in the last 30 years,” he said.
Unlike China, he explains India has been historically focused on domestically consumed goods rather than export products.
“Now that the global automotive industry has entered India in the last 30 years, with largely Japanese companies but some U.S. companies and European companies, everything that follows automotive is also developed to world-class standards,” he said. “So now it is available to the Western world for products, parts and components. So the landscape is looking good.”
Many of Visthar’s clients are located in the Midwest, including Wisconsin, Illinois and Iowa. The company’s business has doubled in the past two years, and Nedungadi says he expects another doubling between 2021 and 2022.
“It’s from a smaller base, but as the base grows higher, we’re still maintaining that growth,” he said. “We’re expecting it to triple from 2022 to 2025.”
In the latest episode of “Talking Trade,” Michael Best Strategies Principal Mike Dankler provides an update on the latest sanctions against Russia and the effect on trade and commodity prices.
“One area where the U.S. and EU and others haven’t really gone the full way is on energy,” he explained. “EU is just so reliant on Russian oil and gas that they can’t go too far yet without hurting themselves.”
Dankler said it’s uncertain how long it will take for certain sanctions on Russia to have a real impact on the war in Ukraine. He noted long-term export controls are expected to impact Russian factories, while banking sanctions recently announced by the United States “make a default almost imminent.”
“How does that impact Russia’s ability to prosecute its war? That’s kind of the main question,” he said. “And the secondary question of, what does Vladimir Putin consider a win?”
He also points to “wide-ranging” impacts on global supply chains, though he noted Russia isn’t as interconnected with western supply chains as a country like China, for example. But because both Ukraine and Russia are major producers of wheat, he warned of potential famines or food supply shortages.
“We haven’t seen that yet but it’s definitely a concern,” he said.
In the latest episode of “Talking Trade,” WEDC Vice President of Global Business Development Katy Sinnott highlights rising exports to some of the state’s top trade partners.
Wisconsin’s exports over the past 10 months have increased 21 percent compared to the same period of 2020, with growth seen in exports to Canada, Mexico and China, she said.
She noted pharmaceuticals and prepared vegetables shipped to Mexico have “increased by huge numbers,” while exports of medical and scientific equipment to China have also risen.
“And when we look at our top three export products, which are industrial machinery, medical and scientific instruments, and electrical machinery, all of these categories have increased by between 6 and 10 percent, so good news,” she said.
Sinnott also discusses programs run by the Wisconsin Economic Development Corp. that aim to help businesses boost exports, as well as the agency’s network of trade representatives.
“We’ve had people who have had laws change while their product is on the water, going to a country, and we’ve actually been able to use our trade representative network to find support for that company so when it landed in that country, they actually could offload their equipment and send it to their buyer,” she said.
In the latest episode of “Talking Trade,” hosts Ian Coxhead and Sandi Siegel interview Ngosong Fonkem, an Appleton native with the law firm Page Fura.
Fonkem discusses the Biden administration’s human rights-trade policies and his book, “Trade Crash.” Fonkem also chairs the International Practice Section of the Wisconsin State Bar.
It’s cranberry harvest time, and Wisconsin State Cranberry Growers Association Executive Director Tom Lochner chats with “Talking Trade” co-hosts Ian Coxhead and Sandi Siegel about this year’s crop, supply chain issues and where cranberry exports can grow.
The latest “Talking Trade” video podcast features Mike Dankler, trade advisor for Michael Best Strategies in Washington, D. C.
With a new trade agreement reached between the United States and the European Union, Talking Trade hosts Ian Coxhead and Sandi Siegel discuss future trade and tariff issues with Dankler.
In the latest episode of “Talking Trade,” international trade consultant Chris Wojtowicz discusses supply chain disruptions and potential solutions.
Wojtowicz is part of the Small Business Development Center at the UW Institute for Business and Entrepreneurship and is the chair of the Wisconsin District Export Council. He highlights the support available for companies looking to connect with domestic and international markets.
He also touches on some of the top challenges facing small businesses amid the pandemic recovery.
“A lot of them are a little skittish, some of them are just straight-up gung-ho, let’s get after this. Which is great, I love that particular energy,” he said.
In the latest episode of “Talking Trade,” U.S. Department of Commerce Deputy Undersecretary for International Trade Diane Farrell discusses the administration’s pandemic recovery efforts.
“For those of us in the international sphere, it’s not just about building back better in the United States,” she said. “It’s about how do we strategize our economic recovery, how do we take advantage of opportunities overseas, and how are we also helping our foreign partners to recover from the global impacts of COVID.”
Farrell also highlights agency efforts to ensure trade agreements establish a “level playing field” for U.S. companies.
“We know that when the level playing field exists, our companies are extremely successful,” she said.
She also said she’s “thrilled over the moon” about the Indo-Pacific Economic Framework for Prosperity recently announced by President Biden. She points to the “diverse markets” included in the framework such as Singapore, Japan, Australia, India, Malaysia and others.
“Importantly, this is also an effort to start to truly address in a material way the impacts of climate change,” she said. “Another, of course, extremely important Biden-Harris administration priority, but one that folks in that region particularly have been impacted by.”
In the latest episode of “Talking Trade,” Bank of America executive Drew Slocum discusses how his team helps companies navigate the intricacies of international trade.
“The last 18 months, what we’ve seen companies work through has been unique, different and challenges that most of our companies have never faced all at one time,” said Slocum, senior vice president and marketing manager for the company.
The show touches on rising inflation and interest rates as well as supply chain and labor issues, along with how financial institutions and their corporate clients are grappling with these trends.
“We’ve seen borrowing ramp up quite a bit really across the board, as companies are faced with higher costs, but also as they think about trying to get ahead of inventory issues,” he said. “More advanced purchasing on inventory … trying to make sure they have the components on hand so they can meet the demand that they’re seeing.”
In the latest episode of “Talking Trade,” E.M. Wasylik Associates Managing Director Ken Wasylik discusses his approach for reaching new international markets.
He highlights how the COVID-19 pandemic has impacted those efforts, such as meeting and forming connections with clients.
“Whether it’s a trade mission, trade venture — basically sending some sales person to that particular market, and that’s how you built it pre-pandemic,” he said. “During the pandemic, that whole travel, that section stopped. You just couldn’t do it.”
Whether it’s developed through meeting in person or over video call, he emphasizes that “trust is the number one element” for any business relationship.
Wasylik touches on trends in North American supply chains, how companies are addressing ongoing challenges in this arena and how alternative suppliers are helping address those issues. And he discusses the outlook for inflation and rising interest rates.
“Everybody’s trying to manage those particular challenges,” he said. “What we’re seeing is that inflation is a universal global issue. Every market around the world is experiencing inflation, whether it’s in fuel prices, food prices, manufacturing goods, transportation.”
In the latest episode of “Talking Trade,” hosts Ian Coxhead and Sandi Siegel speak with Adam Sitkoff, executive director of the American Chamber of Commerce in Hanoi, Vietnam.
Sitkoff, a UW-Madison grad, tells Coxhead and Siegel of about the impact of Vice President Kamala Harris’ recent visit and warns that COVID-related issues will translate into delivery problems for holiday gifts.
Talking Trade hosts Ian Coxhead and Sandi Siegel visit with Jay Nash of the Madison International Trade Association and Nash Global Trade Services for a discussion of trade trends and their impact on store shelves in coming months.
Times are tough for international trade with snarled U.S. ports and, as Talking Trade hosts Ian Coxhead and Sandi Siegel learn from Kohler Co. trade coordinator Julie Pojar, a patchwork of changing tariffs poses continued trade barriers.
The latest “Talking Trade” video podcast features a conversation with Will Hsu, president of Hsu’s Ginseng Enterprises.
President Trump’s trade war with China and COVID-19 were doubly harsh on Wisconsin’s ginseng trade, as Talking Trade hosts Ian Coxhead and Sandi Siegel learn from Hsu.
In the latest episode of “Talking Trade,” hosts UW-Madison Professor Ian Coxhead and M.E. Dey & Co. President Sandi Spiegel discuss this season’s U.S. crop production and exports.
The show also features Mark Rhoda-Reis, bureau director for export and business development at the state Department of Agriculture, Trade and Consumer Protection.
The latest episode of “Talking Trade” features a conversation with David Usher, acting consul general for Canada’s Chicago Consulate.
He talks about the consulate’s role in promoting cross-border trade and economic development in Canada as well as Wisconsin, Illinois and Missouri, pointing to the “very important and robust” trade connection between Canada and Wisconsin.
He explains Wisconsin exports about $7.5 billion in goods to Canada each year, while it imports about $5.5 billion annually. And he highlights the 189 Canadian-owned businesses in the state that employ over 22,000 Wisconsin workers.
The discussion ranges from opportunities for Wisconsin startups in Canada and the growing role of Toronto as a “tech hub” to supply chain issues and collaborations in water technology.
Usher touts the role of the water sector in Milwaukee, touching on the connection between the consulate and the Water Council’s Brew 2.0 incubator program. Three Canadian companies have been chosen to join the program’s latest cohort, he said.
“This is another area where Canada and Wisconsin have shared skills, shared interests, and the cooperation is great, and we’re trying to make it even stronger,” he said.
With the Biden administration come new views on international trade as “Talking Trade” hosts Prof. Ian Coxhead and M.E. Day & Co., President Sandi Siegel consider how quickly any new approaches might arise.
The featured guest on the latest episode of “Talking Trade” is Mark Rhoda-Reis, director of the International Agribusiness Center at the Department of Agriculture, Trade and Consumer Protection.
Rhoda-Reis gives an update on “quite a strong year” for ag products in the state. Based on year-to-date data from November, he said exports over most of 2021 were up 19 percent over the previous year.
For the overall year, he said “we expect to be up close to that percentage amount; that’ll put us at least our 10-year record for agricultural exports.” He noted the state’s top five export markets saw growth through November, with three of those experiencing growth in the double digits.
“We’re a little bit surprised, if you think about the high cost of containers, the lack of availability of containers, workforce shortages and challenges and being able to produce, but there was so much pent-up demand that we sort of were able to overcome a lot of those headwinds,” he said.
The latest episode of “Talking Trade” features Rocío Rivera Barradas, consul of economic affairs at the General Consulate of Mexico in Chicago.
Barradas highlights difficulties with trading with China and other Asian nations due in part to COVID-19 factors. She notes the auto industry has been struggling amid the pandemic, contrasting that with the success of the medical industry and strong Mexican beer sales in Illinois.
Also due to the pandemic and challenges related to trading with China, Barradas says U.S. companies “are looking again to Mexico” to relocate some of their operations.
“Here at the consulate, we receive many questions and requests about finding suppliers in Mexico. Also finding companies that can’t manufacture products that they used to buy from China — now they want to buy it from Mexico,” she said.
In the latest episode of “Talking Trade,” Shawn Jarosz, founder of consulting firm Trade Moves, talks about international trade issues affecting ag, organic labeling and other items with hosts Ian Coxhead and Sandi Siegel.
The Talking Trade Team of Ian Coxhead and Sandi Siegel welcome a long-time Milwaukee business insider to add some insights into U.S. -China trade.
Business dealings with China changed during the COVID pandemic, Ulice Payne president of Addison-Clifton, a global trading firm, tells Talking Trade’s Ian Coxhead and Sandi Siegel, and the new normal offers new business opportunity.
In the latest episode of “Talking Trade,” hosts Ian Coxhead and Sandi Siegel connect with Menzie Chinn, professor of public affairs and economics with UW-Madison’s Robert M. La Follette School of Public Affairs.
Their discussion highlights the impact of shifting U.S.-China relations on international trade, including investment and competition in technology production.
In this episode of “Talking Trade,” hosts Prof. Ian Coxhead and M.E. Dey & Co. President Sandi Siegel discuss how human rights charges in East Asia impact trade.
WisPolitics.com’s Jeff Mayers and Shanghai trade specialist Atty. Kelvin Ma look at how the People’s Republic of China views the ban on TikTok and the U.S. trade war in this special edition of Talking Trade. Talking Trade is supported by the UW-Madison Center for East Asian Studies.
“Talking Trade” hosts UW-Madison Prof. Ian Coxhead and M. E. Dey & Co. President Sandi Siegel use the 2020 election to evaluate President Trump’s trade policy. They also discuss potential changes with a Joe Biden victory.
In this episode of “Talking Trade,” Prof. Ian Coxhead and M.E. Dey & Co. President Sandi Siegel discuss the lawsuit 3,500 U.S. companies filed to block further tariffs following a federal appeals court decision that Trump administration trade duties on Chinese goods were illegal.
After a recent WTO panel found U.S. tariffs on $200 billion of Chinese goods illegal, M. E. Dey & Co. President Sandi Siegel and UW-Madison Prof. Ian Coxhead explain the issue in this inaugural episode of “Talking Trade.”
China-U.S. trade is in transition according to UW-Madison Asian trade Prof. Ian Coxhead and M.E. Dey & Co. President Sandi Siegel as President Trump’s trade war forces China leader Xi Xinping to focus on growing domestic demand.
On this week’s episode of Talking Trade, UW-Madison Prof. Ian Coxhead and Sandy Siegel, president of M. E. Dey & Co., compare notes on how the COVID-19 pandemic has affected Wisconsin businesses.
With Election Day 2020 a few weeks away, Talking Trade’s Prof. Ian Coxhead, and M.E. Dey & Co. president Sandy Siegel compare President Trump’s U.S.-Mexico-Canada Agreement with the NAFTA pact it replaced.
Jeff Mayers of WisPolitics.com talks with Shanghai attorney and trade consultant Kelvin Ma about whether the U.S. and the People’s Republic of China are in a trade war or a tech war in this bonus episode of “Talking Trade.”