UNITED STATES OF AMERICA

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With a population of 343 million and a forecasted GDP of $30,507bn in 2025,the United States is a very large highly diversified open economy, with high per capita income and deep capital markets. However, it exhibits a pronounced net negative external position — its NIIP stood at –$24.6 trillion (-€21.15) by Q1 2025, equivalent to roughly –72 % of GDP.

A central economic weakness is the very high public debt ratio: federal debt is estimated at ≈ 99 % of GDP by end 2024, rising to 98–100 % at end of FY 2024, and projected to grow to 116 % by 2034.

Fiscal credibility remains under pressure, with projected annual deficits of 6.3 % of GDP in 2023, rising to approximately 6.4 % in 2025, before slightly narrowing in 2026. Rising interest costs and long‑term mandatory spending — particularly on health and entitlements — are projected to outpace revenue growth, driving debt toward unsustainable levels over the coming decades, with policymakers facing mounting pressure to reform entitlement programmes, control healthcare expenditure, and consider tax reforms to restore fiscal balance .

Beyond fiscal pressures, challenges include managing private sector leverage, ageing demographics, trade and global imbalances, and geopolitical uncertainty. Economic growth is projected to remain moderate: real GDP growth around 2% through 2025.

Summary

BNP Paribas has been doing business in the United States for over 140 years. Headquartered in New York, with four business centres and 536 retail locations in 23 states, the bank relies on its strong and well-established franchise to provide full-service institutional corporate and investment banking, including cash management and international trade finance, and to offer a broad range of advisory services and corporate finance capabilities to key industry sectors.

In addition to BNP Paribas' corporate & investment business, the bank provides a broad range of banking services through its wholly-owned subsidiary, Bank of the West, including a robust cash management and international trade finance offering. Founded in 1874, Bank of the West offers a wide range of personal, commercial, wealth management and international banking products and services. Its cash management and international trade finance platforms provide convenient, reliable, and secure access for domestic and international small businesses, middle market and large corporate enterprises across all industries.

Currency

  • US dollar (USD)

Bank accounts

  • A company is considered resident in the USA if it is created or organised under the laws of any US state or the District of Columbia.

Tax authority

  • The Internal Revenue Service (IRS), a part of the US Department of the Treasury, administers the taxes imposed by federal law.

Taxable year/filing

  • The taxable year usually follows the taxpayer’s annual accounting period where such period is a calendar or fiscal year. A calendar year is a period of 12 months ending on 31 December. A fiscal year means an accounting period of 12 months ending on the last day of any month other than December. An annual accounting period means the annual period on the basis of which the taxpayer regularly computes its income in keeping its books. Certain taxable periods of more/less than 12 months may arise.
  • For taxable years beginning after December 31, 2015, a C corporation generally must file its income tax return by the 15th day of the fourth month following the end of its taxable year (previously, the deadline was the 15th day of the third month following the end of its taxable year). Thus, the due date of the tax return (without extension) for C corporation filers with a calendar year end is April 15 rather than March 15. However, for C corporations with a fiscal year ending June 30, this change is delayed and will take effect for taxable years beginning after December 31, 2025. Taxpayers are normally required to make estimated tax payments in quarterly instalments during the fiscal year. All remaining taxes due must be fully paid by the original due date of the return. No extensions are allowed for the payment of tax. Interest is assessed on all amounts outstanding as of the original due date of the tax return.
  • State filing and payment deadlines are similar to the US federal requirements but vary by state.
  • A group of domestic affiliated corporations may file a consolidated tax return if certain requirements are met, most particularly that the parent company must directly own 80% or more of the stock of at least one subsidiary in the group, and each subsidiary in the group must be at least 80% directly owned by the parent and/or other group subsidiaries.

BNP Paribas Cash Management Capabilities

Cash collections
Cheque collections
Direct debit collections
Domestic incoming transfers
Virtual IBAN
Virtual accounts
International incoming transfers
Card acquiring

Payments & collections

The predominant payment method in the USA in terms of value is the electronic credit, also known as the wire transfer. The use of cheques is in decline; payment cards have overtaken the cheque as the most widely used non-cash payment method for consumers. Contactless card payments and digital wallets such as PayPal are increasingly used for low-value purchases; according to research by McKinsey, penetration of digital payments in the US reached 78% in 2020. Research by the National Retail Federation indicates that 58% of merchants in the USA accepted contactless payments in 2020, up from 40% in 2019.

A new real-time gross settlement service, FedNow, to process and settle instant payments 24/7/365, will launch in 2023. It will process payments of up to USD 25,000, such as P2P payments and B2P payments.

Electronic banking services are available from all banks. There is no national electronic banking standard in the USA, so companies use banks’ proprietary services.

Online and mobile banking is offered by all of the country’s leading banks. Approximately 87% of Americans use mobile banking services. Bank of America dominates digital banking with 30.8 million active mobile banking users and 39.3 digital banking users.

Short term investments

Interest payable on credit balances

  • Interest-bearing bank accounts are permitted.

Demand deposits

  • Company demand deposit accounts have been permitted to pay interest since 2011 following the repeal of Regulation Q.

Time deposits

  • Time deposits are available in USD for terms ranging from one week to one year.
  • The maximum investment per bank is USD 150,000.

Money market funds

  • Domestic money market funds (MMFs) are popular short-term investment instruments.
  • The minimum investment amount is typically USD 1,000.

BNP Paribas Trade Finance Capabilities

Documentary credits
Documentary collections

International trade

  • The USA is a member of the United States-Mexico-Canada Agreement (USMCA) and DR-CAFTA.
  • As a member of the Dominican Republic-Central America FTA (DR-CAFTA), the USA has FTAs with DR-CAFTA member states (Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras and Nicaragua).
  • The USA has 250 foreign free trade zones.