Neither the SEC nor the DOJ filed a new FCPA Enforcement Action in the second quarter of 2024, which is relatively rare, according to a report from Stanford University's FCPA Clearinghouse. The last time a quarter passed without a single new enforcement action was in 2013, and before that, in 2003. Enforcement activity in the first six months of the year was the lowest recorded in almost two decades.
The USTR's office Monday released the second Report on the Operation of the United States-Mexico-Canada Agreement (USMCA) with Respect to Trade in Automotive Goods . The conclusion of the report is that there is no conclusion. The automotive industry continues preparing for full implementation of the USMCA rules of origin (ROOs) when special flexibilities afforded under alternative staging regimes begin to expire in 2025.
The Department of Commerce’s Bureau of Industry and Security (BIS) Export Enforcement published an updated version of Don’t Let This Happen to You!, a compendium of case examples highlighting BIS criminal and administrative enforcement efforts. The publication was last updated in March 2024.
The European Council today adopted restrictive measures targeting the Belarusian economy, extending the export ban on dual-use/advanced goods and technologies, the measures include maritime navigation goods and technologies, and luxury goods. Also controlled are services exports, transport, and select imports from the Russian vassal state. The regulation requires that EU exporters insert in their future contract the so-called 'no-Belarus clause', through which they contractually prohibit the re-exportation to Belarus or re-exportation for use in Belarus of sensitive goods and technology, battlefield goods, firearms and ammunition.
The proposed purchase of US Steel by Japan’s Nippon would undermine US trade enforcement, three Senate Democrats argue in letters to key Administration officials. Sens. Sherrod Brown (Ohio), Bob Casey (Pa) and John Fetterman (Pa) raised the alarm that Nippon’s proposed purchase of US Steel would destabilize the trade enforcement system – and in the process threaten US industry, workers and national security.
House Republicans’ proposed cuts to the Commerce Department’s fiscal year 2025 budget will undermine the department’s efforts to fight China’s attempts to illegally obtain US …
While Hanoi's red carpet treatement for longtime ally Valdimir Putin spurs consternation in Washington, economic statecraft with the country's largest trading partner continues apace. Under Secretary for Economic Growth, Energy, and the Environment Jose W. Fernandez met with counterparts at the first-ever 2024 U.S.-Vietnam Comprehensive Strategic Partnership (CSP) Economic Dialogue in Washington Tuesday
Secretary of State Antony Blinken urged foreign investors to take advantage of the Administration’s domestic investments in areas like semiconductors and clean energy technology that are making the United States an ever more attractive investment destination. Mr. Blinken pointed to the newly-established Economic Diplomacy Action Group, that is tasked with boosting US competitiveness and attracting increased foreign investment.
Wednesday Sen. Sherrod Brown (D-OH), United Steelworkers leadership and Cleveland Cliffs leadership called on the administration to act to stop the surge in Mexican steel imports, which has been attributed to the Chinese government routing steel through Mexico to avoid U.S. tariffs. "The Mexican government is currently violating a 2019 agreement with the U.S. and threatening steelworkers in Ohio and around the country," according to a statement.
The US Export-Import Bank is “laser focused” on the challenges posed by China, but needs Congress to remove some of its lending restraints so that it can compete against Beijing, Bank Chair and President Reta Jo Lewis told lawmakers Thursday. The Bank’s China and Transformational Exports Program and Make More in America Initiative are helping, but “we can and should do more,” she told a House Financial Services subcommittee.
In response to continued development of Tehran's nuclear capabilities, Secretary of State Anthony Blinken announced additional measures against Iranian petrochemical transport and trade. "Over the past month, Iran has announced steps to further expand its nuclear program in ways that have no credible peaceful purpose," said Mr. Blinken. "We remain committed to never letting Iran obtain a nuclear weapon, and we are prepared to use all elements of national power to ensure that outcome."
Milwaukee Tool faces allegations of utilizing forced labor in a Chinese prison factory to manufacture work gloves, where workers endured harsh conditions, including beatings and torture. The lawsuit, filed on Thursday in the U.S. District Court in Milwaukee, asserts that the company either knew or should have known that the gloves were produced through forced labor, contravening the U.S. Trafficking Victim Protection Act.
While Fulfilled by Amazon merchants have long taken advantage of the duty-free treatment of small shipments, Amazon's own merchandise sales have customarily involved the payment of tax and duty, creating an opening for the Chinese e-tailers Shein and Temu. Not for long. Wednesday, Amazon announced a new channel for its platform which will sell consumer goods and clothing direclty from China to US customers. Eliminating the US warehousing nexus puts the Seattle-based merchant on equal footing with its Chinese rivals, in terms of landed cost.
Friday, the Financial Action Task Force (FATF), the global standard-setting body for anti-money laundering and countering the financing of terrorism and proliferation (AML/CFT/CPF), concluded its sixth and final Plenary under the Singaporean Presidency. During the Plenary, the FATF took several key actions, including adopting Grey Listing Monaco and Venezuela and Mutual Evaluation Reports (MERs) for India and Kuwait, agreeing to publish a report on non-financial gatekeeper facilitation of corruption, and discussing the priorities of the incoming Mexican FATF Presidency.
The U.S. Supreme Court overturned the Chevron v. Natural Resources Defense Council precedent, which required courts to defer to federal agencies’ interpretations of laws during rulemaking. Friday's decision, made with a 6-3 vote along ideological lines, reduces the authority of executive agencies and raises questions about future regulatory actions across the administrative state..
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced a proposed rule to strengthen and modernize financial institutions’ anti-money laundering and countering the financing of terrorism (AML/CFT) programs. While financial institutions have long maintained AML/CFT programs under existing regulations, Friday's proposed rule would amend those regulations to explicitly require that such programs be effective, risk-based, and reasonably designed, enabling financial institutions to focus their resources and attention in a manner consistent with their risk profiles.
The Board of Directors of the Export-Import Bank of the United States (EXIM) approved a $50 million financing package to small business ESS Inc. under the Make More in America (MMIA) Initiative to finance the construction of several new long-duration battery storage production lines at ESS Tech’s Wilsonville, Oregon facility.
Commerce’s Bureau of Industry and Security (BIS) published its first quarterly update of the boycott Requester List. This list notifies companies, financial institutions, freight forwarders, individuals, and other U.S. persons of potential sources of certain boycott-related requests they may receive during the regular course of business. The updated public list of entities who have been identified as having made a boycott-related request in reports received by BIS includes 57 additions. BIS has also removed 127 entities.
After 20 years of lackluster results building commercial vessels for Jones Act trade, Norwegian investment group Aker ASA is selling its Philadelphia shipbuilding operations to Korea's Hanwa Group for $100 million. Philly Shipyard supplies around 50% of the largest U.S. commercial vessels, including tankers and container ships. In addition, Philly Shipyard constructs training vessels for the U.S. Maritime Administration (MARAD).
PetroChina International America Inc. (PCIA) has entered into an agreement to pay a fine and monetary forfeiture totaling $14.5 million for violations of U.S. export law, including cargos misclassified and/or undervalued at the time of export and then entered into AES.