On May 8, 2018, President Donald Trump announced that the U.S. will withdraw from the Iran nuclear deal, formally known as the Joint Comprehensive Plan of Action (JCPOA), and reimpose the strict economic sanctions program that was in place prior to the landmark 2015 agreement. Based on the guidance issued by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”), the reimposed sanctions will impact businesses outside of the U.S. that engage in business with or in Iran, particularly those who do so while also seeking to maintain or establish a U.S. presence or dealings with U.S. companies. The “secondary sanctions” control who those foreign entities can do business with and restrict how foreign entities can utilize the U.S. financial system. Foreign persons and businesses can also be held liable for causing U.S. persons to violate sanctions regulations. (more…)
The Office of the U.S. Trade Representative published a proposed list of 1,333 Chinese products under consideration for 25% tariffs on April 3 under Section 301 of the Trade Act of 1974, which provides the President and the USTR broad authority to investigate and respond to harmful trade practices in foreign countries found to impair U.S. commerce. (more…)
On March 22, 2018, President Trump directed the Office of the U.S. Trade Representative to implement tariffs on approximately $50 billion worth of Chinese products. The tariffs are a result of the USTR Section 301 investigation and determination regarding China’s policies related to forced technology transfers and the theft of U.S. intellectual property. (more…)
Section 232 tariffs on steel and aluminum come into effect this week. Here are the basic facts. (more…)
President Trump’s trade policy was released today. Click here for a link. Comments will be forthcoming.
I was fortunate enough to be on a panel last week with four foreign government representatives to discuss trade. The meeting was informative and I thought I would share my take-aways. My conclusion is that Trump’s trade policy is headed towards a more balanced trade agenda. Although there are some anti-free traders in the inner circle, there are also proven free traders who are simply looking to make trade more fair. (more…)
This attachment is from my TerraLex colleagues in London regarding the Brexit. I don’t believe we can have a better analysis at this time. The global trading system is very volatile. And our election will further affect both TPP and TTIP. (more…)