On August 26, 2024, the Department of Finance Canada announced the country would introduce a 100% tariff on Chinese-made electric vehicles (EVs) and a 25% tariff on certain Chinese steel and aluminum products. The press release, citing “unfair, non-market policies and practices” by China coupled with a “lack of rigorous labour and environmental standards,” thus
On the Eve of Ukrainian Independence Day, the United States Expands Export Controls and Sanctions on Russia and Belarus
On August 23, 2024—one day before Ukrainian Independence Day—the Department of Commerce’s Bureau of Industry and Security (BIS), the Department of the Treasury, and the Department of State commemorated the milestone by expanding U.S. export controls and sanctions on Russia and Belarus. Notably, the agencies’ actions also come amidst Ukraine’s surprise incursion into Russia’s Kursk
DDTC Adds Two Activities to its List of “Activities That Are Not Exports, Reexports, Retransfers, or Temporary Imports”
On August 15, 2024, the Department of State’s Directorate of Defense Trade Controls (DDTC) published a final rule adding two activities to the definition of “activities that are not exports, reexports, retransfers, or temporary imports” in § 120.54 of the International Traffic in Arms Regulations (ITAR). The final rule, which goes into effect September 16
OFAC Issues Another Extension of Venezuela General License Delaying PdVSA 2020 8.5% Bond-Related Authorizations
On August 12, 2024, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued General License (GL) 5P, “Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After November 12, 2024,” which continues to delay U.S. persons’ ability to enforce bondholder rights to the CITGO
DHS Updates UFLPA Entity List with Five Chinese Entities
On August 8, 2024, the Department of Homeland Security (DHS) announced via a Federal Register notice that effective immediately, five Chinese entities have been added to the UFLPA Entity List. These entities have been determined by DHS to be either: (i) working with the government of the Xinjiang Uyghur Autonomous Region (XUAR) to recruit
Department of Commerce Upholds Vietnam’s Non-Market Economy Status in Antidumping Proceedings
In an August 1, 2024 determination totaling 284 pages, the Department of Commerce (Commerce) announced it would continue to classify Vietnam as a non-market economy country in antidumping duty (AD) proceedings, despite praising Vietnam for “impressive reforms and economic growth” over the past 20 years. In a press release issued the day after its determination
OFAC Extends Wind Down Authorization for Transactions with Certain Russian Financial Exchanges
On August 2, 2024, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued two revised general licenses regarding conducting financial transactions involving: (i) the Moscow Exchange (MOEX), Russia’s largest public trading markets for equity, fixed income, derivative, foreign exchange, and money market products, as well as Russia’s central securities depository and the
USTR Announces Minor Delay in Upcoming Changes to China Section 301 Tariffs
After closing the public docket on June 28, 2024, for comments on proposed tariff increases for certain products subject to the China section 301 investigation, the Office of the United States Trade Representative (USTR) issued a July 30, 2024 press release stating that it received more than 1,100 public comments requiring further review and that
Commerce and State Departments Issue Proposed Rules Addressing Restrictions on U.S. Persons’ Support for Foreign Military, Intelligence, and Security Services and Controls to Protect National Security and Human Rights
On July 29, 2024, both the Departments of Commerce and State issued separate but complementary proposed rules seeking public comment on enhanced restrictions on exports, reexports, or support to military or intelligence end users and end uses in countries of concern, consistent with the Fiscal Year 2023 National Defense Authorization Act (NDAA). The Department of Commerce’s
Treasury Releases Annual CFIUS Report
On July 23, 2024, the Treasury Department, as the lead agency of the Committee on Foreign Investment in the United States (CFIUS), released a public version of its 2023 Annual Report to Congress regarding foreign direct investment in the United States. The report highlights key indicators of the CFIUS process and provides statistics on transactions