Senate Banking Committee Chairman Sen. Tim Scott, R-S.C., and member Sen. Bernie Moreno, R-Ohio, introduced a bill Feb. 3 that would sanction foreign entities that facilitate illegal immigration into the U.S., including human smuggling networks and financial institutions that enable their operations.
Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching for the title or by clicking on the hyperlinked reference number.
The EU-Chile Interim Trade Agreement entered into force following Chile's ratification of the deal, the European Commission announced last week. It said the deal will boost bilateral trade and investment between the two partners by eliminating tariffs on 99.9% of EU exports, ensuring "more effective and sustainable flow of raw materials," and including an "Energy and Raw Materials chapter" that will give the EU access to "critical raw materials such as lithium, copper as well as clean fuel like hydrogen." The agreement will be supplemented by "ongoing initiatives," such as the "development of critical raw materials value chains for lithium and copper, and the Production of Green Hydrogen in Chile," the commission said.
Japan has launched a “consultation hotline” for Japanese companies located in Canada, Mexico and China that may be affected by new U.S. tariffs announced by the Trump administration (see 2502030016), Japan’s Ministry of Economy, Trade and Industry said Feb. 2. The hotline will provide “thorough support to Japanese companies affected,” according to an unofficial translation, including individual consultations from “experts specializing in North America and other areas.”
Canada announced then later rescinded retaliatory tariffs against the U.S. after both sides reached an agreement to delay new tariffs this week.
Companies should expect Trump administration to take an increasingly aggressive stance on China-related inbound and outbound investment restrictions, especially because of the makeup of President Donald Trump’s team and key Cabinet officials, a former Treasury Department official and trade consultant said.
Australian excise duties on alcoholic drinks were set to increase Feb. 1, leading to higher prices for imported U.S. distilled spirit products at retail stores and bars, USDA said in a report last week. The agency said Australia makes changes to its alcohol excise duty rates twice a year based on the “upward trajectory” of the Consumer Price Index. USDA said the Australian distilling industry is calling for an “immediate two-year freeze” on any hikes and a “broader review of spirits excise settings to create the conditions for greater investment in the industry.”
European Parliament members this week probed the EU’s new trade commissioner about how he’s handling President Donald Trump’s tariff threats, with some members calling on the EU to prepare for retaliation.
The EU is proposing new tariffs on certain imports of agricultural products and nitrogen-based fertilizers from Russia and Belarus, part of a push to reduce dependencies on products from the two countries. The potential tariffs would target the “15% of agricultural imports from Russia in 2023 that had not yet been subject to increased tariffs,” the European Commission said. “Once adopted by the European Parliament and the Council, all agricultural imports from Russia would be the subject of EU tariffs.”
The Trump administration may be beginning to favor the use of trade policy tools like tariffs to replace sanctions to compel foreign policy, researchers said on a podcast hosted by the Center for a New American Security last week.