The Commerce Department’s Bureau of Economic Analysis recently published its first set of data in an ongoing project to help the U.S. better analyze international trade. The agency released “prototype data on trade in value added,” which it said can help government and industry determine which domestic and imported inputs are most used to create U.S. exports. The data, released in December, can also be used to determine the ways in which U.S. industries contribute to different global value chains, BEA said. The agency said the prototype data represents the “first milestone of this ongoing project,” which it expects will “provide a more complete and nuanced view of U.S. trade to analyze the evolving structure of international trade.'”
The Federal Maritime Commission issued three new policy statements this week to provide the shipping industry more guidance on its complaint process and clarify how it will address cases of carrier retaliation. The shipper-friendly policy statements, originally recommended by Commissioner Rebecca Dye in July (see 2107290021), describe how the FMC defines who can allege complaints, how the commission approaches reparations for attorney fees and a broad outline of who can bring forward a retaliation complaint.
The Commerce Department published its fall 2021 regulatory agenda for the Bureau of Industry and Security, including a new mention of an export control rule for crime-control items and a rule that would reorganize provisions of the foreign direct product rule in federal regulations.
Cryptocurrency transactions risk violating sanctions regulations in addition to posing money laundering and terrorist financing risks, Dutch Central Bank De Nederlandsche Bank said in a draft Q&A on complying with sanctions measures for such transactions, according to an unofficial translation. The bank is running a consultation period that is set to close on Dec. 17. The Q&A covers such questions as who falls within the scope of the "relationship" insofar as crypto providers take measures to check whether relationships have been sanctioned, and what measures does a crypto service provider take when transacting with crypto to check whether the individuals or entities involved have been sanctioned. The guidance also discusses good practice for cryptocurrency service providers and risk analysis.
The Census Bureau will “soon” issue a final decision on whether it will eliminate electronic export information filing requirements for shipments to Puerto Rico and the U.S. Virgin Islands, said Omari Wooden, a senior official in the agency’s trade regulation branch. Census is drafting the decision, which it plans to publish in the Federal Register, to offer U.S. exporters closure on the issue, which has been under consideration since at least March 2020 (see 2003100054) and 2009160033) .
Twenty years after China joined the World Trade Organization, the U.S. is focused on the market distortions and domestic consequences caused by China's export-led growth, even as exports are a smaller and smaller proportion of China's GDP.
The Drug Enforcement Administration is proposing to list methoxetamine (MXE), a member of the arylcyclohexylamine class of drugs with dissociative anesthetic and hallucinogenic properties, similar to phencyclidine (PCP) and ketamine, under Schedule I of the Controlled Substances Act, it said in a notice released Dec. 6. “If finalized, this action would impose the regulatory controls and administrative, civil, and criminal sanctions applicable to schedule I controlled substances on persons who handle (manufacture, distribute, reverse distribute, import, export, engage in research, conduct instructional activities or chemical analysis with, or possess), or propose to handle, methoxetamine.” Comments are due by Feb. 7.
Barring a steep drop in demand, port congestion and supply chain problems are unlikely to improve next year, and shippers should continue to expect container issues and equipment shortages, Flexport CEO Ryan Peterson said. But companies can take steps to mitigate issues caused by delays and high container fees, including routing shipments away from highly congested ports and minimizing empty space in containers.
The top Republicans on the Senate Finance and the House Ways and Means committees asked U.S. Trade Representative Katherine Tai to "start a concrete conversation about which reforms" would address the U.S. concerns about the World Trade Organization's appellate body, so that binding dispute reform can return to Geneva. They also said that the Nov. 30-Dec. 3 12th Ministerial Conference (MC12) could be an opportunity to end the paralysis at the WTO.
The Biden administration should impose sanctions against Nord Stream 2 and the company behind the gas pipeline project, European security experts said. Several called the U.S.’s May sanctions waiver (see 2105200055) a mistake and urged Congress to keep pushing the administration to impose sanctions before the pipeline is operational.