Colombia, Canada, Argentina, Mexico and Brazil recently announced antidumping and countervailing duty actions and decisions on certain products from mainland China, the Hong Kong Trade Development Council reported July 27.
Exports to China
The Senate this week voted to attach amendments to its version of the FY 2024 National Defense Authorization Act, including one that could establish a notification regime for certain outbound investments and another that could ban China, Russia, North Korea and Iran from investing in American farmland and agricultural businesses.
Sen. Marco Rubio, R-Fla, introduced a bill this week that could lead to new export controls on certain U.S. “genetic technology” destined to China. The Stopping Genetic Monitoring by China Act would add various types of “genetic sampling and testing kits, analytical technology, and software” to the Bureau of Industry and Security’s Commerce Control List, including:
Commerce Secretary Gina Raimondo this week declined to say when she expects the Bureau of Industry and Security to finalize its Oct. 7 China chip controls (see 2210070049, saying it’s more important to her that the agency takes its time and gets the updated restrictions “right.” She also said she doesn’t see Chips Act funding and restrictions on American chips sales to China as contradictory and denied reports that the administration has delayed new export controls against China in an effort to limit damage to its relationship with Beijing.
The Bureau of Industry and Security is drafting a final rule to expand its nuclear nonproliferation controls on China and Macau. The agency sent the rule for interagency review July 24.
The Treasury Department is seeking public comments as it renews an information collection that outlines certain financial restrictions against China-based Bank of Dandong, which is designated as a “primary money laundering concern.” The designation by the Financial Crimes Enforcement Network prohibits U.S. financial institutions from opening or maintaining certain correspondent accounts at the bank, and requires those financial institutions to “apply due diligence to correspondent accounts they maintain on behalf of foreign financial institutions that is reasonably designed to guard against the indirect use of those accounts by Bank of Dandong.” Comments are due Sept. 25.
China and Nicaragua completed free trade negotiations July 25, China's Ministry of Commerce announced, according to an unofficial translation. Both sides agreed to "sign and implement the agreement as soon as possible," the release said. The ministry noted the deal will provide guarantees for economic and trade exchanges and "further improve the level of bilateral economic and trade cooperation."
A former U.S. trade representative and treasury secretary this week cautioned the Biden administration as it prepares to introduce a new outbound investment screening regime, saying new authorities like these tend to expand over time and could eventually be used beyond their intended purpose.
Commerce Secretary Gina Raimondo, whose department is responsible for three of the four pillars in the Indo-Pacific Economic Framework, told a think tank audience that she is "determined to finalize agreements with all of these countries on all three pillars I’m managing" by a summit at the end of November. The IPEF, which does not liberalize tariffs but does seek to lower non-tariff barriers in its trade pillar, also includes a tax and anti-corruption pillar, an infrastructure and decarbonization pillar, and a supply chain pillar, which was already agreed to earlier this year.
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