The Office of Foreign Assets Control this week sanctioned a network of people, companies and ships that it said are moving millions of barrels of Iranian crude oil to China on behalf of the Iranian military and a sanctioned front company, Sepehr Energy Jahan Nama Pars (see 2311290034).
Jamieson Greer, President Donald Trump’s nominee to lead the Office of the U.S. Trade Representative, endorsed U.S. outbound investment restrictions against China during a Senate Finance Committee hearing Feb. 6.
China opened a dispute at the World Trade Organization on Feb. 5 to challenge the new 10% tariff imposed by the U.S. on all goods from China, claiming that the measure violates the General Agreement on Tariffs and Trade. China said that not only do the duties violate the U.S. government's "Schedule of Concessions and Commitments," they're also "discriminatory and protectionist in nature."
The European Commission is pushing for new import fees and customs controls on certain low-value e-commerce imports that it said are unsafe, counterfeit or don’t meet other EU product standards. The controls could target products from online marketplaces such as AliExpess, Amazon, Shein and Temu, the commission said, adding that those companies could be liable for the sale of unsafe products on their platforms.
The Trump administration is determined to impose tariffs on China “regardless” of any progress it makes on stopping fentanyl from flowing into the U.S., a Chinese Foreign Affairs Ministry spokesperson said Feb. 5 during a regular press conference in Beijing. The U.S. is “bent on levying a 10 percent additional tariff on Chinese imports under the pretext of the fentanyl issue,” the person said, adding that Beijing “firmly deplores and opposes this move and has taken necessary measures to defend its legitimate rights and interests.”
Taiwan is setting up task forces and a consultation hotline to assist Taiwanese companies overseas that may be affected by new tariffs imposed by President Donald Trump, Taiwan’s Ministry of Economic Affairs announced Feb. 4. The task forces will be set up in the U.S., Canada, Mexico, Southeast Asia and South Asia to “provide real-time support” to Taiwanese businesses.
A new national security memorandum signed this week by President Donald Trump orders U.S. agencies to pursue a “maximum pressure” campaign against Iran to stop the country from developing nuclear weapons and supporting terrorism (see 2502040073). It calls on the U.S. to impose new sanctions against the country while stepping up enforcement and possibly revoke any general license or guidance document that gives “Iran or any of its terror proxies any degree of economic or financial relief.”
The Senate Commerce Committee voted, 16-12, Feb. 5 to advance President Donald Trump’s choice of Howard Lutnick to be commerce secretary, sending the nomination to the full Senate for its consideration. The vote came days after Lutnick promised to scrutinize U.S. export controls on advanced artificial intelligence chips, telling lawmakers in recently published comments that a review of the restrictions will be “a top priority” if he’s confirmed.
President Donald Trump has nominated Jeffrey Kessler to be the Bureau of Industry and Security undersecretary, according to the Feb. 3 edition of the Congressional Record. If confirmed, Kessler would replace Biden administration official Alan Estevez in overseeing BIS. The White House didn't respond to a request for more information on Kessler, who is a Washington trade lawyer who was assistant secretary of commerce for enforcement and compliance during Trump's first term. Kessler didn't respond to a request for comment.
Moments after President Donald Trump’s 10% tariffs on all Chinese products took effect Feb. 4 (see 2502030034), China announced new tariffs and export controls against the U.S. and added two American companies to its so-called unreliable entity list, including one that it accused of adopting “discriminatory measures” when sourcing products from China's Xinjiang region.