House Speaker Mike Johnson, R-La., said July 8 that he hopes to have a "significant package of China-related legislation" signed into law this year, including measures to "punish" Chinese military firms that provide material support to Russia and Iran.
Although all members of the House Ways and Means Committee supported a bill renewing the Generalized System of Preferences benefits program, the bill proceeded to the House floor on a split bipartisan vote of 17-24 as Democrats unsuccessfully called to include an extension of the Trade Adjustment Assistance for Workers program, which lapsed in 2022.
Congress should approve tougher sanctions and import restrictions to stem the deadly and illegal flow of fentanyl into the U.S., the House Select Committee on China said in a new report April 16.
The Treasury Department is preparing to issue a proposed rule that could expand the powers of the Committee on Foreign Investment in the U.S., allowing CFIUS to impose higher penalties and collect a broader array of information from parties involved in non-notified transactions. The rule also could give CFIUS broader subpoena abilities, expand the circumstances in which it may fine a company, set timelines for responses to mitigation proposals, and more.
A Bureau of Industry and Security rule released last week (see 2403290060) that updated and corrected portions of the agency’s October semiconductor export controls (see 2310170055) also added a new license exception and offered clarifications to export guidance issued by BIS over the last year. The changes take effect April 4, and comments are due by April 29.
The European Parliament last week gave its initial approval for a new set of rules that could “overhaul” the bloc’s customs system, including by creating a single Customs Data Hub that will allow traders to submit all customs information on imports (see 2305170031). Parliament -- which adopted the “first reading position” for the rules 486-19, with 97 abstentions -- will continue discussing the changes after the upcoming parliamentary elections in June.
The Bureau of Industry and Security this week expanded its export controls against Russia and Belarus to cover a broader range of items and Harmonized System codes, including more industrial materials and aircraft parts. The agency also added new controls to better restrict exports used in Iran’s drone production, revised the de minimis treatment for certain military and spacecraft-related items, added a new license requirement exclusion and more.
Two months away from the first reporting requirements for carbon intensity of certain imports into the EU, not only do many importers not understand how to comply, but even the customs authorities aren't ready, said Vassilis Akritidis, a partner at Crowell who offered a webinar on the Carbon Border Adjustment Mechanism last week.
The Bureau of Industry and Security this week released a range of updates to its Oct. 7, 2022, China chip controls, unveiling two rules that will impose new license requirements on additional chips and chipmaking tools, make revisions to its U.S. persons restrictions, expand licensing requirements for exports of certain chipmaking items to U.S. arms-embargoed countries, create a new notification requirement and introduce other measures to address export control circumvention risks.
Financial technology company Wise Payments Limited violated the U.K.'s sanctions on Russia when it allowed a company owned by a sanctioned person to withdraw funds from a business account, the U.K. said this week. The announcement marked the U.K.’s first use of its new sanctions enforcement disclosure “power,” an authority it acquired last year that allows it to publish details of sanctions violations in cases where the party isn’t hit with a monetary penalty.