The threat of a California port surcharge meant to incentivize the movement of dwelling containers has proved very successful at clearing cargo off docks, Gene Seroka, executive director of the Port of Los Angeles, said during a Jan. 19 House Homeland Security subcommittee hearing. He said the fee threat has substantially helped trade flows at both Los Angeles and the Port of Long Beach, which announced the charge in October but has postponed enforcing it each month since (see 2201140055). “That fee has never been implemented and we've not collected a dime, but incredible progress has been made to move cargo off our docks,” Seroka said.
The U.S. and the European Union should use the Trade and Technology Council to address a host of export control harmonization issues to help ease export compliance challenges for American and European companies, the Information Technology Industry Council said. ITI -- which represents many of the world’s largest technology companies, including Apple, Amazon, Google and Intel -- said an increasing number of export regulations and restrictions are placing too heavy a burden on industry and could impede global innovation.
The Los Angeles and Long Beach ports again postponed a new surcharge meant to incentivize the movement of dwelling containers (see 2110280031), the two ports announced Jan. 14. The ports originally planned to begin imposing the fee Nov. 15, but have postponed it each week since. The latest extension delays the effective date until Jan. 21.
The U.S. should try to use existing tools to better screen outbound investments rather than create a new investment regime, which could burden American companies and damage U.S. competitiveness, two former U.S. officials and an international investment expert said. But one member of a bipartisan congressional commission said a new outbound investment regime is necessary to better protect U.S. critical technologies and national security.
Republicans and Democrats this week urged two State Department nominees to work transparently with Congress so lawmakers can perform better sanctions oversight, which they say has been a major hurdle during the last year. The Biden administration has been unhelpful in responses to some congressional sanctions queries, the lawmakers said, which has led to disagreements and confusion surrounding U.S. sanctions against Nord Stream 2 and some country-specific regimes.
Retaliatory tariffs against the U.S. cost exporters more than $27 billion from mid-2018 to the end of 2019, with sales to China accounting for about 95% of the losses, USDA said in a new report this month. Although the phase one U.S.-China trade deal and China’s tariff exemption programs helped to “significantly” rebound some U.S. exports to the country, the agency said U.S. market share still remained below pre-retaliatory tariffs levels one year after the deal.
More than 25 Senate Democrats introduced a bill this week that would impose a host of sweeping new sanctions against Russia -- including new restrictions on Russian debt, dealings with government officials and banks -- if Russia further invades Ukraine. The legislation, led by Sen. Bob Menendez, D-N.J., would also require the administration to expedite deliveries of defense shipments to Ukraine and would authorize new sanctions on certain financial messaging service providers and Russia’s energy and mineral extraction industries.
The Office of Foreign Assets Control this week fined a Hong Kong company more than $5.2 million after it illegally bought more than 64,000 tons of Iranian thermoplastic, the largest fine by OFAC in more than a year. The agency said Sojitz illegally bought the Iranian “high density polyethylene resin” from a Thai supplier to sell to Chinese consumers. OFAC determined the case to be non-egregious, partly because senior compliance officials weren’t aware of the illegal purchases and had repeatedly told its employees that they could not buy Iranian goods with U.S. dollars.
The Los Angeles and Long Beach ports again postponed a new surcharge meant to incentivize the movement of dwelling containers (see 2110280031), the two ports announced Jan. 10. The ports originally planned to begin imposing the fee Nov. 15, but have postponed it each week since. The latest extension delays the effective date until Jan. 17.
Lawmakers are expected to vote this week on a bill from Sen. Ted Cruz, R-Texas, that would sanction companies associated with the Russia-backed Nord Stream 2 pipeline to punish Russia for threatening to further invade Ukraine. But an alternative bill from Sen. Bob Menendez, D-N.J., could instead impose a host of broad economic penalties against Russia’s banking sector and various government officials.