World Trade Organization members on May 27 elected chairpersons for the 14 subsidiary bodies under the Council for Trade in Goods, the WTO announced. They are:
President Donald Trump said May 23 that Japan-based Nippon Steel and U.S. Steel will enter a “planned partnership” that will invest in the 124-year-old American company while preserving its identity.
The European Parliament this week approved a European Commission proposal to raise tariffs on certain agricultural products, including nitrogen-based fertilizers, from Russia and Belarus by 50% (see 2501290037). The new duty, if approved by EU foreign ministers, would apply to Russian and Belarusian agricultural goods that haven't yet been subject to "extra customs duties," Parliament said. Along with certain fertilizers, the tariffs would apply to sugar, vinegar, flour and animal feed.
The United Steelworkers urged President Donald Trump May 22 to reject Japan-based Nippon Steel Corp.'s proposed acquisition of U.S. Steel, saying the deal could harm domestic steel manufacturing.
The Bureau of Industry and Security quietly revised its announcement of new guidance on Huawei Ascend chips to remove language that said using those chips “anywhere in the world” is a violation of U.S. export controls.
The White House defended its new AI partnership framework with the United Arab Emirates, saying in a statement late May 16 that the agreement “will help ensure the global AI ecosystem will be built with American chips and use American models, all while guaranteeing significant UAE investments into the United States.”
The Office of Foreign Assets Control last week removed a former Lebanon-based small business owner from its Specially Designated Nationals List after he sued the Treasury Department over his designation in December, arguing that OFAC unfairly delayed a decision on his delisting request.
Trade groups representing three strong exporting sectors -- soybeans, semiconductors and medical devices -- and an expert in critical minerals trade all told the Senate Finance Committee that higher tariffs on all countries and products, and constantly changing tariff policy, aren't good for American competitiveness.
Washington state punches above its weight in goods exports, and exported $57.8 billion worth of goods in 2024, including $40.7 billion in manufactured products. Some 45% of those manufactured exports are Boeing planes and aerospace parts.
The Office of Foreign Assets Control this week sanctioned about two dozen entities and vessels with ties to Iran's oil trade, including front companies that it said are hiding the origin of Iranian oil, China-based buyers, and ships moving Iranian oil. The designations target companies and ships in Hong Kong, Singapore and Iran, and vessels carrying the flags of Cameroon and Panama and their owners based in Hong Kong and the Seychelles.