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.
President Donald Trump announced May 13 that he plans to order the “cessation of sanctions against Syria” to give the war-torn country a “chance at greatness.”
The 10% tariff on the first 100,000 autos exported annually from the U.K. will be "all-in," according to the Office of the U.S. Trade Representative. CBP couldn't clarify whether that would be done by removing most favored nation duties on U.K. autos and then applying a 10% tariff rate, or whether the additional tariff rate for in-quota autos would be 7.5%.
David Sacks, the president's AI policy adviser, said the Biden-era AI diffusion export control rule was an “overreach” of U.S. export control authority and alienated American allies. The Bureau of Industry and Security’s plan to rescind the rule (see 2505070039 and 2505080026) was an “excellent decision,” he said last week.
Malaysia's Ministry of Investment, Trade & Industry will be the only entity capable of issuing non-preferential certificates of origin for Malaysian shipments destined to the U.S., the agency said this week, adding that the change will help address traders that use its ports to illegally transship foreign goods to the U.S. and evade certain American import duties.
Canada this week published new guidance and other resources to help Canadian companies facing increased costs from “unjustified tariffs” imposed by the U.S., including a new webpage for understanding how businesses can secure tariff-free treatment for certain goods under USMCA. Canada said it’s “providing new and comprehensive information on rules of origin and customs procedures under” the trade deal, including a new webpage on understanding USMCA compliance, “self-serve resources for problem solving related to tariffs,” and a list of federal and provincial Canadian support programs available to businesses. The country also said small and medium-size companies can call the government’s new hotline on weekdays for information on USMCA.
The State Department this week sanctioned multiple entities and ships moving Iranian petroleum products and petrochemical products, including four sellers and one buyer of hundreds of millions of dollars worth of Iranian energy.