A bipartisan, bicameral bill would create a Maritime Security Trust Fund, into which revenues would come from tonnage fees on Chinese-owned and Chinese-flagged ships visiting U.S. ports, special tonnage taxes, light money, and tariffs and duties, including Section 301 tariffs.
The Bureau of Industry and Security fined a U.S.-based electronics manufacturer and supplier for the semiconductor industry $180,000 after it admitted to exporting 11 shipments to Russia without a license. BIS said the company, Indium Corporation of America, which has factories in Asia and Europe, failed to resolve multiple red flags involving shipments of solder wires, solder ribbon and solder preforms to a Russian defense contractor.
California-based electronics parts manufacturer and supplier Integra Technologies agreed to pay the Bureau of Industry and Security $3.3 million after admitting to violating U.S. export controls on Russia, telling BIS that it didn’t realize the transistors it was shipping needed an export license.
Donald Trump's return to the White House brings a "lack of predictability," Baker McKenzie attorneys said during a webinar last week on how threatened tariffs could affect countries around the globe.
The U.S. warned World Trade Organization members this week against adjudicating national security matters, saying in a communication that they should instead bring a "non-violation claim" that would allow for the rebalancing of trade concessions and avoid "dragging" members into debates over political issues.
The U.S. and China need to pause their escalating trade restrictions against one another and have a “serious” conversation about how to manage national security risks around technology to prevent a dangerous decoupling of their two economies, the outgoing leader of a major U.S.-China business organization warned this week.
The U.S. should continue working with allies to restrict sales of advanced semiconductors and semiconductor tools to China after the Biden administration leaves next month, Commerce Secretary Gina Raimondo said. But she also said she hopes the Trump administration prioritizes tools other than export controls and tariffs to counter China, and she warned against a potential decoupling of the two economies.
The EU and four members of a trading bloc of South American nations referred to as Mercosur -- Brazil, Argentina, Paraguay and Uruguay -- concluded a partnership agreement, which will "boost strategic trade and political ties" between the nations, the European Commission announced. Bolivia just became a member of Mercosur on July 8.
The incoming Trump administration could look to continue expanding the scope of U.S. foreign direct product rule restrictions, which could lead to enforcement challenges or push foreign companies to design U.S. components out of their supply chains, think tank scholars said last week.
President-elect Donald Trump posted on Truth Social that he will block the purchase of U.S. Steel by Nippon Steel, though it's possible President Joe Biden will take care of that before Trump is inaugurated.