Trade and Manufacturing Monitor
New Executive Order Targets Investments in Chinese Surveillance and Military Companies
Today, President Biden issued an Executive Order expanding U.S. restrictions on dealings in the publicly traded securities of Chinese companies. Today’s move amends Executive Order 13959 to prohibit U.S. persons from…
OFAC Targets Corruption In Bulgaria With Designation of Influential Individuals and Companies
Yesterday, the Office of Foreign Assets Control (“OFAC”) announced sanctions against three prominent Bulgarian individuals and 64 related companies for corruption. The designations are the largest action in the history…
USITC Finalizes Modifications to Harmonized Tariff Schedule - Changes Will Impact Classification of Over 350 Products
The United States International Trade Commission (“USITC”) has finalized recommended modifications to the Harmonized Tariff Schedule of the United States (“HTSUS”). The revisions, which are set to go into effect on…
U.S. Companies Must Wind Down Transactions with Sanctioned Belarusian State-Owned Enterprises By June 3rd
The Office of Foreign Assets Control (“OFAC”) recently tightened sanctions on Belarus by revoking and replacing General License 2G with General License 2H. General License 2H now requires U.S. persons to wind down…
Over $8 Million in Fines - SAP Case Highlights Sanctions Risks and Compliance Expectations for Cloud Providers and Software Companies
Last week, three U.S. agencies – the Office of Foreign Assets Control (“OFAC”), the U.S. Department of Commerce (“Commerce”), and the U.S. Department of Justice (“DOJ”) – announced the global resolution of apparent…