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With the election hype mostly over, the President-Elect is moving to build his cabinet. This recent election cycle showed the world that there are great disagreements about how the United States should engage in international trade. President Elect Trump’s message often conveyed a more protectionist position for businesses engaged in international trade. But what is the real expected position and where will the new leadership lead the United States with regards to trade?
The bottom line right now is that there is very little concrete confirmed vision regarding trade policy. We do know that there will be very little change within Congress since existing members of key committees will likely continue to support expanded trade. Here are a few points on key programs and what we know, or don’t know:
The new administration is signaling the intention to pursue more bi-lateral agreements instead of multi-lateral as in the past.
JAS USA Inc. Compliance Team continues to be involved locally and nationally. We are keeping our eye on the landscape and always working to ensure we are able to inform and assist to take action and protect our client’s trade interests through informed compliance. Questions? Contact us today!
A multinational organization based in Bangkok, Thailand, has agreed to pay $20,000,000 to settle potential civil liability for 467 apparent violations of OFAC sanctions on Iran. Between 2017 and 2018, the company facilitated $291 million in wire transfers through U.S. financial institutions for the sale of Iranian-origin high-density polyethylene resin (HDPE), manufactured by a joint venture involving the parent company in Iran. HDPE is a robust resin used in various plastic products such as food and beverage containers, shampoo bottles, and industrial items. Concurrently, the company initiated U.S. dollar wire transfer transactions to settle the joint venture’s debts to third-party vendors.
BIS has released the newest iteration of their guidance on export enforcement. The “Don’t Let This Happen to You” guidance document is dated March 2024 and is 76 pages of important guidance for the export community. The opening letter states “Export controls have never been more important to our collective security interests than they are today.” Follow the link below to check out more details!
The U.S. Customs and Border Protection (CBP) has issued a Withhold Release Order (WRO) against work gloves manufactured in a Chinese company and its subsidiaries, based on evidence suggesting the use of convict labor. This action is part of the U.S. government's efforts to combat forced labor globally. With nearly 28 million workers suffering under such conditions worldwide, WROs are a means to deter companies from exploiting labor and to protect vulnerable populations. By enforcing laws prohibiting the importation of goods produced by forced labor, CBP aims to safeguard American workers, businesses, and consumers. Currently overseeing and enforcing numerous WROs and Findings, CBP emphasizes its commitment to eliminating forced labor from U.S. supply chains and encourages reporting of suspected violations.
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