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After two years, The Senate has approved the Trade Promotion Authority (TPA). If this is approved by The House, it will reassure other countries that they can trust the U.S. The TPA will give the U.S. the leverage it needs to win a fair deal for American workers, as well as extend American influence to expand American trade.
From the Sandler, Travis & Rosenberg Trade Report:
"A week after passing legislation to extend trade preference programs and strengthen trade enforcement, the Senate voted May 22 to approve a bill restoring trade promotion authority for up to six years. TPA allows the White House to submit legislation implementing new trade agreements that Congress must either approve or reject, but cannot amend, within a specified timeframe. TPA and the other trade and customs bills will now move to the House, where their prospects remain uncertain."
"According to press reports, only a handful of the numerous amendments to the bill that were proposed by supporters and opponents alike were ultimately considered, and only two were approved. One would give the executive branch the flexibility to use a variety of tools, including enforceable rules but also reporting, monitoring and cooperative mechanisms, to address unfair currency practices by future trade agreement partners. After opting for this approach senators narrowly rejected a tougher amendment that would have required U.S. negotiators to seek to include in future trade agreements enforceable provisions against currency manipulation by foreign trading partners to gain a trade advantage. The other approved amendment would require the executive branch to take a country’s record on religious freedom into account when considering it as a potential trade agreement partner."
Read the entire Trade Report.
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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