Here is a recap of the latest customs and international trade law news:
- On March 21, 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) published the names of one or more persons that have been placed on OFAC’s Specially Designated Nationals and Blocked Persons List pursuant to sections of the Magnitsky Act or pursuant to previous sanctions on public corruption in Belarus.
- On March 24, 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designating key enablers of the Russian invasion of Ukraine. This includes dozens of Russian defense companies, 328 members of the Russian State Duma, and the CEO of Sberbank, Russia’s largest financial institution.
USTR & Section 301
- On March 22, 2022, the U.S. announced it has agreed to ease Trump-era tariffs on UK steel and aluminum shipments in exchange for the UK agreeing to suspend extra taxes it had put on US products such as bourbon and Levi’s jeans. Under the agreement, the US will replace the 25% tariffs on steel with a quota system. The policy will let UK metal imports into the country duty-free up to a certain level – the quota – before taxes kick in again. The deal will go into effect June 1, 2022.
- On March 23, 2022, the Office of the United States Trade Representative announced its determination to reinstate certain previously granted and extended product exclusions in the China Section 301 Investigation. The determination reinstates 352 of the 549 eligible exclusions. The reinstated product exclusions will apply as of October 12, 2021, and extend through December 31, 2022.
- On March 24, 2022, United States Trade Representative Katherine Tai and United States Secretary of Agriculture Tom Vilsack announced that the United States and Japan have reached an agreement to increase the beef safeguard trigger level under the U.S.-Japan Trade Agreement. The new three-trigger safeguard mechanism will allow U.S. exporters to meet Japan’s growing demand for high-quality beef and reduce the probability that Japan will impose higher tariffs in the future.
If you have questions about these updates, contact our Customs and International trade law attorneys at email@example.com or call us at 305-456-3830.
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