After winning the largest arbitration award (7.5 billion) in World Trade Organization (WTO) history in its dispute with the European Union (EU) over illegal subsidies to Airbus, the United States (US) will begin applying WTO-approved tariffs on certain EU goods beginning October 18. Although USTR has the authority to apply a 100 percent tariff on affected products, at this time the tariff increases will be limited to 10% on large civil aircrafts and 25% on agricultural and other products. The U.S. has the authority to increase td.he tariffs at any time, or change the products affected. […]
Since June 2017, we have been anxiously awaiting changes to the Cuba sanctions program since President Trump signed an executive order and emphatically stated that his administration would tighten loose regulations established under the Obama Administration.
On November 8, 2017, the U.S. Department of the Treasury stated,
- “We have strengthened our Cuba policies to channel economic activity away from the Cuban military and to encourage the government to move toward greater political and economic freedom for the Cuban people”
We’ve been patiently waiting for today’s announcement since President Trump took office on Friday, January 20, 2017. Some have speculated on whether President Trump’s stance on Cuba would further diplomatic relations following the steps of former President Barack Obama, while the majority have opined that Trump’s next steps could reverse some of the changes made by the former President. The speculation can now be put to the side as today President Trump delivered a speech in Miami (at the Manuel Artime Theater), a little over 90 miles away from the island of Cuba, outlining his new policy with the communist island. The announced changes do not take effect until the new OFAC regulations are issued. The forthcoming regulations will be prospective and will not affect existing contracts and licenses.
Here is a summary of the MAIN changes, and background of why the President has signed an executive order making these changes in support of the Cuban people: