Treasury’s Office of Foreign Assets Control (OFAC) is designating 29 individuals and entities in connection with the Iranian regime’s violent suppression of nationwide protests following the death of Mahsa “Zhina” Amini in custody of its ‘Morality Police,’ and the regime’s continued efforts to detain dissenting voices and restrict access to a free and open internet. 

Assistant Secretary for Investment Security Paul Rosen gave attendees of the Second Annual CFIUS Conference an update on enforcement and pending regulatory change. His remarks follow, well worth the read. For those without the time, here's the gist: "“We are on track to have more civil monetary penalties issued this year than we have in our entire history.”

In this final rule, the Bureau of Industry and Security (BIS) amends the Export Administration Regulations (EAR) to make a technical correction that also serves to clarify provisions of the EAR pertaining to the release of “software” as set out in the sections on release and transfer of access information.

This year's World Trade Report, released Septemebr 12, examines the benefits of re-globalization – or integrating more people, economies and pressing issues into global trade and strengthening …

The facilitator overseeing the informal discussions concerning the reform of the World Trade Organization’s dispute settlement system is planning to issue a draft negotiating text next week after ongoing intense meetings in different groups focused on drafting, implementation and peer review among others, WTD has learned. The intense discussions apparently began early this week. Based on ongoing discussions among members in different groups, the facilitator, Marco Molina, the deputy trade envoy of Guatemala, is expected to issue his draft text next week, said a person, who is familiar with the ongoing discussions.

House Select Committee on the Chinese Communist Party Chairman Mike Gallagher (R-Wisc) and Rep. John Moolenaar (R-Mich) are calling on Treasury Secretary Janet Yellen to withhold any federal support for Chinese battery companies in the United States.    The lawmakers – in a letter to Ms. Yellen – specifically scrutinized Treasury for greenlighting new plans for a Michigan battery factory owned and operated by China based Gotion High-Tech Company.  

President Biden announced yesterday he has tapped former Commerce Secretary Penny Pritzker for the newly-created position of US Special Representative for Ukraine’s Economic Recovery.  In her new position, Ms. Pritzker will work with the Ukrainian government, US allies and partners, international financial institutions and the private sector to drive US efforts to help rebuild the Ukrainian economy following Russia’s invasion, according to a White House statement.

Legislation to revoke China’s Permanent Normal Trade Relations status if it invades Taiwan was introduced yesterday by Sen. James Lankford (R-Okla). The Deterring Escalation Through Economic Retaliation Act in an effort to deter conflict in the Taiwan Strait, according to the senator.

Senate Majority Leader Chuck Schumer (D-NY) is planning his own trip to China following recent visits by top Administration officials trying to thaw out frosty bilateral relations between the two economic powers. Sen. Schumer will lead a bipartisan Congressional delegation that will include Senate Finance Committee ranking member Sen. Mike Crapo (R-Idaho) as the top Republican participating in the visit.

GENEVA – World Trade Organization’s Director-General Ngozi Okonjo-Iweala says she is “excited” about the upcoming 13th ministerial conference to be held in the United Arab Emirates in February 2024, while acknowledging that the “road” to MC13 is “full of “potholes.”

The Senate Finance Committee on Sept. 14 plans to mark up bipartisan legislation to relieve double taxation of investments between the United States and Taiwan. Following is a summary of the legislation, the United States-Taiwan Expedited Double-Tax Relief Act.

Congress needs to legislate tougher controls on US investment in China because Wall Street is turning a blind eye to the threat to national security raised by US financial companies’ investment technologies that can be used against the United States and Taiwan, members of the House Select Committee on the Chinese Communist Party said Sept. 12.

The United States must focus on increasing economic and trade ties with the Indo-Pacific to remain competitive with China, the Asia Society Policy Institute said in a new report. The US-led Indo-Pacific Economic Framework negotiations are a step forward, but are likely to fall short of creating a true alternative to the more comprehensive trade agreements offered by China, the report warns. "Just as China has gained a major diplomatic and national security advantage over the United States through its Belt and Road Initiative, it is now potentially on track to do the same through its vigorous pursuit of trade agreements around the world, and specifically in its backyard," the authors assert.

The fifth round of the Indo-Pacific Economic Framework negotiations is being held this week in Bangkok as negotiators seek to essentially finish up the talks before the end of this year.

The impact of the Caribbean Basin Economic Recovery Act on the US economy is small, but the effect on beneficiary countries is positive, the International Trade Commission reported Sept. 8. This is the ITC’s 26th biennial report monitoring US imports under CBERA. The CBERA program, operative since January 1, 1984, affords preferential tariff treatment to most products of the 17 designated Caribbean beneficiaries that received CBERA benefits during the period covered in the report.

A busy week in U.S.-India relations led to settling a WTO dispute, consensus on the New Delhi Declaration and new legislation aimed at encouraging U.S. exports to India.

GLs 8 and 9 were issued on August 9, 2023, regarding: Transactions Involving Joint Stock Company Byelorussian Steel Works Transactions Involving Open Joint Stock Company Belavia Belarusian Airlines

The President determines and certifies to the appropriate congressional committees, not less than annually, that: (A) the Government of the Republic of Cyprus is continuing to cooperate with the United States Government in efforts to implement reforms on anti-money laundering regulations and financial regulatory oversight; and (B) the Government of the Republic of Cyprus has made and is continuing to take the steps necessary to deny Russian military vessels access to ports for refueling and servicing. The Secretary of State has certified to the appropriate congressional committees that the Republic of Cyprus meets the statutory requirements to remove the policy of denial for exports, reexports, and transfers of defense articles to the Republic of Cyprus for fiscal year 2024.

House Republicans, led by Chairman Michael McCaul, have urged the Bureau of Industry and Security (BIS) to take stringent action against Chinese tech giants Huawei and SMIC. According to a letter sent to BIS Under Secretary Alan Estevez, the lawmakers cited national security concerns following reports of Huawei's new smartphone which integrates 7-nanometer chips developed by SMIC, allegedly violating U.S. export control regulations.

Along with numerous Russian entities and persons, OFAC is is designating a Finland-based network that specializes in shipping foreign electronics to Russia-based end-users, as well as Turkish firms involved in the shipment of dual-use items into Russia.