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The Month in International Trade – October 2024

Client Alert | 8 min read | 11.12.24

Top Trade Developments

Crowell Events

Crowell Webinars

Crowell Speaks

This news bulletin is provided by the International Trade Group of Crowell & Moring. If you have questions or need assistance on trade law matters, please contact Jana del-Cerro, Anand Sithian, or Simeon Yerokun or any member of the International Trade Group.

Top Trade Developments

Protectionist Trade Policies in the New Administration: A Question of Degree

Regardless of what happens in the U.S. elections on November 5, one theme is clear – protectionist policies in international trade are here to stay. To some extent, the key difference between the trade policies of a Harris administration and a second Trump Administration may be one of degree. Vice President Harris is expected to continue the more cautious, incremental approach to trade policy favored by the Biden Administration. A second Trump administration, on the other hand, is expected to pick up where it left off and aggressively use the trade tools at its disposal to try to reset and renegotiate trade relationships with many of the U.S.’s trading partners—particularly those countries with whom the U.S. has a trade deficit.

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For more information, contact: David Stepp, Caroline Brown, Evan Chuck, Aaron Cummings, Kate Beale, Clif Burns

New BIS Guidance Continues Trend of Enhanced EAR Compliance Expectations for Financial Institutions

In new guidance published on October 9, 2024, the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) issued recommendations about its expectations for financial institutions in complying with U.S. export control obligations.

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For more information, contact: Carlton Greene, Jana del-Cerro, Jeremy Iloulian, Kelsey Clinton

Are you, and Your Supply Chain, Ready for the Deforestation Regulation?

Cattle, cocoa, coffee, oil palm, soya, wood, rubber?  Do you sell any of these commodities? Do you sell any products derived, containing or using any of these commodities? Are there any companies in your supply chain which sell or use these commodities, or derivative products?  Do you (or others in your supply chain) sell products in the EU/EEA, or export products from the EU/EEA?  If so, you – and your supply chain – must likely comply with the Deforestation Regulation.[1] And getting ready is no easy feat – even despite the recent actions to postpone some of the application deadlines of concern. 

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For more information, contact: Marcus Navin-Jones, Jean-Baptiste Blancardi

New (Limited) Exclusion Process Begins for Section 301 Tariff Action – Opportunity for Domestic Manufacturing

On October 15, 2024, the Office of the United States Representative (“USTR”) announced a new process for interested parties to request temporary exclusion from Section 301 duties on certain Chinese-origin goods.  The new exclusion process is limited, but key for stakeholders with a nexus to domestic manufacturing in the United States.  Exclusions may apply for machinery used in domestic manufacturing and classified within a discreet list of over 300 subheadings under chapters 84 and 85 of the Harmonized Tariff Schedule of the United States, which can be found in a preceding Federal Register Notice issued by the agency on September 18, found here (see Annex E). 

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For more information, contact: John Brew

Meet OTSI: New UK Trade Sanctions Enforcement Agency Launches

From Thursday October 10, 2024, the UK has an additional new sanctions regulator following the official launch of the Office of Trade Sanctions Implementation (“OTSI”).  First announced in December 2023, its establishment was confirmed last month with the publication of The Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024 (the “Regulations). 

Sitting within the UK Department for Business and Trade (“DBT”), OTSI will be responsible for the civil enforcement of many UK trade sanctions and will act as a sister agency to the existing Office of Financial Sanctions Implementation (“OFSI”).  

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For more information, contact: Dj Wolff, Sophie Davis

Crowell Events

Please join Crowell for an interactive roundtable event to discuss critical developments surrounding Forced Labour and Human Rights in Global Supply Chains with a focus on regulatory updates (UK, EU, US & Global); comparative perspectives of laws/regulations; and supply chain mapping challenges. The Chatham House Rule will apply, affording an opportunity to engage with peers and legal experts in an intimate small-group setting.

This session is open to all relevant roles within companies that touch upon forced labour, human rights, and sustainability (non-legal roles are welcome). 

We are holding two sessions detailed below.

London
Tuesday, November 19, 2024
4:30–7:00 p.m. UK Time Andaz London Liverpool Street, by Hyatt
40 Liverpool St,
London EC2M 7QN

Brussels
Thursday, November 21, 2024
12:00–2:00 p.m. Brussels Time Crowell & Moring
Rue Joseph Stevens 7
1000 Brussels

Click here for further details and to register.  For questions about these events, please contact Pier Natta or Sophie Davis. 

Crowell Webinars

Thursday, November 14, 2024

Navigating U.S. Sanctions for Global Investment Funds and Financial Institutions

Join Crowell’s Financial Services attorneys, including Crowell Partner, Carlton Green, former Chief Counsel at FinCEN, where we’ll explore key U.S. sanctions issues impacting investment funds across all asset classes and global financial institutions. This session will provide essential insights and actionable strategies to help investment professionals and institutions navigate the complex landscape of U.S. sanctions in the global market.

Related Professionals: Carlton Greene, Christopher Mendez

REGISTER HERE

Crowell Speaks

Digital Assets: Compliance, Enforcement & Regulatory Oversight: New Takeaways Affecting Compliance Priorities

(November 19, 2024)Speaker: Anand Sithian

@ACI China Trade Controls, Arlington, Virginia: Deciding If and How to Continue Business Operations in China: Aligning Business, Operations, Trade Compliance and Risk Management (November 13, 2024) Speaker: Evan Chuck

Forced Labor Enforcement Trends, Georgetown International Law Society (November 7, 2024). Crowell’s John Brew was a panelist, along with a senior attorney from the Office of Chief Counsel, U.S. Customs and Border Protection, and a former member of the Forced Labor Enforcement Task Force.

@Inter-Pacific Bar Association (IPBA) North America Regional Conference: The Impact of the US Elections on the Global Regulatory Framework (October 9, 2024). Speaker: Jana del-Cerro

@Inter-Pacific Bar Association (IPBA) North America Regional Conference: Government Control of Cross-Border M&A – A North American Perspective (October 9, 2024). Speaker: Evan Chuck

Contacts

Insights

Client Alert | 8 min read | 11.21.24

New Legislation Introduced in Congress Proposes Ending Normal Trade Relations with China and More

On November 14, 2024, Rep. John Moolenaar (R-Mich.), chair of the House Select Committee on the Chinese Communist Party, introduced the Restoring Trade Fairness Act, seeking to suspend China’s Permanent Normal Trade Relations (“PNTR”) status....

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