The Department of Commerce has issued an interim final rule establishing the requirements for seeking exclusion from, and objecting to the granting of an exclusion request for, the recently-announced tariffs on steel and aluminum imports. These new tariffs – which amount to 25% for steel and 10% for aluminum – will take effect on March 23, 2018. Exclusion requests can only be submitted by individuals and organizations that use certain steel and aluminum articles in business activities located in the U.S., while objections to exclusion requests can be submitted by any individual or organization in the U.S. Client Alert→
Today, the Treasury Department announced that it will adjust its civil monetary penalties for inflation, as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990. The final rule will adjust civil monetary penalties within the jurisdiction of certain components of the Treasury Department (including OFAC) to the maximum amount required by law. The statutory maximum civil penalty for a violation of the International Emergency Economic Powers Act (IEEPA) is now the greater of $295,141 or twice the amount of the underlying transaction. The statutory maximum civil penalty for the Trade with the Enemy Act (TWEA) has been adjusted to $86,976.
Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) published several updates related to the Countering America’s Adversaries Through Sanctions Act (CAATSA), including amended Cyber General License No. 1A (GL 1A) in connection with the designation of the Federal Security Service (aka FSB) under Section 224 of CAATSA; four updated FAQs relating GL 1A; one updated CAATSA-related FAQ; and additional CAATSA/Russia-related Designations. OFAC stated that the changes to Cyber General License No. 1 (regarding the FSB) are limited to adding CAATSA authorities. Read More→
Following through on an announcement made last week, President Trump signed presidential proclamations imposing 25 percent tariffs on imports of steel, and ten percent tariffs on aluminum; however, the President exempted Canada and Mexico from the tariffs (for now) and has also “left open an avenue for potentially modifying or removing a tariff under certain conditions for individual countries.” The proclamations also provide a mechanism for U.S. parties to apply for exclusion of specific products based on demand that is unmet by domestic production or on specific national security considerations. The tariffs become effective on March 23, 2018. The presidential proclamations can be found here and here.
The following events related to international trade may be of interest to you:
Join BIS for a one-day workshop providing an overview of the steps a company may take to implement an internal Export Compliance Program. Agenda topics include guidance on how to establish an Export Compliance Program, avoid common compliance errors, and build a solid framework for a compliance program, as well as strategies to further enhance your company’s compliance program. More Info→
Join the USTDA for a Reverse Trade Mission (RTM) that will bring public officials and coal plant operators from Turkey, South Africa and Romania to the United States for site visits and meetings with U.S. businesses. Another RTM will be held May 14 - 23, 2018, to bring public officials and coal plant operators from India, Indonesia, Thailand, and Vietnam to the United States for meetings. More Info→
The NCBFAA Annual Conference brings together more than 600 international trade industry representatives from around the United States. For four days in Rancho Mirage, CA, many of the nation's leading customs brokers, freight forwarders, NVOCCs, OTIs and service providers gather to update themselves on industry developments and to connect with colleagues new and old. More Info→
The NCBFAA Educational Institute is proud to invite all global logistics professionals to the Fourth Annual Global Trade Educational Conference (G·TEC). This two-day event will give customs brokers, freight forwarders, NVOCCs, OTI, service providers, importers, exporters and all global logistics professionals an opportunity to update themselves on industry developments and connect with colleagues. More Info→
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