In a time of escalating tariff tensions, companies are investing heavily in analyzing the impact of tariff changes on their business and adapting to the shifting trade landscape. To mitigate tariff impacts and maintain competitiveness, many explore supply chain adjustments, such as alternative sourcing or relocating production. While “tariff engineering” is becoming an increasingly popular
Update: On February 1, 2025, President Trump signed three executive orders imposing U.S. tariffs on imports from Canada, China, and Mexico. These new tariffs are in addition to any already-existing duties and tariffs, including antidumping and countervailing duties, Section 232 tariffs on steel and aluminum imports, and Section 301 tariffs on Chinese-origin
Update: After a February 3 call with Mexico’s president, President Trump announced on Truth Social that the tariffs on Mexican goods will be paused for one month. He is also scheduled to speak with Prime Minister Trudeau, which could result in the Canadian tariffs being paused. More details to come.
Key takeaways
Effective January 15, the Department of Homeland Security (DHS) added 37 China-based companies to the Uyghur Forced Labor Prevention Act (UFLPA) Entity List, marking the single largest expansion of the UFLPA Entity List since its creation in 2022. Included in the additions is a large supplier of critical minerals, as well as one of
On January 10, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a sweeping set of actions to further reduce Russian revenues from energy, including blocking two major Russian oil producers, Gazprom Neft and Surgutneftegas, and imposing sanctions on a very significant number of oil-carrying vessels, opaque traders of Russian oil located in jurisdictions like Hong Kong and the UAE, Russia-based oilfield service providers, and Russian energy officials. The U.S. Department of State also took steps to block two active liquefied natural gas projects, a large Russian oil project, and third-country entities supporting Russia’s energy exports. Lastly, the United Kingdom also joined the U.S. in sanctioning Gazprom Neft and Surgutneftegas – which, coupled with the joint Memorandum of Understanding issued by OFAC and OFSI on January 13, is a testament to the increased cooperation between the U.S. and UK authorities. Although there are wind-downs in place for most of these entities, this round of designations is likely to cause major disruptions in the market. We summarize the new restrictions in turn below:Continue Reading U.S. and UK Intensify Sanctions Against Russia’s Oil Sector in one of the Largest Rounds of Designations Since the Outbreak of the War
The sudden collapse of the Assad regime in Syria has led to a rapidly evolving sanctions landscape. Notably, on January 6, 2025, the United States relaxed sanctions on certain transactions with Syria when the Office of Foreign Assets Control (OFAC) issued Syria General License 24 (GL 24), “Authorizing Transactions with Governing
On November 5, 2024, the United States elected former President Donald Trump to become its 47th president. Following Trump’s re-election, and with Republicans gaining control Congress, U.S. trade policy is expected to undergo several significant changes based on Trump’s previous administration and his campaign promises.
In a recent blog post, our trade team outlines
On December 2, the Bureau of Industry and Security (BIS) announced two companion rules to impede China’s ability to procure and produce advanced-node semiconductors that can be used in advanced weapons systems, artificial intelligence (AI), and advanced computing.
In response, China announced that it will in principle ban exports of gallium, germanium, antimony, and superhard
On Wednesday, former President Donald Trump was projected to retake the White House and become the United States’ 47th president. The Senate is also projected to be Republican controlled; the House of Representatives remains too close to call.
Based on insights from his first administration and his campaign promises, the following are a few key
The Bureau of Industry and Security (BIS) is seeking comments on a proposed rule that would prohibit transactions involving Vehicle Connectivity System (VCS)[1] hardware and covered software designed, developed, manufactured, or supplied by persons owned by, controlled by, or subject to the jurisdiction of China (including Hong Kong) or Russia. Comments will be due