It has been almost three years since the 25% duties on steel imports and the 10% duties on aluminium imports pursuant to Section 232 of the Trade Expansion Act 1962 were first imposed and legal challenges are proliferating and there is renewed legislative interest in Section 232 reform. This article highlights legal challenges worth following and provides an update on the status of World Trade Organisation litigation and recent legislative proposals for Section 232 reform.
The last four years have been turbulent, to say the least, with more changes to come under the Biden administration. Some issues from 2020 will remain in focus and will be tempered by the Biden administration's need to repair the damage done to US relations with key trading partners. This article aims to help businesses anticipate and prepare for these changes by examining six hot-button trade issues to watch out for in 2021.
The US Department of Treasury's Office of Foreign Assets Control recently issued an advisory highlighting sanctions risks associated with facilitating ransomware payments on behalf of victims targeted by malicious cyberattacks. Relatedly, the US Department of Treasury's Financial Crimes Enforcement Network issued guidance alerting financial institutions to their role in processing ransomware and associated payments, red flags and reporting information.