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In 1947, then President Harry Truman pledged that the United States would support any nation in its efforts to resist Communism and prevent its spread. The policy was commonly called, “Containment,” capturing the concept that countries aligned with U.S. policy would surround the Soviet Union and its allies, containing the spread of their ideologies. The policy was maintained as doctrine and a guiding principle in U.S. policy throughout the Cold War era.Continue Reading China Semiconductor Export Regulations, Episode IV – “Technological Containment” – U.S. Semiconductor Restrictions Aim to Align Allies with U.S. Policy

On August 9, 2023, President Biden issued an Executive Order (E.O.) ordering the issuance of outbound investment restrictions. This E.O. comes after nearly a year of anticipation (as we have documented on several occasions over the past year). This is the start of the reverse Committee on Foreign Investment in the United States (CFIUS) process that has been mostly speculation (and blog articles) until yesterday. In conjunction, the Treasury Department issued a press release, fact sheet, and Advance Notice of Proposed Rulemaking (ANPRM) seeking comments from the public on the proposed restrictions by September 28.Continue Reading Reverse CFIUS Unveiled: Focus on China, Semiconductors, Artificial Intelligence, and Quantum Computing

The United States and its allies are aiming to choke off the supplies that support the last vestiges of Russian industry. On May 19, 2023, the Bureau of Industry and Security (BIS) released new regulations implementing additional restrictions under the Export Administration Regulations (EAR) as well as corrections and clarifications on existing controls for Russia and Belarus.[1] Those additions build on recent export control regulations issued on February 24, 2023 (which we discuss here) and significantly expand controls over items that can be used in even basic electronics and manufacturing. The new regulations continue BIS’s push to leave very little that may be sent into Russia from the United States.Continue Reading Everything but the Kitchen Sink (and Maybe That Too!): New Export Controls on Russia Cover Whole Categories of Low-Level Commercial Electronic and Mechanical Equipment

Key Takeaways:

  • Outbound investment rules may require notification, but there is less risk of transactions being blocked by regulators.
  • Investments in advanced semiconductors in China may still be subject to being blocked.
  • The required notification, review, and possible restriction still represents a massive increase (from almost nothing) in regulation on outbound investments.
  • Increases in the scope and powers of the reviewers may follow in future regulations or legislation.

Continue Reading U.S. Outbound Investment Restrictions Are Becoming a Reality

With Russian forces massing at the Ukrainian border, the U.S. and EU have been warning of severe economic sanctions. While we wait and watch this brinksmanship play out, it is worth considering how businesses, and particularly banks, might prepare for what comes next.
Continue Reading A Ruble Without a Cause: What Economic Sanctions on Russia May Mean for Your Business and Global Finance

One point all can likely agree on in these divisive times is that the Trump Administration’s international trade policy has been aggressive. Over the past four years, we have been clinging to our seats on the rollercoaster ride with some pretty challenging peaks and valleys:

  • Section 301 tariffs on over $370 billion worth of imports from China, under which over $68 billion in total duties have been assessed;[1]
  • Replacement of NAFTA with the United States-Mexico-Canada Agreement (USMCA);
  • Withdrawal from the Trans Pacific Partnership (TPP); and
  • Imposition of Section 232 steel and aluminum tariffs, under which over $9 billion in total duties have been assessed.[2]

Continue Reading Four Ways the Biden Presidency Could Impact Imports, Tariffs, and Trade Agreements