December 2020 - Page 2 of 3 - Customs & International Trade Law Firm

U.S.-Cuba Trade under Trump vs. Biden

U.S.-Cuba Trade under Trump

Since the early 1960s, the U.S. maintained a policy of economic sanctions towards Cuba. The U.S. policy sought to isolate the Cuban government. In 2014, the Obama administration significantly changed U.S. trade and economic policies towards Cuba by restoring diplomatic relations, rescinding Cuba’s designation as a state sponsor of terror, and permitting increased trade between the two countries. This period was known as the Cuban Thaw.

However, under President Trump’s administration, the Obama administration’s efforts to normalize relations have been rolled back. In November 2017, the Trump administration restricted financial transactions with entities controlled by the Cuban government. Furthermore, many new entities have been added to the Cuba restricted list under the Trump administration. As of 2019, the Trump administration has more or less abandoned engagement with the Cuban government, and has opted instead to increase sanctions based on Cuba’s human rights violations and its support of the Venezuelan government under Nicolas Maduro.

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By Jennifer Diaz|2022-07-07T14:48:29-04:00December 21, 2020|Cuba, Customs Expert, Election 2020, Import, International Business, International Law, International Trade, U.S. Office of Foreign Assets Control (OFAC)|2 Comments

Goldman Sachs Pays $2.9 Billion in FCPA Settlement

Co-Authored by Sharath Patil

Largest FCPA Settlement to Date

The U.S. Securities and Exchange Commission (“SEC”) and the U.S. Department of Justice (“DOJ”) announced in October that Goldman Sachs Group, Inc. (“Goldman Sachs”) agreed to pay $2.9 billion as part of a settlement agreement. The settlement was a result of the agencies’ enforcement action after they learned that Goldman Sachs had allegedly paid $1.6 billion in bribes to officials in Malaysia and the United Arab Emirates (“UAE”) to secure its position as the underwriter of $6.5 billion in three bond deals with 1Malaysia Development Berhad. The settlement constitutes the largest Foreign Corrupt Practices Act (“FCPA”) settlement ever recorded.

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By Jennifer Diaz|2022-07-07T14:47:20-04:00December 17, 2020|Best Practices, Customs Expert, Expert, Export, Import, International Business, International Law, International Trade, Pre-compliance, U.S. Department of Justice (DOJ), U.S. Federal Bureau of Investigation (FBI), U.S. Securities and Exchange Commission (SEC)|0 Comments

USMCA Comment Opportunity – Due Dec. 31

Co-Authored by Sharath Patil

USMCA Background

The U.S.-Mexico-Canada Agreement (“USMCA”) is a free trade agreement that replaced the North American Free Trade Agreement (“NAFTA”) and entered into force on July 1, 2020. The USMCA enjoyed significant bipartisan support and was widely considered a successful effort at “modernizing” NAFTA.

From a labor perspective, the USMCA contains much stronger provisions than its predecessor. Rather than comprising enforceable labor provisions, NAFTA was accompanied by a labor side agreement which only listed guiding principles pertaining to workers’ rights. On the other hand, the USMCA comprises an enforceable chapter dedicated to labor containing strong provisions in favor of workers rights.

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By Jennifer Diaz|2020-12-15T15:11:24-05:00December 15, 2020|Best Practices, Customs Expert, Enforcement, Events, Expert, Export, Import, International Business, International Law, International Trade, U.S. Department of Labor (DOL)|0 Comments

Continuing Education for Licensed Customs Brokers – Comments Due December 28, 2020

Co-Authored by Sharath Patil

Background

Section 641 of the Tariff Act of 1930 provides that individuals and business entities must hold a valid customs broker’s license and permit to transact customs business on behalf of others. The statute also sets forth standards for the issuance of broker licenses and permits; provides for disciplinary action against brokers in the form of suspension or revocation of such licenses and permits; and provides for the assessment of monetary penalties against other persons for conducting customs business without the required broker’s license. Section 641 also authorized the Secretary of the Treasury to prescribe rules and regulations relating to the customs business of brokers as may be necessary to protect importers and the revenue of the United States.

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By Jennifer Diaz|2021-04-09T10:50:53-04:00December 14, 2020|Best Practices, Brokers, Customs Expert, Enforcement, Expert, Export, Import, International Business, International Law, International Trade, U.S. Customs and Border Protection (CBP)|2 Comments

Strengthening the Public Health Industrial Base Comment Opportunity Due December 23, 2020

Co-Authored by Sharath Patil

Weaknesses in the Public Health Industrial Base

Critical technology shortages have been a focus of President Trump’s trade and industrial policies. In an October 2020 report on the topic, the Trump administration identified medical and public health technologies as a key sector in which the U.S. needs to do more to protect and cultivate its technological advantage. According to some analysts, the COVID-19 pandemic has demonstrated that the United States’ public health industrial base is overly reliant on imports for critical medical and pharmaceutical needs. The first few months of the pandemic were characterized by significant shortages of key medical supplies such as ventilators and personal protective equipment. However, this overreliance pre-dated the pandemic. For example, in October 2019, the U.S. Food and Drug Administration (“FDA”) estimated that the United States accounts for only 28 percent of global active pharmaceutical ingredient (“API”) manufacturing facilities and that 80 percent of APIs consumed in the United States are produced abroad, the majority in China and India.

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By Jennifer Diaz|2022-07-07T14:45:59-04:00December 10, 2020|Best Practices, China, Customs Expert, Enforcement, Expert, Export, Import, International Law, International Trade, Pre-compliance, U.S. Office of Management and Budget (OMB)|0 Comments

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