International Trade > AG Trade Law
25 Apr '17

Invoking statutory authority not used in almost two decades, President Trump on April 20, 2017, directed the U.S. Department of Commerce (DOC) to conduct an investigation into the effects of steel imports on U.S. national security. Citing the more than 150 antidumping and countervailing orders currently in place on steel products imported from various countries, the Presidential Memorandum announcing the investigation claims that U.S. steel producers continue to be harmed by continued unfair trade practices, such as subsidies provided by foreign governments and excess production capacity in producing countries. These systemic trade abuses, according to the Presidential Memorandum, jeopardize long-term investment in the U.S. industry and weaken the pool of qualified workers for this strategic industry.

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04 Apr '17

President Trump signed two EOs addressing trade on Friday, March 31: one addressing trade and customs enforcement, including the collection of antidumping and countervailing duties (AD/CVD), and a second requesting an omnibus report on significant trade deficits. While the EOs represent another of the administration’s major forays into trade, they set the table for increased enforcement of U.S. trade laws and scrutiny of U.S. trading partners.

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07 Mar '17

Cree Inc. (“Cree”), the U.S.-based LED lighting and semiconductor company, announced last month that it is terminating its agreement to sell its Wolfspeed Power & RF division (“Wolfspeed”) to Infineon Technologies AG of Germany (“Infineon”) for USD $850 million. The decision to terminate the deal came shortly after Cree announced that CFIUS raised objections to the acquisition and that the parties were working within the deal structure to mitigate CFIUS’ concerns. This outcome underscores that CFIUS risk can exist in transactions involving buyers from countries that are closely allied to the United States. 

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01 Mar '17

Background

On February 27, 2017, FinCEN announced a $7 million civil monetary penalty against Merchants for willful violations of the BSA. Additionally, the Office of the Comptroller of the Currency (OCC), Merchants’ federal functional regulator, identified deficiencies in Merchants’ processes that resulted in violations of the 2010 and 2014 consent orders that Merchants entered into with the OCC, as well as continued violations of 12 C.F.R. § 21.21 (i.e., the requirement that a bank’s AML compliance program must be reasonably designed to assure and monitor compliance with the BSA’s recordkeeping and reporting requirements). The OCC is assessing an additional, separate $1 million penalty for the violations.1

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23 Feb '17

British American Business’s NETWORK has published the article “Akin Gump: A Time for Negotiation & Implications of A New Administration,” written by Akin Gump international trade partners Davina Garrod and Hal Shapiro. The article presents a look-ahead to pertinent trade issues in the United Kingdom and United States following Brexit and the U.S. election.

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