What are “antiboycott” regulations? These regulations were adopted to encourage and require U.S. firms (in some cases) to refuse to participate in foreign boycotts that are not sanctioned by the U.S. This would be an “unsanctioned boycott.” In addition, U.S. persons are also required to report boycott-related requests to both the Office of Antiboycott (OAC)…
Trade compliance audits can be scary, cumbersome and time-consuming. Why would any company subject itself to this? The importance of any import/export compliance audit is to avoid the dreaded “F&P” words. These are two words that most companies don’t want to hear … or even say (unless it’s behind closed doors). I’m talking about Fines…
Another day. Another restriction against China. Earlier this month, President Biden signed an executive order targeting U.S. investment in certain national security technologies where that investment involves “countries of concern.” Currently, these “countries of concern” are China, Hong Kong and Macau … but mostly, China. On the same day this order was signed, the Treasury…
Not surprisingly, last month’s G7 Summit solidified the persistent and unified commitment in support of Ukraine through new sanctions and export restrictions on Russia and Belarus. The purpose remains the same – the G7 countries’ continuation to cripple Russia’s ability to source goods and technology required for the war in Ukraine. This results in the…
Classifying apparel correctly is essential for importers, as it determines the appropriate duties and regulations that apply. The Harmonized Tariff Schedule of the United States (HTSUS) provides a standardized system for classifying apparel. However, the chapters for apparel are long and can be confusing. Here are five important things to know about classifying apparel using…
This month, U.S. authorities imposed a $300 million civil penalty against Seagate Technology over its lucrative relationship with blacklisted Chinese technology firm Huawei Technologies. The penalty was to resolve alleged violations of export controls related to selling hard disk drives. The $300 million settlement announced by the Department of Commerce’s Bureau of Industry and Security (BIS) is…
Is it getting hot in here? Or is it just summer approaching? If you’re feeling a little “toasty,” we’re here to say that you aren’t imagining things. The agency responsible for the Export Administration Regulations (EAR) just turned up the heat on exporters. Earlier this month, the Bureau of Industry and Security (BIS) released updated…
In the final scene of Back to the Future, Doc Brown prepares to take his time-travelling DeLorean into the future. Marty warns Doc that they don’t have enough roadway to get the machine up to 88 mph for the time jump. And then Brown famously says: “Roads? Where we’re going we don’t need roads.” Cue…
Here Are The Red Flags You Must Look For When Choosing A Trade Compliance Consulting Firm From a robust compliance program to consistent risk management practices, you go to great lengths to keep your operations compliant when importing or exporting goods, technology, or information for your business. The U.S. government demands that your company comply…
It’s been a year since Russia launched its invasion of Ukraine. During that time, the Treasury Department’s Office of Foreign Assets Control (OFAC) has implemented sweeping sanctions, export controls and other measures against Russia. This includes adding more than 2,500 targets to the SDN List and sanctioning 80% of Russian banks. Now, OFAC is targeting…