On April 9, 2025, the EU approved new trade countermeasures targeting c.€18 billion of U.S.-origin products in response to 25% tariffs imposed by the Trump II administration on steel and aluminium imports. These new measures apply alongside 2018 and 2020 countermeasures targeting c.€8 billion worth of U.S. goods, which were due to come back into effect on April 15. On April 10, the EU announced a 90-day pause on these countermeasures to facilitate trade negotiations with the U.S.
Continue Reading The EU’s Latest Response to Trump II TariffsPresident Trump Imposes Sweeping Reciprocal Tariffs
For more insights and analysis from Cleary lawyers on policy and regulatory developments from a legal perspective, visit What to Expect From a Second Trump Administration.
Update as of April 10, 2025: On April 9, 2025, President Trump announced a 90-day pause on the imposition of reciprocal tariff rates above 10% for most countries. For all countries other than China, Canada, and Mexico, tariffs are paused at the 10% rate effective April 5, 2025, pending negotiations for the potential reduction or elimination of reciprocal tariffs. Tariffs on Canadian and Mexican-origin products continue to apply as described below. Reciprocal tariffs on Chinese-origin products remain in effect and have increased as the Chinese and U.S. governments imposed retaliatory tariffs on U.S.- and Chinese-origin products, respectively.
On April 2, 2025, President Trump issued an executive order (the “E.O.”) imposing sweeping reciprocal tariffs pursuant to the International Emergency Economic Powers Act, 50 U.S.C. 1701, et seq. (“IEEPA”).[1] Effective April 5, 2025, all products from all trading partners, unless exempted, will be subject to additional 10% tariffs. In addition, increased country-specific tariffs, as detailed in Annex I of the E.O. (copied below), will enter into effect on April 9, 2025.
Continue Reading President Trump Imposes Sweeping Reciprocal TariffsBIS Further Restricts Exports of Artificial Intelligence and Advanced Chips to China
By Chase D. Kaniecki, Ryan Brown & Catherine Johnson on
For more insights and analysis from Cleary lawyers on policy and regulatory developments from a legal perspective, visit What to Expect From a Second Trump Administration.
In the final weeks of the Biden Administration and early days of the second Trump Administration, the U.S. Department of Commerce, Bureau of Industry and Security (“BIS”) issued a series of new rules amending the Export Administration Regulations (“EAR”) to further expand and refine export controls on advanced computing items, semiconductor manufacturing equipment (“SME”), artificial intelligence (“AI”) items, and related technology destined to the People’s Republic of China (including Hong Kong) (“China”) and Macau.
Continue Reading BIS Further Restricts Exports of Artificial Intelligence and Advanced Chips to ChinaU.S. Government Signals Intent to Increase Enforcement of U.S. Export Controls
For more insights and analysis from Cleary lawyers on policy and regulatory developments from a legal perspective, visit What to Expect From a Second Trump Administration.
Earlier this month, the U.S. Department of Commerce (Commerce), Bureau of Industry and Security (BIS) held its annual Update Conference on Export Controls and Policy (the Conference). During the Conference, key government officials signaled an intent to ramp up enforcement of the Export Administration Regulations (EAR) going forward. For example, in opening remarks to Conference attendees, U.S. Secretary of Commerce Howard Lutnick said there would be a “dramatic” increase in enforcement by BIS under the Trump administration, including increased fines and penalties for parties that violate the EAR.
Continue Reading U.S. Government Signals Intent to Increase Enforcement of U.S. Export ControlsPresident Trump Imposes Tariffs on Canada and Mexico, Additional Tariffs on China
For more insights and analysis from Cleary lawyers on policy and regulatory developments from a legal perspective, visit What to Expect From a Second Trump Administration.
On February 1, President Trump issued executive orders announcing sweeping tariffs on products of Canadian, Mexican, and Chinese origin. As discussed in our previous publication, effective February 4, all products of Chinese origin became subject to an additional 10% tariff pursuant to these orders, while the imposition of tariffs on products of Canadian and Mexican origin were delayed by one month after President Trump reached last-minute agreements with Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum to delay the tariffs during ongoing negotiations.
Continue Reading President Trump Imposes Tariffs on Canada and Mexico, Additional Tariffs on ChinaThe EU’s Possible Response to Trump II Tariffs
On February 1, 2025, U.S. President Donald Trump imposed a 25% additional tariff on imports of Canadian- and Mexican-origin goods (since suspended for 30 days) and a 10% additional tariff on imports of Chinese-origin goods. On February 10, President Trump announced a 25% tariff on steel and aluminum imports,[1] and is preparing “a comprehensive plan” to tackle “non-reciprocal trading arrangements”.[2] The EU is a key target of the new measures, with the EU’s 10% tariff on imported cars and ban on U.S. shellfish imports identified as unfair trade barriers. As with Canada and Mexico, any EU tariffs may be driven by other strategic objectives, such as NATO expenditure and a takeover of Greenland.
Continue Reading The EU’s Possible Response to Trump II TariffsPresident Trump Issues “America First Investment Policy”: Confirms U.S. Openness to Foreign Investment from Allies and Partners, Calls for Enhanced Restrictions on Investments from and into China
For more insights and analysis from Cleary lawyers on policy and regulatory developments from a legal perspective, visit What to Expect From a Second Trump Administration.
On February 21, 2025, President Trump issued a memorandum to various U.S. government agencies setting forth an “America First Investment Policy” (the “Memorandum”). While the Memorandum is a call to arms for the Committee on Foreign Investment in the United States (“CFIUS”) to further restrict Chinese investments into the United States and for the U.S. government to use the recently implemented U.S. Outbound Investment Security Program (“OISP”) to restrict additional U.S. outbound investment into China (described in our alert memorandum linked here), the Memorandum also aims to facilitate inbound investment from allies and partners.
Continue Reading President Trump Issues “America First Investment Policy”: Confirms U.S. Openness to Foreign Investment from Allies and Partners, Calls for Enhanced Restrictions on Investments from and into ChinaMOFCOM Issues Final Determination on Trade and Investment Barrier Investigation into the EU’s Foreign Subsidies Regulation
By François-Charles Laprévote, Cunzhen Huang, Wanjie Lin, Huanbing Xu & Mengchu Tian on
On January 9, 2025, the Ministry of Commerce of the People’s Republic of China (“MOFCOM”) released its decision in a trade and investment barrier investigation into the European Union’s Foreign Subsidies Regulation (“FSR”).
Continue Reading MOFCOM Issues Final Determination on Trade and Investment Barrier Investigation into the EU’s Foreign Subsidies RegulationLexology Panoramic: Foreign Investment Review 2025 – United States
Cleary Gottlieb partners Chase Kaniecki and Samuel Chang and associates B.J. Altvater and Alexi Stocker co-authored the United States chapter in Lexology Panoramic: Foreign Investment Review 2025.
Continue Reading Lexology Panoramic: Foreign Investment Review 2025 – United StatesDOJ Issues Final Rule Targeting Bulk Sensitive Personal and U.S. Government-Related Data Transactions Involving Countries of Concern
On December 27, 2024, the U.S. Department of Justice, National Security Division (“DOJ”) issued a final rule implementing a new regulatory program designed to prevent certain countries (China, Cuba, Iran, North Korea, Russia, and Venezuela) and covered persons from having access to Americans’ bulk sensitive personal data and U.S. government-related data (“Final Rule”).[1] The Final Rule, which implements Executive Order (“E.O.”) 14117 issued on February 28, 2024, builds on an Advanced Notice of Proposed Rulemaking published March 5, 2024, which we previously discussed here, and a Notice of Proposed Rulemaking published on October 29, 2024.[2] The Final Rule will enter into effect on April 8, 2025. However, certain due diligence, audit, and reporting requirements will not require compliance until October 6, 2025.
Continue Reading DOJ Issues Final Rule Targeting Bulk Sensitive Personal and U.S. Government-Related Data Transactions Involving Countries of Concern