On May 16, 2017, the EU Court of Justice released its long-awaited opinion on the EU-Singapore Free Trade Agreement (“FTA” ) (“the Agreement”) (full text here). Back in July 2015, after the EU and Singapore completed trade negotiations, the European Commission sought clarity on its authority to conclude complex deals.
The following questions submitted by the Commission have now been answered:
Continue Reading ECJ Issues Opinion on Singapore FTA: Answers to Guide Brexit Trade Negotiators
The Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”) recently published its 2024 Annual Report, which provides information regarding transactions reviewed by CFIUS during 2024.[1] Key takeaways from the 2024 Annual Report are below.
Continue Reading CFIUS Releases 2024 Annual Report: Key TakeawaysFor 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 TariffsOn November 21, 2024, the U.S. Department of the Treasury, Office of Foreign Assets Control (“OFAC”) designated additional entities operating in the Russian financial services sector, including Gazprombank Joint Stock Company (“Gazprombank”), the largest and, until November 21, most significant remaining non-sanctioned Russian bank that has served as the primary conduit for processing payments for Russian gas sold to third countries since March 2022. Specifically, OFAC designated Gazprombank pursuant to Executive Order 14024 (“E.O. 14024”) for operating or having operated in the financial services sector of the Russian Federation economy, and noted that Gazprombank had served as a “conduit for Russia to purchase military materiel,” and also was used by the Russian government to pay military personnel and their families.
Continue Reading OFAC Sanctions Gazprombank, Continues to Target Russian Financial Sector and Foreign Financial InstitutionsThe Committee on Foreign Investment in the United States (CFIUS) recently published its 2023 Annual Report, which provides information regarding transactions reviewed by CFIUS in 2023.[1] Key takeaways from the 2023 Annual Report are below.
Continue Reading CFIUS Releases 2023 Annual Report: Key TakeawaysThe Committee on Foreign Investment in the United States (CFIUS) recently published its 2022 Annual Report, which provides information regarding transactions reviewed by CFIUS in 2022.[1] Key takeaways from the 2022 Annual Report are below.
Continue Reading CFIUS Releases 2022 Annual Report – Key TakeawaysOn April 19, 2023, the U.S. Supreme Court issued its highly-anticipated decision in U.S. v. Halkbank,[1] holding that the Foreign Sovereign Immunities Act (“FSIA”)[2] does not provide foreign sovereigns with immunity from criminal prosecution in U.S. courts.
Continue Reading U.S. Supreme Court Holds FSIA Does Not Immunize Foreign Sovereigns From Criminal ProsecutionThe Committee on Foreign Investment in the United States (CFIUS) recently released its 2021 Annual Report, which provides important information and statistics about covered transactions reviewed by CFIUS in 2021 and the underlying implications for foreign investors.[1] Continue Reading CFIUS 2021 Annual Report – Five Key Takeaways
The Committee on Foreign Investment in the United States (CFIUS) recently released its 2020 annual report, which provides information and statistics regarding transactions reviewed by CFIUS in 2020.[1] For the first time, the 2020 annual report also includes information regarding so-called non-notified transactions identified and reviewed by CFIUS. Continue Reading CFIUS Releases 2020 Annual Report
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