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 2025 Annual Report, which provides information regarding transactions reviewed by CFIUS during 2025.[1] Key takeaways from the 2025 Annual Report are below.
Continue Reading CFIUS Releases 2025 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.
On July 23, 2026, the Trump administration announced new tariffs (Forced Labor Tariffs) on goods from 60 economies, including the European Union (EU) and China, alleging these economies either failed to enforce forced labor prohibitions or failed to adopt a forced labor import prohibition. The new duties took effect on July 24, 2026, replacing the temporary 10% global tariff imposed by President Trump under Section 122 of the Trade Act of 1974 (Section 122 Tariffs), which expired on July 24, 2026. Section 122 Tariffs originally were imposed after the Supreme Court struck down the administration’s prior tariffs imposed under the International Emergency Economic Powers Act (IEEPA).[1] Although the Trump administration has stated that the Forced Labor Tariffs will apply to 99% of imports into the United States, the duties (ranging from 10 to 12.5%) have a number of exemptions and exclusions, including products subject to tariffs imposed under Section 232 of the Trade Expansion Act (Section 232 Tariffs).
Continue Reading Trump Administration Imposes New Section 301 Tariffs on 60 Trading Partners, New Section 338 Tariffs on CanadaOn June 18, 2026, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) issued General License (GL) 59, authorizing the provision of goods, technology, software, or services relating to aircraft of Venezuela’s state-owned airline, Consorcio Venezolano de Industrias Aeronáuticas y Servicios Aéreos, S.A. (Conviasa). Separately, OFAC recently amended seven existing Venezuela-related GLs to ease the governing law and dispute resolution requirements applicable to contracts entered into under those licenses. In addition, on June 25, 2026, OFAC issued GL 60, authorizing transactions related to earthquake relief efforts in Venezuela until October 2026. Together, these actions reflect OFAC’s continued easing of Venezuela sanctions by expanding the scope of permissible aviation-related activities, reducing barriers to participation in authorized transactions, and facilitating humanitarian relief efforts.
Continue Reading OFAC Continues Venezuela Sanctions Relief with Authorizations for Aircraft Safety, Earthquake Relief, and Easing of General License Governing Law RequirementsThe 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 TakeawaysWE VALUE YOUR PRIVACY
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