Enforcement

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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 March 4, 2026, the U.S. Court of International Trade (“CIT”) issued an order (the “Order”) directing the U.S. government to refund tariffs imposed by the Trump Administration under the International Emergency Economic Powers Act of 1977, 50 U.S.C. 1701, et seq. (“IEEPA”) that recently were struck down by the Supreme Court of the United States (“SCOTUS”) in Learning Resources, Inc. v. Trump on February 20, 2026.[1] The Order has immediate implications for importers seeking refunds for the so-called “Trafficking Tariffs” previously imposed on Canada, China, and Mexico, the “Reciprocal Tariffs” previously imposed on most U.S. trading partners, and additional tariffs imposed pursuant to IEEPA (together, the “IEEPA Tariffs”).[2]Continue Reading U.S. Court of International Trade Orders Refunds of IEEPA Tariffs

On February 10, 2026, the provisional text[1] of the new EU FDI screening regulation was finally published (the “New Regulation”). This reflects the political agreement reached on December 11, 2025, between the European Parliament and the Council of the European Union (“Political Agreement”).[2]Continue Reading The Rise of the New EU FDI Screening Regulation

On February 20, 2026, the United States Supreme Court (the “Court”) held in Learning Resources, Inc. et al. v. Trump (“Learning Resources”) that the International Emergency Economic Powers Act of 1977, 50 U.S.C. 1701, et seq. (“IEEPA”) does not authorize the President of the United States (the “President”) to impose tariffs (the “Decision”). The Decision has significant implications, most directly for importers that have been paying duties imposed by President Trump under IEEPA on imports from most U.S. trading partners in response to trade deficits referenced by the administration and on imports from Canada, Mexico, and China in response to the alleged influx of illegal drugs from those countries.Continue Reading Supreme Court Strikes Down IEEPA Tariffs: What To Know and Expect

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 9, 2026, the U.S. Department of Justice (“DOJ”) filed a complaint in the U.S. District Court for the District of Columbia to enforce a presidential order (the “Order”) requiring a Chinese company, Suirui Group Co., Ltd., and its Hong Kong subsidiary, Suirui International Co., Limited (collectively, “Suirui”), to divest their interest and rights in Jupiter Systems, LLC (“Jupiter”), a California-based company specializing in video processing technology.Continue Reading DOJ Files First-Ever Complaint to Enforce CFIUS Divestment Order Against Suirui Group Co., Ltd.

The following is part of our annual publication Selected Issues for Boards of Directors in 2026. Explore all topics or download the PDF.

In 2026, boards of directors will continue to navigate a shifting U.S. regulatory environment shaped by an assertive and transactional approach to trade and national security. Uncertainty surrounding the most significant U.S. trade development in decades continues into the new year as the U.S. Supreme Court is expected to rule in the coming weeks on the validity of the “reciprocal tariffs” imposed by the second Trump administration against most U.S. trading partners.Continue Reading Trade Controls, Foreign Investment and National Security: New Regimes and Continuing Changes for 2026

Legislative Decree No. 211/2025 (the “Sanctions Decree”), effective as of January 24, implements EU Directive 2024/1226 (the “Directive”) on violations of EU restrictive measures (the “EU Sanctions”) and introduces new criminal offenses, thereby significantly reshaping the applicable sanctions framework. Importantly, these offenses are now included among those triggering corporate liability under Legislative Decree No. 231/2001 (the “Decree 231”).Continue Reading Italy Introduces New Criminal Offenses and Corporate Liability for Breaches of EU Sanctions

On December 18, 2025, President Trump signed the 2026 National Defense Authorization Act (“NDAA”), a sweeping defense spending bill that brings a number of changes to the U.S. outbound investment security program, U.S. economic sanctions, and biotechnology restrictions relating to federal procurement. First, the NDAA includes the Comprehensive Outbound Investment National Security (“COINS”) Act, which provides a statutory basis for the U.S. Outbound Investment Security Program (“OISP”) and directs the U.S. Department of the Treasury (“Treasury”) to issue new regulations that expand the relevant “countries of concern” and covered sectors, as well as certain exceptions. On December 23, 2025, Treasury also issued new FAQs clarifying the scope of the publicly traded securities exception and confirming that the current OISP rules will remain in effect until Treasury issues regulations to implement the COINS Act.Continue Reading New Guidance Issued and Changes Underway for U.S. Outbound Investment Regime as 2026 NDAA Defense Bill Introduces Outbound Investment, Sanctions, and Biotech Updates

After the apprehension of Nicolás Maduro on January 3, 2026, the White House has actively advocated for Venezuelan market access for U.S. oil companies. Although a regulatory framework under which such investment can occur remains uncertain, any such arrangement will need to account for the sweeping U.S. sanctions that have been imposed against Venezuela over the past decade in response to alleged human rights abuses, corruption, and the erosion of democratic institutions under the Maduro regime. As of writing, these sanctions remain in full-effect, generally blocking the property of the Government of Venezuela (“GoV”) and restricting U.S. persons (and non-U.S. persons to the extent they are engaging in dealings within U.S. jurisdiction) from engaging in transactions or other dealings with the GoV, entities owned or controlled by, or acting on behalf of, the GoV, including the state-owned oil company Petroleos de Venezuela, S.A. (“PdVSA”), and certain individuals in leadership of the GoV. Moreover, the U.S. government maintains discretion to impose blocking sanctions against parties determined to engage in certain activities, including operating in the defense and security, financial, oil, and gold sectors of Venezuela, as well as any other sectors as determined by the U.S. government in the future.  This note provides an overview of key Executive Orders (“E.O.”) constituting the Venezuela sanctions framework, including a description of the status of relevant General Licenses (“GL”), and considerations for the future as the White House explores potential arrangements with Venezuela for U.S. oil company market entry.Continue Reading Navigating Venezuela Sanctions: Legal Considerations and Anticipated Developments

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 January 2, 2026, President Trump issued an order (the “Order”) prohibiting HieFo Corporation (“HieFo”), a Delaware company, from maintaining ownership of digital chip and wafer-related assets (including a semiconductor manufacturing facility) that HieFo acquired from EMCORE Corporation (“EMCORE”). HieFo acquired the assets in April 2024 for $2.92 million, and the Committee on Foreign Investment in the United States (“CFIUS”) subsequently reviewed the transaction.Continue Reading President Trump Issues Order Requiring Hiefo Corporation to Divest Ownership of Digital Chip and Wafer-related Assets

On November 1, 2025, following U.S.-China trade discussions, the White House announced that it would suspend implementation of the Affiliates Rule for one year.  Effective November 10, 2025, BIS imposed a one-year suspension of the interim final rule, expiring November 9, 2026.

On September 29, 2025, the U.S. Department of Commerce, Bureau of Industry and Security (BIS) issued a new interim final rule, Expansion of End-User Controls to Cover Affiliates of Certain Listed Entities (the IFR) that, effective immediately, significantly expands the application of the Entity List and Military End-User List (MEU List) restrictions under the Export Administration Regulations (EAR) to foreign entities that are 50 percent or more owned by such listed entities (the Affiliates Rule).Continue Reading BIS Significantly Expands Application of Export Control Restricted Party Lists with New “Affiliates Rule”