U.S.

Subscribe to U.S. via RSS

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

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 10, President Trump issued proclamations (the “Proclamations”) imposing and expanding 25% tariffs on imported steel and aluminum products under Section 232 of the Trade Expansion Act of 1962 (“Section 232”).  As discussed in our previous blog post (available here), the first Trump administration imposed tariffs on steel and aluminum products under Section 232, but numerous countries subsequently received exemptions from the tariffs.  The Executive Order re-imposes tariffs on all countries that previously received exemptions, increases tariffs on aluminum from 10% to 25%, and re-expands the scope of existing tariffs on steel and aluminum to cover derivative steel and aluminum products.  The new steel and aluminum tariffs will go into effect on March 12, 2025; details regarding the new tariffs will be published in the Federal Register within ten days of March 12.Continue Reading President Trump Re-Imposes and Expands Tariffs on Steel and Aluminum

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.

With President Trump taking office last week, U.S. and non-U.S. companies are bracing for a new wave of potential tariffs, which the President has repeatedly promised to impose during his second term.  In the months and days leading up to the election, President Trump touted his plan for extensive, across-the-board tariffs even against allies, including Canada, Mexico, and the European Union.Continue Reading Trump Tariffs: What’s Happened, What’s Potentially Coming, and How to Prepare

On January 10, 2025, the U.S. Department of the Treasury, Office of Foreign Assets Control (“OFAC”) issued sweeping new sanctions targeting Russia’s energy sector, including the imposition of a new petroleum services ban, expanded secondary sanctions authority, and designations of certain Russian oil producers, insurance providers, and more than 180 so-called “shadow fleet” vessels.  Until this time, U.S. sanctions specific to the Russian energy sector generally were limited to a ban on maritime services for oil and petroleum products sold at or below the relevant price caps, designations of specific projects, traders, or vessels, and certain pre-2022 targeted sectoral sanctions and secondary sanctions authorities. Continue Reading OFAC Expands Sanctions against Russian Energy Sector

On December 5, 2024, the U.S. Department of Commerce, Bureau of Industry and Security (“BIS”) issued a final rule (the “Final Rule”) implementing the procedures BIS will follow when reviewing information and communications technology (“ICTS”) transactions that may pose a risk to U.S. national security pursuant to Executive Order (E.O.) 13873.[1]  In particular, the Final Rule authorizes the Secretary of Commerce (the “Secretary”) (or the Secretary’s designee, e.g., the Under Secretary of Commerce for Industry and Security) to review, prohibit, or impose mitigation measures on certain types of transactions (“Covered ICTS Transactions”) that involve ICTS designed, developed, manufactured, or supplied by persons owned by, controlled by, or subject to the jurisdiction or direction of a foreign adversary and that pose an undue or unacceptable risk to U.S. national security.  We consider each of these concepts below, after which we discuss the review, prohibition, and mitigation processes associated with covered transactions.Continue Reading Commerce Issues Final ICTS Rule; Takes Steps to Implement the Program

On January 3, 2025, President Biden issued an executive order (the “Order”) prohibiting the proposed acquisition of United States Steel Corporation (“U.S. Steel”) by Japan-based Nippon Steel Corporation (“Nippon Steel”) on the basis that the transaction could threaten to impair the national security of the United States (the “Order”).  The Committee on Foreign Investment in the United States (“CFIUS”) referred the transaction to the President on December 23, 2024.    Continue Reading President Biden Issues Order Blocking the Proposed Acquisition of United States Steel Corporation by Nippon Steel Corporation, and The Parties Sue for a New Review

The Treasury Department has released its “Final Rule” which will impose on U.S. persons notification requirements and restrictions for transactions involving entities engaged in activities relating to semiconductors and microelectronics, quantum information technologies, and artificial intelligence systems in “countries of concern.” The rule will go into effect on January 2, 2025.Continue Reading You’re Invited: U.S. Outbound Investment Security Program Webinar on January 7, 2025

The Treasury Department has released its “Final Rule” which will impose on U.S. persons notification requirements and restrictions for transactions involving entities engaged in activities relating to semiconductors and microelectronics, quantum information technologies, and artificial intelligence systems in “countries of concern.” The rule will go into effect on January 2, 2025.Continue Reading You’re Invited: U.S. Outbound Investment Security Program Webinar on December 16, 2024

On November 18, 2024, the U.S. Department of the Treasury (“Treasury”), as Chair of the Committee on Foreign Investment in the United States (“CFIUS”), issued a final rule (the “Final Rule”) that enhances CFIUS’s mitigation and enforcement authority.  The Final Rule, which will take effect December 26, 2024 (30 days after the Final Rule was published in the Federal Register), represents a continued evolution of CFIUS’s approach to monitoring, compliance, and enforcement and largely is consistent with the Notice of Proposed Rulemaking (the “Proposed Rule”) issued on April 11, 2024, which we wrote about here.  We previously wrote about the first-ever 2022 CFIUS Enforcement and Penalty Guidelines here.Continue Reading Treasury Issues Final Rule Enhancing CFIUS Mitigation and Enforcement Authority