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Commercial International Trade Contracts

Using a Contract Review Checklist for Commercial International Trade Contracts

James Holbein August 21, 2024

In the complex world of commercial international trade, contracts serve as the foundation for successful transactions. A well-prepared contract review checklist provides a basis for lawyers to ensure that all necessary terms and conditions are covered, protecting all parties involved. This article outlines the essential components of a contract review checklist related to goods in international trade. The goal is to provide a structured approach to reviewing and drafting contracts, beyond the basics of INCOTERMS.

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brics

BRICS – Shaping the Future of Global Finance and Investment

Victoria Holmes August 21, 2024

Imagine a world where five powerhouse nations are redefining the global economic landscape. BRICS—an acronym for Brazil, Russia, India, China, and South Africa—is not just a coalition of emerging markets; it is a formidable alliance shaping the future of global finance and investment. You can read about the coalition’s attempt to unseat the US dollar in our previous newsletter.

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texas

The Trade Powerhouse: Analyzing Texas’ Role in Global and National Trade

Victoria Holmes August 21, 2024

Texas isn’t just celebrated for its breathtaking landscapes and rich history—it’s a dynamic powerhouse in international and interstate trade. As the second-largest state in the U.S., Texas capitalizes on its strategic location, diverse economy, and vast infrastructure to fuel an extraordinary flow of goods and services. If Texas was a country, it would be ranked as the eighth- largest economy in the world, ahead of both Canada and Russia.

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steel and aluminum

New Presidential Proclamations – Section 232 Duties on Certain Steel and Aluminum Products from Mexico

Paul Fudacz August 12, 2024

On July 10, 2024, the President issued two Presidential Proclamations related to the imposition of Section 232 duties on certain steel and aluminum products from Mexico. The first establishes a “melt and pour” requirement for imports of steel articles that are products of Mexico and will increase the section 232 duty rate for imports of steel articles and derivative steel articles that are products of Mexico that are melted and poured in a country other than Mexico, Canada, or the United States.

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CTPAT security review

Navigating the Hurdles: Challenges of Conducting an Annual CTPAT Security Review

Judy Davis August 9, 2024

The Customs-Trade Partnership Against Terrorism (CTPAT) program can offer a fast thoroughfare for international trade. But navigating the annual security audits that ensure CTPAT compliance can feel like a maze. Don’t worry, we’ve got you covered! Let’s explore some common hurdles faced during CTPAT security audits, along with practical tips to simplify the process.

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judicial deference

Judicial Deference in Customs Litigation

Mike Smiszek August 9, 2024

One of the most anticipated decisions of the Supreme Court’s recent term was Loper Bright Enterprises v. Raimondo. While the specific underlying dispute in Loper Bright isn’t relevant to the trade community—did fishermen have to pay for government-mandated observers on their vessels?—the Court used this case to overturn the broadly applicable judicial deference test established in 1984 in Chevron U.S.A. Inc., v. Natural Resources Defense Council.

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CTPAT

Level-Up Your CTPAT Portal

Judy Davis June 14, 2024

The CTPAT portal has been a work in progress for a number of years with the latest portal update (3.0) launched at the end of 2023. Let’s take a few minutes to explore a few strategies for best outcomes while avoiding common challenges and the SCSS response request for “more information”.

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tarriffs and trade sign

Tariffs and Trade

Robert Stein June 12, 2024

Those who cannot remember the past are condemned to repeat it.” – George Santayana. As an example of this I present to you the Smoot-Hawley Tariff Act of 1930. If you are not familiar with this, it is worth taking a moment to research.

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sanctions violations

New Legislation Extends Statute of Limitations for Sanctions Violations

Adrienne Braumiller June 10, 2024

Recently, President Biden signed a foreign military support bill (H.R. 815) into law, which also encompassed the 21st Century Peace Through Strength Act (the Act), a legislative proposal introduced in the House containing various U.S. sanctions-related measures. These sanctions measures extended the statute of limitations (“SOL”) from five to ten years for civil and criminal violations of sanctions programs administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”).

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Importer Registration

Suspension of Mexican Importer Registration (Padron de Importadores)

Brenda Cordova February 5, 2024

One of the most important requirements for importing goods into Mexico is to be registered as an importer under the Mexican importer’s registry. There are 2 types of registries for importers, one is for general importers (Padron de Importadores), and the other is for importers of specific industry sectors (Padron the Importadores de Sectores Especificos) which may import goods identified by the MX tariff code (i.e. chemical products, firearms, cigars, footwear, textiles, alcohol, hydrocarbons, steel, automotive, etc.). Generally, these 2 registries are lists with information of individuals and entities authorized to bring goods into Mexico.

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free trade zone

Maximizing Duty Savings Series Leveraging Bonded Warehouse and Foreign Trade Zones

Kerry Wang February 5, 2024

Consider this scenario: a client faced the challenge of deferring duty payments while managing a significant volume of imports destined for re-exportation from the U.S. Initially considering duty drawbacks, which proved unsuitable for their specific needs, we turned our attention to bonded warehouses and free trade zones. This scenario is not uncommon in the trade world and highlights a critical decision point for many businesses: choosing between a bonded warehouse and a Foreign Trade Zone (FTZ).

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first sale

What is the “First Sale” Rule and How Does it Affect Me?

Bruce Leeds February 5, 2024

The First Sale Rule applies in circumstances such as the example above. A US company places an order with a middleman in the US. The middleman in turn subcontracts to a foreign supplier. The supplier then ships the product either to the middleman or to the original US company that placed the order, meaning either could be the importer of record. The entered value could be the amount on the original purchase order or the price paid by the middleman to the foreign supplier.

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tolkenizing

Assessing the Benefits and Challenges of Tokenizing Real World Assets

James Holbein February 5, 2024

The world of cryptocurrencies on blockchains and the world of traditional assets in markets have often stood in stark contrast to one another since Bitcoin’s creation in 2008. The lack of a reliable bridge between these two worlds has limited the impact of cryptocurrencies on assets in the real-world outside of on-chain speculation and prevented adoption of the benefits that blockchain technologies can bring to real world processes.

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Taiwan

Taiwan, Invasion & Trade, Part 2

Victoria Holmes February 5, 2024

President elect Lai Ching-te’s victory in Taipei ignited tensions across the Taiwan strait and now the geopolitical field waits to see if China will kick off World War Three. I’m only slightly joking, but Beijing has exerted diplomatic pressure on nations maintaining close ties with the island in the past and Taiwan’s decision to remain a democracy will no doubt ramp up China’s reunification process in the coming months. But how will that affect trade relations?

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Forced Labor Prevention Act

Latest Developments with The Uyghur Forced Labor Prevention Act and New Leadership at the Department of Homeland Security Signal Heavier Enforcement is Likely

Adrienne Braumiller November 10, 2023

In recent years, the global spotlight has illuminated the grave concerns surrounding human rights violations within China’s Xinjiang region, particularly those impacting the Uyghur population. The Uyghur Forced Labor Prevention Act (UFLPA) stands as a pivotal piece of legislation designed to address these concerns and to ensure that products imported into the United States are devoid of forced labor originating from the Xinjiang region.

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