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Implications of New “Secondary Tariff” Executive Order Targeting Importers of Venezuelan Oil

On 24 March 2025, the White House issued an Executive Order threatening to impose a 25% tariff on all goods imported into the United States from any country that imports Venezuelan oil directly or indirectly through third...more

Trump Administration Directs CFIUS to Tighten Restrictions on Investment From Certain Countries While Easing National Security...

On 21 February 2025, President Donald J. Trump signaled his administration’s approach to foreign investment policy with a presidential memorandum, “America First Investment Policy” (The Policy). Among the most significant...more

Final Rule on Outbound Investments: Implications for Limited Partner Investments

Introduction - On 28 October 2024, the US Treasury Department issued a Final Rule implementing the Outbound Investment Program (OIP) under Executive Order 14105, which safeguards US national security by limiting investments...more

US Finalizes Restrictions on Outbound Investments Into China’s Semiconductors, Quantum Technologies and AI – Implications on US LP...

On 28 October, US Treasury issued new rules that restrict investment in Chinese development of semiconductors, quantum computing and AI (Covered Activity). Taking effect on 2 January 2025, the new rules are based on findings...more

US Treasury Department Moves Closer to Implementing Outbound Investment Restrictions Through Latest Proposed Regulations

On 21 June 2024, the Office of Investment Security of the US Department of the Treasury (Treasury) issued proposed regulations to implement President Biden’s August 2023 Executive Order on Addressing United States Investments...more

US Government Revises Comprehensive Export Controls on Semiconductors and Semiconductor Manufacturing Equipment

On 17 October 2023, the US Department of Commerce’s Bureau of Industry and Security (BIS) issued two new Interim Final Rules (collectively, the Updated Rule) that significantly revise and expand controls under the US Export...more

United States Imposes Unprecedented Outbound Investment Controls Focused on China

On 9 August 2023, President Biden issued a long anticipated executive order imposing certain limitations, reporting requirements, and prohibitions on outbound investment from the United States into certain sensitive industry...more

Recent Actions By CFIUS Underscore Importance of Review Process

Earlier this month, the Committee on Foreign Investment in the United States (“CFIUS” or “the Committee”) took two noteworthy actions that underscore the Committee’s powerful role in reviewing foreign direct investment and...more

Treasury Issues Final Regulations Revamping CFIUS Authority

On January 13, 2020, the U.S. Department of the Treasury (“Treasury”) published two final rules (“Final Rules,” found here and here) that implement most of the remaining provisions of the Foreign Investment Risk Review...more

Commerce Proposes Process to Evaluate Transactions Involving Information and Communications Technology and Services for National...

On November 27, 2019, the Department of Commerce (“Commerce”) issued a proposed rule implementing Executive Order (“EO”) 13873, “Securing the Information and Communications Technology and Services Supply Chain,” issued on May...more

Treasury Proposes Regulations Implementing Nearly All of FIRRMA’s Provisions

On September 24, 2019, the U.S. Department of the Treasury (“Treasury”) published two proposed rules (together, the “Proposed Rules”) to implement the remaining provisions of the Foreign Investment Risk Review Modernization...more

D.C. Circuit Upholds Foreign Banks’ Contempt for Noncompliance with U.S. Subpoenas in North Korea Sanctions Investigation

On August 6, the D.C. Circuit Court of Appeals unsealed its partly redacted decision upholding a civil contempt order against three foreign banks that refused to comply with a subpoena from U.S. authorities to produce bank...more

U.S. International Trade and Investment Security Reviews: The Latest Developments

OVERVIEW - - Oversight of Foreign Investment & Tech Transfer - CFIUS Reforms – FIRRMA - Investment Strategies FOREIGN INVESTMENT & TECH OVERSIGHT - - The Committee on Foreign Investment in the United States...more

Prominent Divestiture Orders Demonstrate CFIUS’s Focus on Access to Sensitive Personal Data as a National Security Concern

Two major actions by the Committee on Foreign Investment in the United States (“CFIUS”) have recently come to light that underscore the significant risks of investments in U.S. businesses that have large volumes of sensitive...more

President Trump Prioritizes Investigations Regarding the Effects of Steel and Aluminum Imports on U.S. National Security

President Trump has authorized investigations into whether steel imports and aluminum imports impair U.S. national security. All categories of steel and aluminum products from all countries are under review. The...more

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