International Trade Law (CLE)

Emerging developments have brought sweeping changes to the regulatory landscape of Foreign Investment Risk Review Modernization Act (FIRRMA) of 2018 and Committee on Foreign Investment in the United States (CFIUS). Recently, FIRRMA extended the scope of CFIUS review on covered transactions – a move which calls for a closer watch on foreign investments, export controls, and national security. Moreover, CFIUS also released its final regulations for mandatory filing process and requirements creating additional issues and challenges for all concerned practitioners.

Recent developments concerning International Trade Commission (ITC) litigation and enforcement continue to shape the international trade law. With the onset of the COVID-19 pandemic, the number of new complaints filed at the ITC surged in the second half of 2020.

The Biden administration continues to navigate the US export controls and trade sanctions amidst the growing human rights concerns and national security issues. Recent developments that impact international transactions and require immediate attention involve goods, technology/software, and military intelligence focusing on China, Myanmar/Burma, and Russia.

Biden’s administration emphasizes multilateralism as its core principle in trade and security policy implementation. The recently released trade policy prioritizes areas including tariffs, work-centric trade policy, export controls, and economic sanctions. A new center of interest also rises with the inclusion of promoting social justice, and environmental and climate policy. While it also focuses on building partnerships and alliances, the administration still views China as a strategic competitor.