Parties will soon be able to submit information for transactions relating to U.S. foreign investment reviews through an online portal, the Treasury Department said May 18. Treasury will launch a web portal later this month to allow filers to submit information through a case management system, which will send all “transaction-related information” to the Committee on Foreign Investment in the U.S. Filers who plan to submit a notice or declaration later this month should create an account at ID.me, an online identity verification program that is required to access the CFIUS CMS. Treasury said it will release more information about the CMS before its release. The agency implemented the Foreign Investment Risk Review Modernization Act (see 2002200002) earlier this year and recently announced CFIUS filing fees for certain transactions (see 2004280027).
Top U.S. and United Kingdom officials will begin a second round of virtual trade negotiations June 15 as both sides continue to push for a quickly completed deal, the U.K. said May 18. The first round of talks, which ended last week, included discussions on customs procedures, rules of origin, trade remedies and small to medium-sized businesses. The U.K.’s Department for International Trade said both sides vowed to “quickly pursue” a stand-alone “Small and Medium Enterprise (SME) Chapter.” Negotiators from both sides will continue meeting virtually on a “rolling basis” until the second round begins, the U.K. added. “Both sides are hopeful that negotiations for a comprehensive trade agreement can proceed at an accelerated pace,” the DIT said. The Office of the U.S. Trade Representative did not comment.
China said it will take countermeasures to respond to increased U.S. export restrictions against Huawei, calling the changes an “abuse of export controls” and a violation of international trade laws. The restrictions, which place a license requirement on shipments to Huawei for foreign-made chips containing U.S. content, are a “serious threat” to China’s chip industry and supply chains, China’s Commerce Ministry said May 17, according to an unofficial translation. The ministry did not specify what the countermeasures will entail, but state media said China is considering placing U.S. companies on its so-called unreliable entity list and stopping purchases of aircraft from Boeing (see 2005150058).
Morocco extended its suspension of customs duties on wheat imports through December 2020, according to a U.S. Department of Agriculture Foreign Agricultural Service report released May 13. The measure, which applies to all wheat classes and products except durum, is intended to maintain the “competitive” price level of wheat imports and build the country’s stocks, the report said. USDA called Morocco’s decision to lift wheat duties through the summer “unprecedented,” adding that the country typically raised tariffs during summer months to ensure “strong prices for local wheat producers. The change is based on Morocco’s upcoming yield, which is expected to drop at least 50% below the country’s 10-year production average, the report said.
The United Kingdom issued a notice May 15 reminding traders that prior surveillance import licenses are no longer required to import steel or aluminum goods as of May 16. The update stems from a change made by the European Commission to the European Union’s prior surveillance import licensing regime, the U.K. said. Traders should email enquiries.ilb@trade.gov.uk if they experience issues with the license requirement when trying to clear goods.
China recently announced suspensions of “facilitation measures” intended to simplify customs processes for exports of medical supplies intended for COVID-19 prevention from certain cities, according to a May 15 report from the Hong Kong Trade Development Council. The measures, which featured a “simplified channel for customs clearance of small batch of goods,” can no longer be used by companies to ship medical products. Companies can still import and export the goods through “general trade” methods, the report said.
Burma's demand for U.S. soybean meal and dried distiller is expected to drop as the country’s livestock sector struggles to operate during the COVID-19 pandemic, according to a U.S. Department of Agriculture Foreign Agricultural Service report released May 13. Farmers are seeing losses due to travel restrictions and decreasing demand, which has led to an oversupply of soybean meal, the USDA said. Soybean meal is the “top” U.S. agricultural export to Burma, the report said.
The Taiwan Semiconductor Manufacturing Corporation will build a chip factory in Arizona in a move expected to boost U.S. semiconductor competitiveness amid the trade war with China. Production is expected to begin in 2024, the TSMC said May 15, and will reach a “20,000 semiconductor wafer per month capacity.”
The U.S. completed its first shipment of oil to Belarus last week, clearing a path for new “trade opportunities” for U.S. oil exporters, the State Department said May 15. State urged Belarus to continue to “increase the access of American businesses to its market” to allow more purchases from U.S. exporters. “The United States stands ready to meet the import requirements of countries that, like Belarus, want to benefit from enhanced energy security based on supply diversification,” the agency said.
New Zealand, Australia, Canada and South Korea recently agreed to maintain “unrestricted trade” with Singapore during the COVID-19 pandemic, including quick customs clearances and limited export restrictions on essential goods, according to a May 15 report from the Hong Kong Trade Development Council. The countries said they will make more use of electronic customs clearance to “fast-track” shipments and agreed to maintain “effective” land, air and sea freight logistics services.