Banks need more guidance from the Office of Foreign Assets Control to comply with the agency’s new timeline for new sanctions-related recordkeeping requirements, which were extended from five years to 10 years (see 2503190003), the American Bankers Association said.
A grand jury indictment unsealed last week charges two people with trying to pay millions of dollars to ship U.S. export controlled technology and weapons to China, offering in some cases more than double the market rate to buy military jet engines, drones, cryptographic devices and other sensitive technologies.
China's Foreign Ministry criticized recent measures by the U.S. Bureau of Industry and Security to restrict exports of a range of items to China, saying Beijing "firmly" opposes the controls and "will resolutely defend our legitimate rights and interests."
Taiwanese Minister of Economic Affairs Jyh-Huei Kuo visited Texas last month to see two semiconductor facilities and discuss "enhancing" U.S.-Taiwan trade relations, Taiwan's International Trade Administration said last week. Kuo visited the opening of GlobalWafers’ new plant in Sherman, Texas, and traveled to Houston to visit Foxconn’s server plant, where he also hosted business roundtables with Houston-based Taiwanese business leaders.
The Energy Department last week approved a final authorization for liquefied natural gas exports to non-free trade agreement countries from the Port Arthur LNG Phase II energy project in Texas. The agency said this is the Trump administration's first final LNG export approval "and marks another step in restoring regular order to LNG export permitting -- reversing the previous administration’s pause and delivering on the president’s pledge to unleash American energy." Once completed in 2027, Port Arthur LNG Phase II is projected to export 1.91 billion cubic feet per day, the Energy Department said.
Sen. Tom Cotton, R-Ark., warned Nvidia and other U.S. chip firms last week that they will face penalties if they send advanced AI chips to China.
Sens. Chris Coons, D-Del., and David McCormick, R-Pa., have introduced a bill that would require the executive branch to develop a strategy to counter deepening cooperation among U.S. "adversaries" in such areas as sanctions evasion and the sharing of restricted dual-use technology, the lawmakers announced May 27.
DOJ should investigate Chinese autonomous-trucking company TuSimple for violating U.S. export controls, Sen. Josh Hawley, R-Mo., said May 30.
Taiwan is offering to impose more stringent export controls and investment screening measures to prevent “high-risk countries” from obtaining sensitive semiconductors and other critical technologies, the country’s government told the Bureau of Industry and Security.
At least three companies last week disclosed receiving letters from the Bureau of Industry and Security informing them of new license restrictions they must follow for certain exports to China, including two semiconductor design firms and one oil company.