Treasury Secretary Scott Bessent suggested the White House may be in favor of a bill that would authorize new sanctions and tariffs against Russia’s supporters, and he urged the EU to put in place similar measures.

The European Commission on July 18 began accepting public comments on future safeguard measures covering the steel sector with the goal of locating an "effective replacement for the current EU safeguard on steel," which is set to expire on June 30, 2026. Stakeholders have until Aug. 18 to comment on the potential safegaurd measures, the commission said. Following the consultation period, the commission will issue a "Staff Working Document" to accompany the commission's legislative proposal, which will include an "economic model that analyses different scenarios and their effects on the EU steel supply chain."

The Council of the EU on July 18 formally adopted new valued-added tax rules that will make foreign suppliers liable for VAT paid on imports. "The directive will improve collection of VAT on imported goods by ensuring suppliers are always liable for VAT paid on imports, rather than the EU consumer as is currently usual practice," the council said. "This should encourage suppliers outside the EU to use the bloc's "VAT import one-stop-shop," which is the EU's point of contact for importers of goods from third countries into the EU. The directive will be published in the Official Journal of the EU and will enter into force 20 days later. The rules will apply starting July 1, 2028.

The U.K.'s Office of Financial Sanctions Implementation last week launched new online forms for submitting license applications and reporting suspected violations or frozen assets. The agency said the new forms will help modernize and streamline OFSI's services and "make it easier for you to provide the information we need and to help us respond more quickly and efficiently."

The latest EU sanctions package against Russia, adopted last week, lowers the price cap on Russian oil, introduces more import and export restrictions and designates a range of vessels and companies helping Russia move energy products and evade sanctions.

Beijing last week said it’s seeing the U.S. approve exports of Nvidia H20 chips to China and urged the Trump administration to roll back other restrictions against the country.

Rep. Don Bacon, R-Neb., introduced a bill July 14 aimed at improving the tracking of foreign purchases of U.S. farmland.

Four Democratic members of the House Foreign Affairs Committee’s arms sales task force introduced a bill July 17 that would create a State Department program to determine whether U.S. defense exports are used to commit war crimes or harm civilians.

Rep. Mike Lawler, R-N.Y., introduced a bill July 16 that would update the conditions for lifting sanctions in the Caeser Syria Civilian Protection Act of 2019.

House Foreign Affairs Committee ranking member Rep. Gregory Meeks, D-N.Y., announced July 17 that he has filed a discharge petition to force House floor consideration of his bill to increase sanctions and export controls on Russia over its invasion of Ukraine.