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Trade News
Trade News
05
May
The Council today provisionally agreed new rules to strengthen the fight against value added tax (VAT) fraud in the EU by ramping up cooperation between member states, the European public prosecutor’s office (EPPO) and the European anti-fraud office (OLAF).
The new framework will give EPPO and OLAF more direct access to key VAT data on cross-border business transactions in the EU, including information held by Eurofisc - the EU’s anti-VAT fraud network.
" We have taken massive strides in tackling VAT fraud over recent years....
05
May
Grunfeld, Desiderio, Lebowitz, Silverman & Klestadt LLP, a premier customs and international trade law firm, announced today that Valerie Sorensen-Clark has joined the firm as a partner in New York. Sorensen-Clark comes to GDLSK from U.S. Customs and Border Protection, where she held senior roles for nearly a decade and acted as one of the agency’s primary advocates in some of the most consequential tariff disputes in recent years.
Sorensen-Clark most recently served in CBP’s Office of Chief Counsel, International Trade Litigation,...
05
May
Key Takeaways
Tariff evasion is now treated as a criminal offense in the United States rather than a compliance issue.
Enforcement is expanding through coordinated investigations targeting practices such as transshipment and misreporting.
Both U.S. and non-U.S. businesses must strengthen customs compliance and oversight to avoid significant legal and financial risks.
U.S. President Donald Trump’s use of tariffs in the global trade arena has helped push trade fraud to the top of the U.S. Department of Justice (DOJ)’s enforcement agenda....
01
May
On 1 May, the EU-Mercosur Interim Trade Agreement (ITA) will start being provisionally applied. This will allow EU producers, exporters, and farmers to start reaping the benefits of this deal as of day one.
The provisional application of the ITA will create new opportunities, supporting the exports of industrial goods, services, and agri-food products to Argentina, Brazil, Paraguay and Uruguay. It will immediately remove or drastically reduce tariffs on key exports such as cars, pharmaceuticals, and foresee a first tariff...
01
May
On April 27, 2026, the Department of Commerce (“Commerce”) published a Federal Register notice adding a duty-free code in the Harmonized Tariff Schedule of the United States (“HTSUS”) with retroactive effect to cover goods subject to the Section 232 aluminum, steel, or copper tariff regimes that do not, in fact, contain these metals. This new provision, subheading 9903.82.01, applies retroactively to April 6, 2026, the effective date of Proclamation 11021, which overhauled the Section 232 aluminum, steel, and copper tariff regimes (see Update of...
29
Apr
Blog | Shipping and flight disruptions highlight new fault lines in the global economy and their costs for growth and livelihoods.
The war in the Middle East has severely disrupted maritime and air traffic, damaging infrastructure and interrupting transport corridors that are critical for global energy and goods. Even in the best case, there will be no neat and clean return to the way things were.
The Chart of the Week illustrates one reason for concern. In the Red Sea, attacks on shipping that began...
28
Apr
Several key minerals that are essential inputs for digital and renewable energy technologies face high exposure to export restrictions, and the number of restrictions continues to rise, a new OECD report finds.
The annual update of the OECD Inventory of Export Restrictions on Critical Raw Materials tracks export restrictions and supports analysis of their impact on availability, prices and global supply chains. The OECD continues to monitor these measures over time. The latest edition, which analyses measures implemented through the end of 2024, shows...
23
Apr
Overview
Firms with exposure to the US-EU international trade relationship cannot rely on last year’s Turnberry Agreement as a complete or settled solution for managing trade risk. Rather, they should ensure that their compliance practices and strategic visions are adjusted to account for recent and anticipated developments in the rollout of Turnberry as a framework. The promised return to relatively open terms of trade still needs time in the oven.
Turnberry framework and aftermath
When EC President Ursula von der Leyen and...