Adhering to international trade law requires businesses to remain vigilant and stay abreast of crucial developments. This is why the International Trade Practice at Wiley has prepared the following videos to highlight the 10 issues we believe will have an impact on international trade in 2024. If you have any questions about a particular topic, we encourage you to connect with the partner featured in the video.
New legislation (Leveling the Playing Field 2.0 Act) and U.S. Department of Commerce regulations are likely to address China’s distortive and unfair trade practices more strategically in a variety of industries and sectors. Forced labor enforcement efforts also remain a priority.
Timothy C. Brightbill
A Global Arrangement on steel and aluminum to address emissions and non-market-economy capacity is under consideration and will also be affected by the EU’s Carbon Border Adjustment Mechanism.
Robert E. DeFrancesco, III
Along with engaging in closer cooperation with partner countries, the U.S. is prioritizing prosecuting evasion efforts and other violations. Whistleblowers are incentivized and higher fines may be imposed on those violating U.S. rules.
Lori E. Scheetz
4. Domestic Content/Buy America Requirements
Recent legislation, including the Infrastructure Investment and Jobs Act (IIJA) and the IRA, modified and expanded “Buy America” requirements, adding complexity and compliance hurdles for suppliers to federally funded infrastructure projects.
Christopher B. Weld
5. The CHIPS Act and Inflation Reduction Act (IRA)
These two laws provide billions of dollars for new infrastructure. Some opportunities are limited to “free trade agreement countries.” The U.S. does not have a free trade agreement with the EU, Japan, or the UK, but has negotiated a critical minerals agreement to open prospects for these nations.
6. Evolution of Export Controls
Along with engaging in closer cooperation with partner countries, the U.S. is prioritizing its own national security interests as well, moving first in many respects.
7. Outbound Investments and CFIUS Review
Outbound foreign investments by U.S.-based companies in sensitive technologies may impact foreign companies from operating in the U.S. or doing business with U.S. companies. Mandatory filing requirements and high-profile transactions (i.e., TikTok) may trigger CFIUS review of inbound foreign investments.
8. Evasion and Circumvention
The U.S. Department of Commerce is closely investigating companies and industries that avoid AD/CVD duties by partially moving operations to third countries (circumvention) or by transshipment of goods (evasion). High-profile investigations are underway in a variety of sectors, including hardwood, plywood, cabinets, and solar panels.
9. Trade Remedy Cases
U.S. industries have filed a surge of antidumping (AD) and countervailing duty (CVD) petitions to address unfair and distortive trade practices. China is a frequent target of these cases, but unfair trade exists in many other countries as well. Successful trade cases depend on careful definition of scope, and thorough documenting of injury caused by dumped and subsidized imports.
10. Buy Clean
Recently launched Buy Clean programs and related projects prioritize the use of American-made, lower carbon construction materials in federal procurement and federally funded projects.