Key Public Policy Developments Around the World
January brought several significant, long-awaited developments in the U.S. semiconductor policy space, marking an inflection point in how the Administration is deploying trade tools to advance national security and industrial policy objectives.
On January 14, 2026, the White House issued Presidential Proclamation 11002 (the “Proclamation”) and an accompanying Fact Sheet adopting …
On January 13, 2026, the U.S. Commerce Department, Bureau of Industry and Security (“BIS”) issued a final rule, titled Revision to License Review Policy for Advanced Computing Commodities (the “BIS Rule”), that implements a more favorable license application review policy for exports from the United States of certain advanced computing…
Continue Reading U.S. Commerce Department Revises License Review Policy for Exports of Certain Advanced Computing Commodities to China and MacauAfter passing the House the preceding week, the National Defense Authorization Act for Fiscal Year 2026 (FY 2026 NDAA) passed the Senate on December 17 by a vote of 77-20 and was signed into law by President Trump the following day. As is frequently the case, this annual “must pass”…
Continue Reading New Sanctions Authorities in the FY 2026 NDAAOn 3 December 2025, the European Commission adopted the RESourceEU Action Plan, signaling that Europe’s industrial competitiveness will increasingly depend on its ability to secure and diversify critical raw material (“CRM”) supply chains. For companies, inside and outside the EU, RESourceEU is more than a technical update: it marks a policy shift toward a more interventionist and security-driven approach to CRM governance.
The analysis below outlines the drivers behind the initiative, its main components, and the implications for multinationals trading into the EU.Continue Reading RESourceEU Action Plan – Strengthening the EU’s Access to Critical Raw Materials
On 3 December 2025, the European Commission unveiled the next phase of its economic security agenda. Building on the 2023 Economic Security Strategy and the 2024 European Economic Security Package (see our prior blog), the new communication sets out a more assertive and coordinated approach to managing risks linked to trade, investment, technology and critical infrastructure.
The EU intends to remain open to trade and investment, but that openness will increasingly be conditioned on economic security objectives. For businesses and investors, this translates into more scrutiny, more due diligence, and a more integrated interplay between the EU and Member States.Continue Reading Strengthening EU Economic Security – More of the Same or a New Approach?
On November 5, 2025, the U.S. Supreme Court is set to hear the Trump Administration’s appeal of lower court decisions holding the imposition of certain tariffs under the International Emergency Economic Powers Act (“IEEPA”) unlawful. If the Supreme Court rules that IEEPA does not authorize tariffs, the government would no…
Continue Reading Don’t Count on Immediate IEEPA Refunds: What President Trump Might Do If SCOTUS Throws Out IEEPA TariffsOn October 22, 2025, the U.S. government imposed property-blocking sanctions on Russia’s two largest oil companies, Open Joint Stock Company Rosneft Oil Company (“Rosneft”) and Lukoil OAO (“Lukoil”), by designating these entities, as well as 34 Russia-based Rosneft and Lukoil subsidiaries, to the List of Specially Designated Nationals and Blocked…
Continue Reading U.S. and UK Sanctions Target Russia’s Two Largest Oil Companies; EU Issues Significant New Russia and Belarus Sanctions PackageOn September 29, 2025, the U.S. Commerce Department, Bureau of Industry and Security (“BIS”) issued an interim final rule titled Expansion of End-User Controls to Cover Affiliates of Certain Listed Entities (the “Affiliates Rule”).
Click here to read the full alert on cov.com
Continue Reading U.S. Department of Commerce Expands End-User Controls to Cover Affiliates of Certain Listed EntitiesOn 29 September 2025, United Nations (“UN”) nuclear-related sanctions against Iran, which were suspended in 2015, were reimposed following action at the UN Security Council by France, Germany, and the United Kingdom. In parallel, the European Union (“EU”) and United Kingdom (“UK”) also reintroduced autonomous sanctions measures against Iran that…
Continue Reading Reimposition of UN-Mandated Sanctions Against Iran and Additional EU and UK SanctionsAhead of the July 2026 “joint review” of the U.S.-Mexico-Canada Agreement (“USMCA”), the United States, Mexico, and Canada have each launched public consultation processes to solicit input from stakeholders on the operation of the USMCA, and possible changes those governments should seek to the Agreement as part of the review.
Continue Reading The United States, Mexico, and Canada Launch Domestic Consultation Processes on Upcoming USMCA Review