Electric vehicle manufacturers in North America will get an extended phase-in on North American content rules for battery materials that are not yet practical to trace, as well as graphite and some critical minerals which, according to the Inflation Reduction Act, were supposed to preclude tax credits for car buyers next year.
Treasury Secretary Janet Yellen, during a visit to China to meet with U.S. businesses that produce there and with Vice Premier He Lifeng, said that China and the U.S. disagree on Chinese policy to grow its economy through exports.
The Treasury Department posted new FAQs to its website on recently announced, additional bans on imports of diamonds from Russia (see 2402080081). One FAQ details a ban on imports of diamond jewelry and unsorted diamonds that originate or were exported from Russia that will take effect March 1. Another FAQ includes information on bans of non-industrial diamonds mined or produced in Russia that have been substantially transformed in other countries. That ban takes effect March 1 for diamonds with a weight of one carat or more, and Sept. 1 for smaller diamonds of 0.5 carat or more. A third FAQ details the actions Treasury has taken since 2022 to restrict imports of diamonds from Russia.
The Treasury Department this week renewed a general license that authorizes certain transactions involving imports of fish and other seafood from Russia. New General License 83A, which replaces GL 83, is now valid through 12:01 a.m. EDT, May 31. The license was scheduled to expire Feb. 21.
The Office of Foreign Assets Control on Jan. 18 updated guidance related to an expanded ban on imports of Russian seafood announced in December (see 2312220007). The update to OFAC’s frequently asked question adds several new tariff subheadings to the lists of tariff provisions for pollock and other seafood to which the ban may apply.
A nonprofit is asking the Treasury Department to sanction seven Chinese companies after its reporting revealed their alleged ties to forced labor in China’s seafood industry (see 2310100030). The Outlaw Ocean Project, a Washington-based investigative journalism non-profit, said it submitted a petition to Treasury calling for human rights sanctions under the Global Magnitsky Act against the seven companies and their affiliates, who are “complicit in serious human rights abuses” against Xinjiang workers.