OFAC Makes Iran-related Updates to SDN List
The Office of Foreign Assets Control (“OFAC”) took additional actions as part of “Operation Economic Outcast”, the Administration’s sanctions campaign against Iran. OFAC announced the addition of an Iranian national (Reza Mohammad Taeedi) and a Hong Kong based company (Kameng Trading Limited) to the Specifically Designated Nationals and Blocked
On August 24, 2026, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced numerous actions related to Iran sanctions. These actions are deemed “Operation Economic Outcast” and are meant to align with changes in the foreign policy of the United States towards Iran.
On the same day, the U.S. Department of
As previously reported, on August 22, 2026, Canadian Prime Minister Mark Carney announced that Canada will impose dollar-for-dollar retaliatory tariffs in response to the Section 338 additional duties that went into effect following the suspension of trade negotiations between the U.S. and Canada.
On August 25, 2026, the Canadian Government unveiled the finalized list
On August 24, 2026, pursuant to Executive Order 14312, the U.S. Department of State took action to rescind Syria’s designation as a State Sponsor of Terrorism (“SST”). Additionally, the State Department and U.S. Department of the Treasury concurrently removed Hay’at Tahrir al-Sham’s (“HTS”) designation as a Specially Designated Global Terrorist (“SDGT”) organization and Specially
CBP to Verify Importer of Record Information on Form 5106
CBP announced it is executing enhanced enforcement procedures to verify the accuracy of importer of record information provided on CBP Form 5106, and importers of record or their brokers must submit complete and accurate information by September 18 to avoid consequences. The initiative follows the
In the latest development in United States-Canada trade relations, 50% additional duties, announced in three separate proclamations issued on July 20, 2026, took effect as of 12:01 a.m. eastern time on August 22, 2026. President Donald Trump imposed the additional duties pursuant to Section 338 of the Tariff Act of 1930, which empowers the President to impose additional duties (not exceeding 50%) on imports from a foreign country to offset the burden or disadvantage caused by that country’s unequal imposition on or discrimination against U.S. commerce.
On August 6, 2026, the White House issued another proclamation Adjusting Imports of Polysilicon and its Derivatives into the United States. This is the follow up to the Section 232 Investigation on polysilicon and polysilicon derivative products that was initiated in July 2025.
The proclamation concurs with the previous Commerce Department finding that
President Donald Trump issued a proclamation on August 18, 2026, pushing back the effective date of 50% Section 338 tariffs on certain Canadian goods by three days, to 12:01 a.m. Eastern on August 22, 2026. The delay was announced just hours before the new Section 338 tariffs were to go into effect on August 19
U.S. Customs and Border Protection (“CBP”) issued a Federal Register notice that it is now ready to execute “executing enhanced enforcement procedures.” CBP has indicated that it will start verifying importer of record information provided by each importer on CBP Form 5106, and importers of record have until September 18, 2026, to correct any errors
In response to rapidly developing El Niño conditions, the Panama Canal Authority (ACP) has reduced maximum vessel draft limits. The situation may get worse next year, so shippers with Canal-dependent trade lanes should take mitigating steps now before conditions deteriorate further.
The ACP has already imposed five successive draft reductions as vessel backlogs continue to