The Trump administration has signaled that it may not waste time in enforcing the Bureau of Industry and Security’s new 50% rule, said Gavin Proudley, head of third-party risk proposition at Dow Jones, during the International Compliance Professionals Association's fall conference this week in Texas.
The U.S. is postponing the Bureau of Industry and Security's 50% rule for one year in exchange for Beijing delaying its rare earth export controls for one year, Treasury Secretary Scott Bessent said in an Oct. 30 interview with Fox Business. "We are going to be suspending [the BIS 50% rule] for a year in return for the suspension on the rare earth licensing regime," he said.
More than 50 congressional Democrats, including Senate Banking Committee ranking member Elizabeth Warren, D-Mass., and House Foreign Affairs Committee ranking member Gregory Meeks, D-N.Y., urged the Trump administration Oct. 27 to reverse its recent decision to roll back a Biden-era interim final rule that increased restrictions on firearms exports.
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It seems unlikely that the Bureau of Industry and Security could withdraw its new 50% rule either due to industry pushback or as part of trade negotiations with China, said Matt Axelrod, the former BIS export enforcement chief.
Aaron Amundson, a former longtime official with the Bureau of Industry and Security, has joined Latham & Watkins' economic sanctions and export controls practice, the law firm announced Oct. 27. Amundson spent nearly two decades with BIS, including most recently as acting director of the Office of National Security Controls and director of the Information Technology Controls Division.
A former State Department analyst on export control and sanctions evasion under President Joe Biden and a former National Security Council director for China under President George W. Bush agreed that the Bureau of Industry and Security's 50% rule was not fully thought through before its announcement.
Todd Willis, a former U.S. export control official, has joined KPMG's export controls and sanctions consulting practice, the firm announced this week. Willis was the director of the BIS Munitions Control Division before serving as the deputy director of the Export Enforcement Coordination Center during 2016-18. He was most recently a global trade adviser with manufacturing company Caterpillar.
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Open-source intelligence software firm WireScreen said it has identified more than 20,000 Chinese entities that are subject to U.S. export restrictions as a result of the Bureau of Industry and Security's 50% rule, released last month (see 2510030041 and 2509290017).