On July 23, 2021, the U.S. Trade Representative issued a formal determination deciding not to take action against Vietnam in response to their currency practices under Section 301. The investigation, which was initiated in October of 2020 to examine Vietnam’s acts, policies, and practices related to the valuation of their currency, effectively concluded following the announcement of a currency agreement between the U.S. and Vietnam on July 19, 2021. While the investigation found evidence…

In ruling NY N320422 (July 21, 2021), Customs and Border Protection (CBP) discussed the tariff classification and country of origin for marking purposes of the “Yahtzee Frenzee” game. The game consists of 20 dice, 80 playing cards, 1 round tracker card, 1 token, and game instructions. In the six-round game, each player has a set of five dice. Three cards are laid out in each round and the players must roll their dice to match…

On July 19, 2021, the United States and Vietnam announced an agreement on currency practices. The announcement was made following a high-level meeting between U.S. Treasury Secretary Yellen and Vietnamese State Bank Governor Hong and in the context of rising U.S. concern over Vietnam’s foreign exchange market interventions. The agreement aims to address the currency concerns by focusing on the three primary criteria used by the Treasury Department in determining if trading partners are manipulating…

In ruling NY N320329 (July 16, 2021), Customs and Border Protection (CBP) discussed the classification of an electric surfboard from China that is put up in a set for retail sale. The surfboard is a designed to surf in water without it needing waves or boats to pull or push it. Rather, it is propelled by a small motor mounted underneath the board on a three-foot mast and a fin that goes into the water.…

On July 1, 2021, the Federal Trade Commission’s (FTC) finalized a new Made in USA labeling rule that becomes effective August 13, 2021. The new rule codifies the FTC’s “all or virtually all” standard for unqualified “Made in USA” claims.  The rule is intended to “crack down on marketers who make false, unqualified claims that their products are Made in the USA.” Until now, the FTC has primarily enforced Made in USA claims under its…

On July 20, 2021, Deputy Secretary of the Treasury Wally Adeyemo held a virtual roundtable discussion with six former U.S. government sanctions leaders from the last three presidential Administrations to discuss the application of U.S. economic and financial sanctions. The roundtable comes as part of a series of discussions Deputy Secretary Adeyemo is leading to review, identify challenges, and improve the use of U.S. sanctions. The goal of this bipartisan meeting is part of the…

On July 19, 2021, the President’s Working Group on Financial Markets (PWG) met to discuss stablecoins – including their recent rapid growth, potential uses as a form of payment, and potential risks to end-users, the financial system, and U.S. national security. At the meeting Treasury Secretary Yellen “underscored the need to act quickly to ensure there is an appropriate U.S. regulatory framework in place.” Staff from the Treasury Department also presented to the PWG about…