Regulation & Government

The CFTC issued a notice of proposed rulemaking amending Regulation 40.11 and adding Appendix F to specify factors for determining when event contracts on gaming, war, terrorism, assassination or unlawful activity are contrary to the public interest under the Commodity Exchange Act. The move follows an earlier advance notice and aims to provide clearer federal oversight as prediction markets expand rapidly. It directly affects commodity-linked and other event contracts traded on CFTC-registered platforms. Read →

The U.S. Court of Appeals for the Federal Circuit extended a stay allowing the Trump administration to continue collecting the 10% Section 122 global tariff from three importers while the appeal proceeds. The lower court had ruled the tariffs unlawful under Section 122 authority. The decision maintains the broad import surcharge affecting a wide range of commodity and other goods. Read →

USTR determined that 60 economies failed to impose and enforce prohibitions on forced-labor goods and proposed additional duties of 10% or 12.5% on their products, with a textile mechanism for some apparel. The actions target imports including commodities and manufactured goods from listed countries. Comment period and hearings are scheduled for June-July 2026. Read →

USTR found Brazil’s practices on digital trade, tariffs, IP, ethanol access and deforestation actionable under Section 301 and proposed a 25% tariff on Brazilian goods, potentially stacking with the forced-labor tariff for up to 37.5% on some items. Exemptions apply for Section 232 metals and other categories. Public comments and a July hearing are open. Read →

China's Ministry of Foreign Affairs spokesperson reaffirmed that export restrictions on rare earth products and dual-use items to Japan remain in place. The ban, tied to national security and military end-use concerns amid Taiwan tensions, was upheld hours after reported US requests for resumption of shipments. The policy tightens scrutiny on rare earth oxides, metals, and magnets, pressuring Japan's supply chains for defense, EVs, and electronics. Read →

Canada announced a one-year extension of its steel tariff-rate quota regime for imports from non-CUSMA partners to June 27, 2027, and horizontal tariff relief on eligible US steel and aluminum products to June 30, 2027, subject to cabinet approval. The measures shield domestic workers from global excess capacity while providing industry certainty. Imports exceeding quotas remain subject to 50% tariffs. Read →

The CFTC under the Trump administration proposed new rules governing prediction markets, permitting most sports-related event contracts while aiming to curb manipulation risks. The framework seeks to clarify federal oversight amid state challenges and jurisdictional disputes over event contracts. It advances a broader permissive stance on the growing sector while maintaining CFTC authority. Read →

The European Commission proposed its 21st sanctions package against Russia, targeting nearly 90 banks, crypto platforms, drone production, oil traders and refiners. It includes freezing the Russian oil price cap at $44.10 per barrel for six months, new LNG tanker resale restrictions, listing 30 more shadow fleet vessels and import/export bans on high-performance metal alloys and fish. The measures aim to cut Moscow's war revenues amid higher global oil prices from the Iran conflict. Read →

The EU imposed sanctions on two Iranian individuals and the Hormozgan Provincial Command of the IRGC Navy for threatening freedom of navigation in the Strait of Hormuz. This marks the first use of the bloc's new powers targeting such actions. The strait handles about one-fifth of global oil flows, raising risks for energy commodity supplies and shipping costs. Read →

An Indian trade official said a US-India interim trade deal hinges on the conclusion of a US Section 301 investigation into tariffs. India seeks preferential rates competitive with other partners. The probe covers forced labor and excess capacity issues affecting commodity trade flows. Read →

The Trump administration proposes tariffs including on Brazil, citing deforestation alongside forced-labor concerns in broader Section 301 actions. This expands justifications for new duties on imports from dozens of economies. Agricultural and resource commodities from targeted countries face heightened trade barriers. Read →

Iran's ambassador to Moscow said the Strait of Hormuz will remain open under new conditions set by Iran and Oman, including transit fees for services provided. The strait handles one-fifth of global oil and LNG flows, which have been severely constrained by recent conflict. The move formalizes a fee system opposed by the US and could raise costs or alter routing for energy shipments. Read →

UK construction leaders warn that tighter steel import quotas and 50% tariffs above new limits from July 1 will cause shortages and higher costs. The measures cut tariff-free quotas by 60% versus prior safeguards. Builders say the changes threaten government housing targets and infrastructure timelines. Read →

President Trump signed a proclamation reducing Section 232 tariffs on certain steel, aluminum and copper derivative goods like HVAC equipment, forklifts and agricultural machinery from 25% to 15%. The lower rates apply effective June 8, 2026, through end-2027. The adjustment targets farm and industrial equipment to ease input costs. Read →

President Trump invoked the Defense Production Act to direct $425 million for upgrades at 13 coal-fired power plants and $75 million for a California coal export terminal. The Energy Department is finalizing up to $350 million more for new plants in Alaska and West Virginia. The moves bolster U.S. coal output and exports amid rising power demand from AI data centers. Read →

OFAC designated individuals, entities, and six LPG tankers for smuggling hundreds of millions of dollars of Iranian LPG disguised as Omani product to South and East Asia via UAE and China fronts and Iran's shadow fleet. It also targeted an Iranian exchange house moving funds for sanctioned banks. The action under Executive Order 13902 further restricts Iran's petroleum revenue streams. Read →

USTR found 60 economies failed to impose or enforce forced-labor import bans, proposing additional 10% or 12.5% Section 301 duties on their products depending on existing measures. Hearings start July 7 and comments close July 6. The tariffs target unfair competition from forced-labor goods across broad import categories. Read →

A new proclamation modifies Section 232 tariffs on aluminum, steel, and copper derivatives effective June 8, 2026, through 2027. It expands 15% reduced-rate categories to include certain agricultural equipment and residential HVAC, adjusts U.S.-content thresholds to 85%, adds products like aluminum lithographic plates, and sets differentiated rates for specific countries and USMCA goods. Read →

Greek shipowner Evangelos Marinakis called on Western governments to accelerate disposal of unregulated shadow fleet vessels hit by sanctions. He highlighted rising environmental hazards from the aging, often uninsured tankers used to evade oil sanctions. Read →