Regulation & Government

President Trump signed a proclamation Thursday imposing a 15% ad valorem tariff on polysilicon derivatives and a minimum import price program on polysilicon and derivatives. The measures take effect Dec. 4 and include incentives for U.S. manufacturing investments. Polysilicon is critical for semiconductors and solar panels, where China dominates global supply. Read →

President Trump signed a proclamation Thursday creating a minimum import price for polysilicon and imposing a 15% tariff on products made with the material. The action supports domestic production of a key component for semiconductors and solar panels, with tariffs effective in early December. U.S. polysilicon output has fallen below 2% of global supply. Read →

President Trump signed a proclamation Thursday imposing a minimum import price program on polysilicon and a 15% tariff on downstream derivatives. Commerce Secretary will create incentives for U.S. facility investments. The move protects national security by rebuilding domestic capacity for semiconductors and defense applications. Read →

The CFTC ordered UBS Financial Services Inc. to pay an $8 million civil monetary penalty for supervision failures in its anti-money laundering transaction monitoring systems. The order was announced Aug. 3. Failures affected compliance in derivatives and commodity markets. Read →

The CFTC ordered former Rep. George Santos to pay $35,000 and forfeit winnings for manipulative trading on a Kalshi event contract tied to the State of the Union. The order was announced July 31. It marks the agency's first such action against an elected official on a regulated prediction market. Read →

The Trump administration will announce as soon as Thursday a 15% tariff plus minimum import prices on polysilicon, wafers, cells and modules. The hybrid system targets Chinese dominance in solar panels and semiconductors under a Section 232 national security probe. It aims to shield US factories and support domestic chip and solar supply chains. Read →

US Customs completed refunds of about $100 billion, more than half of $166 billion collected before the Supreme Court invalidated IEEPA-based tariffs in February. The disbursements went to corporate importers via the Court of International Trade process. Refunds highlight ongoing tariff policy turbulence under new authorities. Read →

President Trump is preparing tariffs and minimum prices on imported polysilicon to boost domestic output for semiconductors and solar panels. Action could come Thursday via people familiar with the plans. It counters Chinese supply concentration in critical inputs for AI and energy sectors. Read →

The US Treasury removed counter-terrorism sanctions from Iraq's Fly Baghdad Airlines, Iraq Express and two Boeing 737 aircraft imposed in 2024 over IRGC Quds Force links. The move followed demonstrated changes in the airline's behavior. Officials stressed it does not signal broader policy shifts toward Iran. Read →

China granted refiners temporary approval to export 2.7 million metric tons of gasoline, diesel and jet fuel in August, excluding Hong Kong and Macau, with some rollover to September allowed. The move follows curbs imposed since March to protect domestic supplies amid Iran-related disruptions. Higher exports could ease global product market tightness and support lower regional fuel prices. Read →

Comex copper futures traded just below all-time highs as traders await a US import tariff decision while monitoring Strait of Hormuz reopening efforts. The metal has gained over 17% on Comex this year, widening its premium to LME prices and drawing large inflows to US ports. Any new tariffs would further tighten global availability outside the US. Read →

India raised the export duty on petrol to 3.5 rupees per litre from 2.5 rupees, lifted the total duty on diesel exports to 25.5 rupees per litre, and set aviation fuel at 22 rupees per litre. The changes aim to secure domestic supplies and boost government revenue amid Middle East price volatility. Higher levies reduce export incentives and support local fuel availability. Read →

More than 200,000 metric tons of copper arrived in the US in July, the largest monthly inflow in at least 12 years per IHS Markit data. Traders are stockpiling ahead of a potential decision on tariffs for refined copper imports, adding to already record US inventories exceeding 740,000 tons on Comex and LME plus over 1 million tons estimated total. The move supports strategic stockpiling for power grids, EVs, AI and defense while Comex trades at a premium to LME. Read →

A coalition of 25 mostly Democratic-led states filed suit in the US Court of International Trade Monday challenging 10-12.5% Section 301 tariffs on imports from 60 trading partners. The states call the forced-labor justification a pretext to replace earlier tariffs struck down by the Supreme Court. They seek to block the duties covering 99% of US imports and order refunds for importers. Read →

Twenty-five states sued the Trump administration, alleging misuse of Section 301 investigations into forced-labor import bans to recreate broad tariffs previously invalidated by courts. The action targets duties imposed last month on goods from 60 economies representing nearly all US imports. Plaintiffs argue the measures exceed legal authority and seek court intervention. Read →

A group of US states sued the administration Monday in the Court of International Trade, accusing officials of unlawfully using Section 301 to replace earlier tariffs struck down by the Supreme Court or expired. The challenge targets the new forced-labor duties on 60 economies. Similar suits by small businesses are also pending over the tariff regime. Read →

The US Senate advanced a bipartisan bill in an 86-12 procedural vote that imposes sanctions on Russian officials, oligarchs, financial institutions and shadow fleet vessels while authorizing President Trump to levy tariffs of up to 100% on goods from the world's five largest buyers of Russian oil or natural gas, including China and India. Exemptions apply for countries sourcing under 15% of gas from Russia and reducing dependence. The bill still requires House passage and presidential signature, targeting Russia's energy revenues to curb funding for its Ukraine war. Read →

Hungary's 2 GW Paks nuclear plant, supplying nearly half the country's electricity, is shutting for the first time in 44 years due to record-low Danube River levels cutting cooling water amid drought and heatwave. Prime Minister Peter Magyar said the plant will generate no power starting Monday, warned of critical five days ahead with 40°C temperatures, and urged voluntary electricity cuts by companies and households during 5-10 p.m. peaks, with possible mandatory restrictions from Monday. The government is boosting imports while facing $315-630 million extra costs; neighboring Romania declared energy sector alert. Read →

Hungary completed the first full shutdown of its sole nuclear plant at Paks after Danube water levels hit records low, dropping output to over 10% capacity before full offline; the 2 GW facility provides 40% of national electricity. Government ramps up imports, asks large firms like MOL, Samsung SDI and Audi to cut usage voluntarily with mandatory curbs possible, and halts some rail freight and decorative lighting at peaks. Drought and heat strain power, water and agriculture, testing new PM Peter Magyar's leadership and budget as forint weakens. Read →

The US Department of Commerce’s Bureau of Industry and Security reclassified the UAE to EAR Country Group A:5 and removed it from D:3 and D:4. This grants license-free exports under License Exception STA for dual-use items useful in oil and gas production, desalination, and civil nuclear power, plus certain military and satellite items. The change supports UAE infrastructure needs and defense partnership while maintaining controls on advanced computing items. Read →

The EU Council adopted its 21st sanctions package against Russia, designating over 100 banks and crypto operators, more than 40 shadow fleet vessels, and several oil refineries. It pauses automatic adjustment of the oil price cap and bans transactions with 33 financial institutions and 14 crypto platforms. The measures expand pressure on Russia’s energy sector and evasion networks. Read →

A revised bipartisan Russia sanctions bill secured Senate supermajority support and advanced toward a procedural vote. The Lindsey O. Graham Sanctioning Russia and Iran Act would authorize tariffs on the largest importers of Russian oil and natural gas plus sanctions on entities aiding evasion. It targets Russia’s defense and energy sectors to curb war funding. Read →

BIS announced that as of November 20, 2026, certain silencers, mufflers, and sound suppressors move from the US Munitions List to the Commerce Control List under the EAR. The rule aligns controls with those for firearms and provides license exceptions available for firearms. It reduces compliance burdens on the US firearms industry while preserving national security oversight. Read →

The EU implemented its 21st sanctions package with 218 new listings including 94 banks, expanded shadow fleet vessel designations, and measures on LNG and oil refineries. It introduces frameworks for visa restrictions on Russian combatants and tightens anti-circumvention rules. The package represents the largest number of designations in four years. Read →

The CFTC's Division of Market Oversight issued an advisory reminding designated contract markets of proper procedures for self-certifying event contract series under Regulation § 40.2. It warns against broad, template-style submissions that combine multiple variations and limit review of settlement, data sources, and compliance. The guidance clarifies when contracts may be certified as a class. Read →

CFTC staff issued a time-limited no-action letter to Kraken Derivatives Exchange Inc. (formerly Small Exchange) extending prior relief on procedures related to contract dormancy. The position responds to a request to extend an earlier no-action letter. It provides temporary regulatory flexibility for the designated contract market. Read →

President Trump issued proclamations imposing 50% duties on nearly $20 billion of Canadian goods including wine, alcoholic beverages, hockey sticks and cement, effective August 19. The measures target alleged discriminatory Canadian trade practices against US cars, alcohol and dairy, regardless of USMCA status. Canada is a top supplier of US crude oil and natural gas imports, so escalation risks supply-chain costs and retaliatory energy export taxes. Read →

On July 20 President Trump signed Section 338 proclamations levying 50% tariffs on specified Canadian imports in response to Ottawa's treatment of US exports. Energy, potash and critical minerals are largely exempted from the new duties. The action heightens risks for cross-border steel, aluminum and related commodity trade amid broader tariff walls. Read →

India's commerce ministry said it will continue bilateral trade talks after the US imposed 10% tariffs on Indian imports under forced-labor measures targeting 60 partners. The duty is lower than earlier proposals and excludes pharmaceuticals, smartphones, steel, aluminum and auto parts. The step maintains pressure on commodity supply chains while India seeks to finalize a broader agreement. Read →

Bloomberg's regulatory brief highlights the CFTC's ongoing request for input on extending futures trading to 24/7 schedules and permitting perpetual contracts tied to storable physical commodities such as crude oil. The initiative addresses evolving market structures in energy derivatives. It could reshape liquidity and risk management for commodity participants if adopted. Read →

Russia extended its gasoline export ban for all market participants until the end of 2026. Diesel export restrictions will be lifted as the market recovers. The move addresses ongoing domestic fuel supply tightness from refinery disruptions. Read →

Brazil requested WTO consultations with the US over tariffs of 25% on some Brazilian goods and up to 12.5% on others from dozens of nations. The measures cite unfair trade practices and forced labor enforcement issues. Brazil called the tariffs unjustified and inconsistent with WTO rules. Read →

Brazilian President Lula da Silva wrote in a Washington Post op-ed that new US tariffs of 12.5% to 37.5% on Brazilian goods ranging from food to auto parts are unfair and a strategic mistake. He noted Brazil and Turkey rank second-most tariffed by the US behind China, warned of higher costs for US consumers and supply-chain shifts, and said Brazil will determine its own future. Read →

Australian Prime Minister Anthony Albanese said he will raise new US tariffs of 12.5% on Australian exports with President Trump at every level of the bilateral relationship. The duties, imposed Friday on 60 partners including Australia citing forced-labor enforcement failures, replace an expiring 10% levy and drew objections from Canberra. Read →

Deputy Prime Minister Alexander Novak said Russia will lift its diesel export ban once the domestic market recovers to avoid refinery gluts and production cuts. The government extended its gasoline export curb through year-end amid fuel shortages. Read →

New UK Prime Minister Andy Burnham will meet Ukrainian President Volodymyr Zelenskyy on Monday as his first international visitor. The visit signals continued British support for Ukraine ahead of Zelenskyy's meeting with President Trump. Read →

The Trump administration imposed 10% and 12.5% Section 301 tariffs on imports from 60 trading partners including the EU and China for alleged lax enforcement of forced labor bans. The duties took effect at 12:01 a.m. ET Friday, replacing an expiring 10% global tariff and covering 99.4% of U.S. imports with exemptions for oil, gas, fertilizer and critical minerals. This maintains a tariff floor on nearly all imports despite the Supreme Court striking down prior emergency tariffs. Read →

President Trump advanced new double-digit tariffs on 60 trading partners accounting for 99% of U.S. imports, citing inadequate bans on goods produced with forced labor. The levies under Section 301 took effect Friday as the prior temporary 10% worldwide tariffs expired. The move sustains Trump's broader tariff agenda after the Supreme Court invalidated earlier emergency duties. Read →

Houthis struck two Saudi oil tankers in the Red Sea, prompting President Trump to promise major military punishment on Iran and the Houthis. The attacks extended the conflict to a second shipping chokepoint, driving Brent crude above $100 a barrel for the first time since May with a surge exceeding 6%. Fears of wider disruptions to energy routes intensified. Read →

Oil prices jumped 7% overnight to top $100 a barrel after Iran-aligned Houthis attacked two Saudi tankers in the Red Sea. The spike renewed stagflation concerns and added to inflationary pressures alongside new U.S. tariffs. Global markets reacted to the widening Middle East conflict risks. Read →

The dollar strengthened as oil prices climbed back above $100 following Houthi strikes on Saudi tankers and the U.S. imposition of new tariffs on 60 partners. Renewed trade war measures and energy supply risks raised inflation stakes for global markets. The dual developments pressured bonds and equities. Read →

The EU is finalizing a sanctions compromise that permits continued transport of Russian LNG cargoes by European firms, primarily benefiting Greek operators, for one year with volume limits. This follows Greek warnings that stricter measures would hand market share to rivals. The deal pairs the exemption with broader restrictions on Russian banks, crypto, oil platforms, and shadow-fleet vessels. Read →

The Trump administration will cut aluminum import duties to about 25% from 50% for approved companies committing to build, expand, or refurbish US smelters, with relief tied to projected domestic production volumes. The incentive aims to boost onshore capacity for the metal used in autos, housing, and packaging after prior tariffs reduced imports and lifted prices. It applies to firms meeting investment deadlines such as starting work by early 2029. Read →

The US and Saudi Arabia finalized a 123 Agreement enabling Saudi construction of US-designed nuclear reactors and uranium enrichment plus waste reprocessing on its territory. The 30-year pact, signed by Energy Secretary Chris Wright and Prince Abdulaziz bin Salman, now faces a 90-day congressional review period. Westinghouse stands to benefit from potential multi-billion-dollar reactor projects while raising proliferation concerns among experts. Read →

President Trump's February 10% global tariff on most imports expires at the end of the week, prompting the US trade chief to indicate ongoing work on replacement measures. The lapse coincides with broader tariff policy reviews amid ongoing trade negotiations. Markets are watching for continuity or adjustments that could affect commodity import costs. Read →

Brent crude rose 1.3% to $92.22/bbl after two Saudi crude tankers to Asia reversed course following Houthi threats. The moves followed US strikes on Iran and Iranian attacks on US facilities. Markets focused on tech earnings despite the oil spike and geopolitical risks. Read →

Trump announced imported generic drugs will face 0% US tariffs from Aug. 1, 2026 for two years, then 100% for one year and 200% thereafter. The move aims to reshore generic pharmaceutical production to the US. Patented drugs remain under prior 100% tariff rules. Read →

Iraq's oil minister said agreements signed with US companies during the prime minister's US visit total about $200 billion. The deals will boost oil production capacity and expand associated gas projects. They were reached amid broader US-Iraq energy cooperation talks. Read →

President Trump imposed 50% tariffs on about $20 billion of Canadian imports including wine, hockey sticks, cement, milk, beer and plywood under Section 338 of the 1930 Tariff Act. Energy, potash, fish, critical minerals and goods under prior steel/auto duties are exempt. The move responds to alleged Canadian discrimination against U.S. autos, dairy and alcohol and takes effect in 30 days. Read →

The Trump administration will impose 50% tariffs on Canadian milk, hockey equipment, beer and plywood over claims of unfair treatment of U.S. alcohol, cars and dairy. Major resource imports such as energy, potash and critical minerals are excluded, as are goods under existing industry duties. The tariffs will not take effect for 30 days. Read →

The European Commission directed EU governments to waive penalties for oil and gas companies breaching the methane emissions law in 2027-2029 to avoid supply disruptions. The three-year waiver follows U.S. government pressure and comes amid Strait of Hormuz tightness affecting a fifth of global oil and LNG supply. The original law allowed fines up to 20% of turnover but will not be amended. Read →

Brent crude jumped more than 2% at the open following escalated US-Iran attacks over the weekend. Attacks targeted vessels in the Strait of Hormuz, adding pressure on global energy markets already watching shipping data. The moves lifted front-month prices to the highest levels since early June. Read →

USTR expanded exemptions from the new 25% Brazil tariffs to cover energy products, beef, coffee and aircraft parts after industry input. The carve-outs limit immediate hits to some commodity flows while still targeting sugar, ethanol and machinery. This follows earlier exemptions in broader U.S. tariff actions. Read →

The Federal Energy Regulatory Commission convened its monthly open meeting and acted on items including reliability standards for computational load integration and amendments to natural gas storage certificates. Additional proceedings addressed Western grid seams coordination and reactive power rates for gas-fired facilities. Read →

Indonesia published rules centralizing exports of strategic commodities like coal, palm oil and ferroalloys through state entities to boost revenues and curb under-invoicing. Implementation ramps up through December 2026 with full state control targeted for 2027. The policy affects major global supply chains for energy and metals. Read →

US senators released a revised bill allowing the president to impose 100% tariffs on goods from the top five buyers of Russian oil and natural gas. The measure targets energy revenue funding Russia's war in Ukraine and eases an earlier 500% proposal. Democratic staff warned the vague criteria and lack of congressional oversight could expand tariffs to more countries including EU allies. Read →

The US Trade Representative announced 25% Section 301 tariffs on most Brazilian imports effective July 22 after a year-long probe into unfair trade practices. Exemptions cover beef, coffee, energy products, aircraft and rare earths. A separate forced-labor investigation could add another 12.5% tariff by July 24. Read →

The Office of the US Trade Representative confirmed 25% tariffs on select Brazilian goods following findings of unreasonable and discriminatory practices harming US exporters. The year-long investigation targeted issues including digital trade and deforestation. Negotiations with Brazil continue despite the tariffs taking effect next week. Read →

US senators unveiled a revised bipartisan Russia sanctions bill that lowers the maximum tariff on major buyers of Russian oil and gas from 500% to 100% for the top five purchasers. The top crude buyers are China, India, Slovakia, Hungary and Azerbaijan. The measure also sanctions Russia's shadow fleet and energy projects while allowing Trump to waive penalties in the US national interest. Read →

Bipartisan legislation backed by President Trump would authorize tariffs of up to 100% on the top five purchasers of Russian crude and natural gas. China and India lead the list of targets. The bill grants Trump authority to impose the duties to pressure Moscow over Ukraine. Read →

The draft bill championed by the late Sen. Lindsey Graham would let President Trump impose tariffs up to 100% on the largest importers of Russian oil and gas. China and India rank as the primary targets. It marks the first congressional authorization of tariffs as a geopolitical tool against energy buyers. Read →

Four US senators announced agreement with the Trump administration to advance updated Russia sanctions legislation. The bill would sanction countries buying Russian energy to pressure Moscow on Ukraine. Graham, who met Zelenskiy in Kyiv, said the deal means the measure is on track to become law. Read →

President Trump announced the US will charge 20% on all cargo through the Strait of Hormuz as the guardian of the route while reinstating a blockade on Iranian ships. The move escalates US-Iran conflict over the vital oil shipping lane carrying a fifth of global supply. Read →

Trump posted that the US is reinstating the Iranian blockade and will charge 20% on all cargo shipped through the Strait of Hormuz for safety and security costs. Iran has responded it will not allow US interference in the waterway. Read →

Iran's oil minister said exports continue as usual after the US canceled a 60-day sanctions waiver last week. The ministry has maintained mechanisms to neutralize US sanctions impact on oil sales. Read →

The EU failed to endorse a 21st sanctions package against Russia on Monday, risking weakened restrictions on Kremlin oil revenue. Key sticking points included LNG transport limits and measures on Raiffeisen Bank. Read →

Oil prices are rising amid ongoing US strikes on Iran that dash hopes for quick conflict resolution. Investors brace for June CPI data and bank earnings while energy costs revive stagflation concerns. Read →

India declined to rush a bilateral trade agreement with the US, citing unwillingness to compromise on agriculture protections or accept unfavorable terms without tariff advantages. US officials had pushed for progress ahead of potential new duties. The standoff directly affects US agricultural exports like soybeans and other commodities to India, one of the world's largest markets. Read →

Following a US Supreme Court ruling, the White House confirmed India faces a temporary 10% tariff under new Section 122 authority as part of ongoing trade negotiations. The rate could adjust from prior reciprocal levels amid broader tariff reviews. This adds immediate cost pressure on Indian commodity imports into the US, including metals and energy-related goods. Read →

The UK government refreshed its Integrated Online Tariff tool for importers to check commodity codes, duties, and VAT rates. The update supports accurate classification for goods entering the UK market. It matters for commodity traders handling energy, metals, and agricultural products subject to post-Brexit or evolving trade rules. Read →

Egypt's electricity regulator released detailed tariffs effective April 2026 for extra-high voltage users, including distribution companies and industrial consumers like KIMA. Rates range from 184 to 189 Pt/kWh depending on category. The policy sets the cost framework for energy-intensive commodity production and consumption in the region. Read →

Energy Transfer published the latest FERC tariff filings for the Dakota Access Pipeline, including rules and regulations effective now. The update covers transportation rates for crude oil from North Dakota to Illinois. Pipeline tariff changes directly influence US Midwest and Gulf Coast crude pricing and logistics costs. Read →