US China Trade Monthly - July 2024 | Insights

As global economic and geopolitical environments enter a new era, companies need to continuously develop and adjust their coherent global business strategies to secure and further expand business opportunities in all markets while minimizing political and legal risks by ensuring compliance. To assist you with that task, Mayer Brown’s US-China Trade Monthly provides news and insights related to the latest US developments impacting the US-China bilateral trade relationship.

In this July 2024 issue, we will discuss: (1) the formation of a Critical Minerals Policy Working Group in the US; (2) G7 leaders uniting against Chinese excess production capacity during the recent summit; 3) President Biden formalizing the White House Council on Supply Chain Resilience; and (4) the Department of Commerce's Bureau of Industry and Security (BIS) issuing its first ban under Information and Communications Technology and Services (ICTS) authorities.

House Select Committee on the Chinese Communist Party Announces Critical Minerals Policy Working Group

On June 18, 2024, the Chairman of the House Select Committee on the Strategic Competition between the US and the Chinese Communist Party (the “Select Committee”), John Moolenaar (R-MI), and Ranking Member of the Select Committee, Raja Krishnamoorthi (D-IL), announced the formation of a Critical Minerals Policy Working Group (the “Group”) focused on countering the Chinese Communist Party’s (the “CCP”) “control of critical mineral supply chains.”

G7 Leaders Unite Against Chinese Excess Production Capacity

From June 13 – 15, 2024, the Group of Seven (“G7”) held a leaders’ summit in Apulia, Italy, consisting of representatives from Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The summit hosted six working sessions, including one session on “Indo-Pacific and economic security.”

President Biden Formalizes White House Council on Supply Chain Resilience

On June 14, 2024, President Biden issued an Executive Order on White House Council on Supply Chain Resilience (the “Order”).

BIS Issues First ICTS Ban, Prohibiting Sales and Updates to Kaspersky Products and Services in the US, while OFAC Sanctions Senior Executives and Directors

On June 20, 2024, the Department of Commerce's Bureau of Industry and Security (BIS) issued a Final Determination (“Determination”) prohibiting Kaspersky Lab, Inc.—the US subsidiary of the Russia-based antivirus software and cybersecurity company—from directly or indirectly providing antivirus software and cybersecurity products or services in the United States or to US persons.