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Brazil Diesel Subsidy and Increased Oil Export Tax

Brazil has published Provisional Measure No. 1,340/2026, authorizing an economic subsidy for diesel oil sales and increasing export taxes on crude petroleum oils and diesel oil. The subsidy is R$0.32 per liter and is effective until December 31, 2026, while export taxes are set at 12% for crude oil and 50% for diesel oil.

Trump Tariff Tracker: Section 122 Tariffs and Section 301 Investigations

This update tracks the Reclaim Trade Powers Act, challenges to Section 122 tariffs, and new Section 301 investigations by the USTR into excess manufacturing capacity and forced labor. Public comments are invited for these investigations.

IEEPA Tariffs Struck Down; Importers Seek Refunds via CIT

The U.S. Supreme Court struck down tariffs imposed under IEEPA in Learning Resources, Inc. v. Trump, affirming that IEEPA does not authorize presidential tariffs. Challenges are within the exclusive jurisdiction of the Court of International Trade (CIT), where over 2000 refund cases are currently stayed.

USTR Launches Section 301 Investigations on Manufacturing Excess Capacity

The USTR has initiated investigations under Section 301 of the Trade Act of 1974 concerning manufacturing excess capacity in 16 partner economies. These investigations could lead to additional U.S. tariff actions aimed at addressing trade imbalances and protecting domestic manufacturing.

USTR Investigates 16 Economies for Manufacturing Overcapacity and Forced Labor

The U.S. Trade Representative (USTR) has initiated Section 301 investigations into manufacturing overcapacity in 16 economies and the failure of 60 economies to enforce prohibitions on goods produced with forced labor. Written comments are due by April 15, 2026, with public hearings to follow.

Supreme Court Rules IEEPA Tariffs Invalid; Importers May Seek Refunds

The Supreme Court ruled that tariffs imposed under IEEPA are invalid, as the President lacks the authority to impose taxes. Importers who paid these tariffs may now seek refunds through various legal avenues, including actions in the Court of International Trade.

EU Commission Proposes Industrial Accelerator Act

The EU Commission has proposed the Industrial Accelerator Act (IAA) to strengthen the EU's manufacturing industry. The act aims to increase manufacturing's share of EU GDP to 20% by 2035 by introducing 'Made in EU' criteria in public procurement and public support schemes, and establishing scrutiny for large foreign investments in strategic sectors.

Treasury, IRS Guidance on Prohibited Foreign Entity Rules

The Treasury Department and IRS released Notice 2026-15 providing initial guidance on Prohibited Foreign Entity (PFE) Rules. The notice clarifies how to calculate the material assistance cost ratio (MACR) for certain energy-related tax credits, determining if a taxpayer received material assistance from a PFE.

USTR Launches Section 301 Investigations on Forced Labor Imports

The Office of the U.S. Trade Representative (USTR) has initiated Section 301 investigations into 60 major trading partners to determine if they are effectively banning imports of goods produced with forced labor. The USTR is seeking public comment and will hold hearings on the matter.

US Drafts AI Chip Export Controls

The US is reportedly drafting new export control regulations for AI chips, which would implement a tiered licensing system based on computing power. These draft rules aim to position the US as a gatekeeper for the global AI industry and could impose significant pre-clearance requirements for high-volume exports.