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Council Agrees Position to Streamline Artificial Intelligence Rules

The Council of the EU has agreed its position on a proposal to streamline rules for artificial intelligence (AI) systems. Key amendments include a prohibition on AI generating non-consensual intimate content and revised timelines for high-risk AI systems, with new application dates set for late 2027 and mid-2028.

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.

Canada Amends and Repeals US Surtax Orders

The Governor General in Council of Canada has amended and repealed certain orders related to the United States Surtax under the Customs Tariff. These changes modify the application and scope of surtaxes on goods originating from the United States, impacting specific tariff items.

Colorado Tax Proposal on Phantom Income

Colorado's HB26-1221 proposes changes to the state's alternative minimum tax and net operating loss provisions. The Tax Foundation argues these changes would overstate income, leading to double taxation and distorting taxpayer behavior.

Delaware Proposes Cigarette and Vapor Tax Increases

Delaware's Governor has proposed significant increases to cigarette, vapor, and other tobacco product taxes. The cigarette tax would rise by over 70%, and vapor product taxes would double, aiming to generate an estimated $18.9 million in new state revenue.

New Mexico SB 151 Decouples from Full Expensing

New Mexico SB 151, passed by the legislature, decouples the state from federal full expensing provisions for machinery and equipment, and includes foreign earnings in the corporate tax base. This change is expected to negatively impact the state's corporate tax environment.

Commerce Final Results: Antidumping Duty on Pasta from Italy

The U.S. Department of Commerce announced final results for the antidumping duty administrative review of certain pasta from Italy for the period July 1, 2023, to June 30, 2024. Final dumping margins range from 2.65% to 7.00% for specific producers, and 5.21% for non-selected companies.

EU to Provisionally Apply EU-Mercosur Trade Agreement Pending CJEU Opinion

The European Commission announced it will provisionally apply the EU-Mercosur Interim Trade Agreement (iTA) despite the European Parliament's request for a Court of Justice of the EU opinion. This follows ratification by Argentina and Uruguay, with provisional application potentially starting in May 2026.

Canada Eases Syria Sanctions on Imports, Exports, Investments, Services

The Government of Canada has eased significant sanctions against Syria, removing restrictions on imports, exports, investments, and financial services. Twenty-four entities and one individual were delisted, including major financial institutions, to facilitate economic recovery and investment.

FAR Council Proposes Rule Restricting Covered Semiconductor Products

The FAR Council has proposed a rule to implement Section 5949 of the FY 2023 NDAA, restricting federal agencies from procuring products or services containing certain covered semiconductor products from designated entities. The proposal includes requirements for contractor inquiry, certification, and potential reporting.