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Website title: Trade Compliance Resource Hub | Reed Smith LLP

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According to President Trump, “Tariff is the most beautiful word in the dictionary.” Throughout his presidential campaign, Trump promised to use tariffs as a central part of his foreign policy strategy. His America ...


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On July 7, 2026, OFAC revoked Iran General License X (GL X) and replaced it with General License X1 (GL X1). The waiver, which had been due to run until August 21, lasted barely two weeks. GL X1 is not a continuation; it is a narrow wind-down authorization that expires on July 17, 2026.

What changed

Three tankers were attacked in the Strait of Hormuz on July 7 and Washin...


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Background

In our publication of 9 April 2026, we analysed the key implications of the proposed EU steel tariff-rate quota (TRQ) regi...


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