The last four weeks have seen major developments in the legal, commerce and geopolitical aspects of global trade. They include new sweeping proposals from the OECD concerning international taxation, EU’s overruling of the US – EU Data Transfer Agreement, the TPP agreement by Obama, a economic cyber espionage understanding between the US and China, and sanctions agreement with Iran. Huge fights, domestic and international, will occur over many of these issues as they progress.
- OECD proposals aim at stopping multinational tax avoidance. Internet firms hard hit, hopefully. “Global Tax & OECD.” Financial Times (Oct. 9, 2015).
- The US Supreme Court has never declared a treaty to violate the US Constitution. But here the EU Court of Justice did the equivalent. Good comparative study of two legal systems and how differently they treat treaties and domestic law. “European Court of Justice and Data Transfer Agreement with U.S.” New York Times (Oct. 9, 2015).
- The TPP has been agreed upon and now it’s up to the Congress. Politicized battles ahead. “The Pacific Trade Deal is Reached and Now Congress Considers It.” New York Times (Editorial) (10.6.15); “USTR Summary of the TPP.” (USTR Oct. 4, 2015).
- The Supreme Court is about to review the “terrorism exception” to the Foreign Sovereign Immunities Act in a case concerning the bombing of the Marine Corp barracks in Lebanon in 1983.”Supreme Court to Review Terrorism-Related Judgment Against Iran.” Wall Street Journal (Oct. 2, 2015).
- U.S. and China reaches various understandings concerning economic cyber espionage. “Obama Xi Reach Accord on Hacking.” Washington Post (Sept. 25, 2015); “U.S. China to Limit Security Breaches.” New York Times (Sept. 25, 2015).
- Many US sanctions on Iran remain at texpense of US firms. Foreign firms will have advantage. “Iranian Sanctions and U.S. Law.” New York Law Journal (Sept. 21, 2015).