On April 17, 2025, the U.S. Trade Representative imposed a series of fees on Chinese-owned and -operated vessels, Chinese-built vessels, and foreign-built car carriers starting in October 2025. The USTR also proposed additional duties on Chinese-manufactured ship-to-shore cranes and certain cargo handling equipment. The range of fees, the application of the fees to car carriers not connected with China, and the crane fees are all new and did not appear in the USTR’s February 2025 proposal.

On March 12, 2025, the Securities and Exchange Commission’s Division of Corporation Finance issued a no-action letter clarifying “reasonable steps” issuers can take to verify the accredited investor status of purchasers, as required under Rule 506(c) of Regulation D, a safe harbor promulgated under the U.S. Securities Act of 1933, as amended.