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The Committee on Foreign Investment in the United States (CFIUS) has released its annual report for calendar year 2025, revealing critical trends for cross-border transactions. While total filings increased moderately, the data shows a significant strategic shift for dealmakers. Short-form "declarations" grew in popularity, but their clearance rate dropped to an all-time low of 66%, down from 78% the prior year. Consequently, a higher percentage of parties (26%) who filed declarations were later required to submit a more extensive full "notice," lengthening their review timelines. The report also shows a continued, albeit reduced, use of mitigation agreements and sustained scrutiny of non-notified transactions, with CFIUS requesting filings for nine such deals after identifying them. For deal counsel, the declining success rate of declarations complicates filing strategy, requiring a more nuanced risk assessment between the faster, but increasingly uncertain, short-form process and the more laborious full notice. The data suggests that despite stated policy goals of streamlining alli

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Several African nations, including the Democratic Republic of the Congo, Mali, Zambia, and Ghana, are increasingly asserting sovereign control over their natural resources, particularly minerals critical for the global energy transition. This wave of 'resource nationalism' includes measures such as increasing royalty rates and taxes, mandating higher state or local shareholdings in mining projects, banning the export of unprocessed minerals to force domestic refining, and, in some cases, cancelling licenses and nationalizing assets.

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The US International Trade Commission (ITC) has opened a public comment period to guide the revival of its reporting duties under Section 338 of the Tariff Act of 1930. This follows the executive branch's recent and novel use of Section 338 to impose tariffs and import exclusions on Canadian products, alleging discriminatory trade practices against US alcoholic beverages, dairy, and motor vehicles. The statute empowers the president to retaliate against countries that burden US commerce.

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The Committee on Foreign Investment in the United States (CFIUS) released its annual report for calendar year 2025, showing a 7% rebound in total filings, reversing a two-year decline. The report indicates a tougher environment for parties using the short-form declaration process, as the clearance rate fell from 78% in 2024 to 66% in 2025, while requests that parties file a full notice rose to a three-year high. Sophisticated counsel and clients care because these trends directly impact deal certainty and timelines for cross-border transactions. Although CFIUS issued no civil monetary penalties in 2025—a sharp contrast to the five assessed in 2024—the report highlights continued enforcement through other means, including two noncompliance determinations and a court action to enforce a divestiture order. This signals that leniency on penalties does not mean reduced oversight. Transactional lawyers should advise clients that the declaration pathway now carries a higher risk of escalating to a longer, more intensive review, and the continued scrutiny of non-notified deals underscores th

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In a significant escalation of a bilateral trade dispute, the White House has invoked Section 338 of the Tariff Act of 1930 to impose import bans on a range of Canadian goods. The presidential proclamations, issued September 8, 2026, were a direct response to Canadian retaliatory tariffs and are set to take effect on September 29. The banned products include certain alcoholic beverages, dairy products, molasses, and motorcycle products. These measures compound existing 50% tariffs on other Canadian goods that took effect in August.

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The Committee on Foreign Investment in the United States (CFIUS) has released its annual report for calendar year 2025, revealing a 7% increase in total filings to 347. Despite the rise, the number of unique transactions reviewed held steady, indicating more withdrawals and refilings. The report shows a notable shift in the handling of short-form declarations; while their use rose 21%, the clearance rate fell from 78% in 2024 to 66% in 2025. Consequently, the rate at which CFIUS requested a full notice following a declaration review reached a three-year high of 26%.

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On August 30, 2026, the administration of Mexican President Claudia Sheinbaum submitted a bill to the Senate to amend the country's Foreign Investment Law. The proposal aims to establish a formal national security screening mechanism for foreign direct investment in sensitive industries.

Sophisticated counsel and clients with interests in Mexico should take note. While the National Commission of Foreign Investment (CNIE) technically has the authority to block acquisitions on national security grounds, this power has been rarely used due to a lack of specific guidelines. The reform signals a significant shift toward a more structured and potentially stringent review process, mirroring regimes like the Committee on Foreign Investment in the United States (CFIUS). This could create new regulatory hurdles, extend transaction timelines, and increase deal uncertainty for foreign investors, particularly in sectors like technology, energy, and infrastructure.

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On September 8, the U.S. president issued proclamations banning certain imports from Canada, including select alcohol, dairy, and motorcycles, effective September 29. The administration also modified the list of Canadian goods subject to 50% tariffs under Section 338 of the Tariff Act of 1930, adding some products and removing others, effective September 15.

This action marks a major escalation in the U.S.-Canada trade war, which began with U.S. tariffs in August and prompted immediate Canadian retaliation; the new U.S. measures are a direct response to those Canadian tariffs. These Section 338 duties stack on top of existing tariffs, such as those under Section 232, and do not exempt goods otherwise qualifying for USMCA preference, creating significant cost uncertainty for businesses with cross-border supply chains.

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