General License X resumes Iranian crude exports with banking, insurance and shipping cover after the Hormuz reopening
Trade & Rules
Tariffs, subsidies, sanctions and export controls.
state of play
Two structural shifts are live. Washington paused Iran oil sanctions for 60 days, resuming dollar-denominated Iranian crude trade for the first time in four decades. Separately, Trump declined to renew the USMCA, converting a clean extension into a decade of annual reviews over ~$2 trillion in North American trade. Both are reversible, keeping investment on hold. Watch the August waiver deadline and the 1 July USMCA trilateral.
tracking
Tariff fronts
Sanctions & export controls
Blocs & deals
Industrial policy & subsidies
latest
Washington forgoes the joint extension, leaving ~$2 trillion in North American trade under prolonged uncertainty