United States: Trade Regulation & Practices

On September 30, 2026, Governor Gavin Newsom signed Assembly Bill 1776, the Competition and Opportunity in Markets for a Prosperous, Equitable and Transparent Economy Act (the “COMPETE Act” or the “Act”). The Act amends the Cartwright Act, California’s principal antitrust statute, to now prohibit monopolization and monopsonization by a single firm. The Act takes effect on January 1, 2027.

The Trump Administration's Executive Order 14411 introduces sweeping changes to foreign importer of record (FIOR) rules that will fundamentally alter how Canadian businesses import goods into the United States. These new regulations eliminate informal entry options, impose stricter bonding requirements, and establish a minimum 50% penalty floor for non-compliance, placing unprecedented emphasis on accurate tariff classification, valuation, and origin declarations.

President Trump signed the Lindsey O. Graham Sanctioning Russia and Iran Act into law on September 18, 2026, establishing mandatory tariffs of up to 500% on Russian goods and up to 100% on goods from countries that continue to buy Russian energy. The Act targets major importers like China, India, and Turkey, with limited relief mechanisms including natural gas exceptions, presidential waivers, and a 270-day winddown period for entities divesting from Russian operations.

California's Senate Appropriations Committee has advanced Assembly Bill 1776, the COMPETE Act, which would significantly expand the state's antitrust regime to include single-firm conduct under the Cartwright Act. The committee removed the private right of action, limiting enforcement to public prosecutions, while incorporating several substantive amendments that narrow the bill's scope and raise the threshold for establishing viable claims.

July brought several significant federal and state developments that could reshape alcohol industry competition, pricing practices, distribution structures, and cross-border trade. At the same time, Congress continues to consider sweeping legislation that would establish a comprehensive regulatory framework for hemp-derived delta-9-tetrahydrocannabinol (THC) beverages. Together, these developments highlight evolving enforcement priorities, new compliance considerations, and potential structural changes that industry participants should monitor closely.

Florida's Attorney General has launched an antitrust investigation into CVS Health and its pharmacy benefit manager Caremark, examining whether the company inappropriately steered patients to CVS pharmacies and reimbursed them at higher rates than independent pharmacies. The investigation, part of a broader multi-state scrutiny of PBM business practices, seeks documents and testimony on policies related to transparency, reimbursement rates, audits, and market concentration in an industry where three PBMs co

States are adopting divergent approaches to taxing prediction markets, ranging from aggressive enforcement and quasi-prohibitive tax regimes to cooperative models that recognize federal jurisdiction. This emerging patchwork creates significant questions about characterization, preemption, sourcing, and compliance that tax practitioners must navigate as the jurisdictional battle between state and federal regulators intensifies.

Brand enforcement efforts are scaling up with increased takedowns, border seizures, and platform cooperation, yet counterfeiting networks persist by quickly reconstituting under new identities. The fundamental challenge lies not in the availability of enforcement tools, but in the absence of a cohesive strategic framework to dismantle these resilient supply chains permanently.

The U.S. Department of Justice's Antitrust Division has reached a proposed settlement with Willow Bridge Property Company LLC regarding allegations of anticompetitive conduct in the rental housing market. The case centers on claims that the company violated antitrust law by sharing competitively sensitive pricing data with competitors through algorithmic tools and coordinating rental prices with other landlords. The consent decree resolves these allegations without trial or admission of wrongdoing by the pa