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Non-Tariff Import Restrictions: Remedies Available In United States Law, Craig Mathews

Michigan Law Review

Since World War II, a fundamental objective of the foreign policy of the United States has been to strengthen political and economic relationships among free-world nations. An integral element of this policy has been the expansion of international trade on mutually beneficial terms. The legal and practical problems of reducing or eliminating restrictions on the international movement of commodities have therefore assumed a major importance.

International commodity transactions have traditionally been subject to a wide range of such restrictions. In the case of imports, the most familiar barriers are tariffs and formal quotas or embargoes imposed by national governments. In …

The Extraterritorial Effect Of Foreign Exchange Control Laws, F. David Trickey

Michigan Law Review

Article VIII section 2(b) of the International Monetary Fund Articles of Agreement makes "exchange contracts" which are contrary to approved foreign exchange regulations of members "unenforceable" and provides that member nations may further agree upon measures to enforce each other's foreign exchange laws. The recent New York Court of Appeals decision in Banco do Brasil, S.A. v. A. C. Israel Commodity Co. illustrates the serious shortcomings of IMF provisions for enforcing foreign exchange controls. The case also suggests that general conflict of laws rules can be used to effectuate the policies underlying exchange control laws.