Small businesses say inflation is cutting into profits: New survey (cnbc.com)

The U.S. economy has seen record-high inflation, with the consumer price index up 8.3% over the past year. That inflationary pressure means higher costs for small business owners who then have to make the difficult decision of how much of those costs they can afford to pass on to their customers without risking losing business

Washington, D.C. --

The Washington Post reported the U.S. Customs and Border Protection (CBP) Commissioner Chris Magnus has resigned after news circulated that U.S. Department of Homeland Security (DHS) Secretary Alejandro Mayorkas asked for Magnus' resignation or he would be fired.  See the full article at: CBP head Chris Magnus has resigned, following standoff with DHS Secretary Mayorkas - The Washington Post

Fifth District Survey of Manufacturing Activity, October 25, 2022 (richmondfed.org)

The Federal Reserve Bank reported little relief for supply chains 

 (spglobal.com)

Private sector firms recorded a downturn, with new orders decreasing marginally. Increase in cost is historically elevated. 

Indictment of Oligarchs a How-to Guide to Avoid US Sanctions (voanews.com)

The key is the cash. The outcome is an indictment.

Buy American Act Changes Finalized - GHY International

The effective date for 60% content is October 25, 2022. The use of "American Made" for goods can be difficult as most products contain some foreign content. This act increases the US content from the current 55% to 75% over seven years. 

The threat of a freight railroad strike is back (msn.com)

Maintenace workers rejected the proposed contract. Other union groups are still voting.

PayPal apologizes for policy notice saying users could face $2,500 fines for misinformation (msn.com)

The company stated this "Acceptable Use Policy" (AUP) was issued in error.  PayPal also owns Venmo. 

PayPal Sets Social Media Ablaze with Major Change (msn.com)

PayPal's revenue is derived from fees. It is imposing a "misinformation" penalty fee of $2500 and withdrawing from the customer account.

Washington, DC--

On September 30, 2022, OFAC made the following announcement:

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing "Sanctions Compliance Guidance for Instant Payment Systems” which emphasizes the importance of taking a risk-based approach to managing sanctions risks in the context of new payment technologies such as instant payment systems and to highlight considerations relevant to managing those risks.  This guidance also encourages developers of instant payment systems to incorporate sanctions compliance considerations and features as they develop these systems.

Companies in the e-commerce ecosystem should join EMTC to get training on international trade compliance.