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The Trading with the Enemy Act (TWEA) of 1917 (40 Stat. 411, codified at 12 U.S.C. § 95 and 50 U.S.C. § 4301 et seq.) is a United States federal law, enacted on October 6, 1917, in response to the United States declaration of war on Germany on April 6, 1917.
Under the Trading with the Enemy Act of 1917, as amended by the recently passed Emergency Banking Act of March 9, 1933, a violation of the order was punishable by fine up to $10,000 (equivalent to $235,000 in 2023), [6] up to ten years in prison, or both.
Trading with the Enemy Act is a stock short title used for legislation in the United Kingdom and the United States relating to trading with the enemy.. Trading with the Enemy Acts is also a generic name for a class of legislation generally passed during or approaching a war that prohibit not just mercantile activities with foreign nationals, but also acts that might assist the enemy. [1]
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The office was created in 1917 by Executive Order 2729-A under the Trading with the Enemy Act of 1917 (TWEA) in order to "assume control and dispose of enemy-owned property in the United States and its possessions." [1] [2]
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The embargo is enforced mainly through the Trading with the Enemy Act of 1917, the Foreign Assistance Act of 1961, the Cuban Assets Control Regulations of 1963, the Cuban Democracy Act of 1992, the Helms–Burton Act of 1996, and the Trade Sanction Reform and Export Enhancement Act of 2000.
Under the 1914 Act, ownership of enemy assets (unless the property was insignificant) had been put in trust and held by the Public Trustee; business activities were monitored by the Board of Trade. The 1916 amendment required trustees to liquidate those holdings and hold the sale proceeds in trust for the enemy until the end of hostilities. [2]