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Recent Editions
Risk Channel
North America
L’Oréal, Dyson, and Bausch + Lomb have become the latest major companies to sue the U.S. government for refunds of tariffs imposed under President Donald Trump’s emergency trade measures, following a Supreme Court ruling that declared the duties unlawful. The companies filed complaints in the U.S. Court of International Trade after the Supreme Court ruled 6-3 that Mr Trump exceeded his authority by using the International Emergency Economic Powers Act (IEEPA) to impose tariffs. The decision potentially opens the door to refunds of up to $175bn in tariff collections. The cases add to a growing list of more than 1,400 importers - including Costco and Goodyear - challenging the tariffs. FedEx and skincare brand Sol de Janeiro have also filed suits.
Full Issue
Risk Channel
UK/Europe
Chief executives from major banks in Britain and Europe have united to voice their concern over complex regulations that they say hinder growth and competitiveness. Writing in the Times, the chief executives of the British banks Barclays, HSBC and Standard Chartered - and the bosses of European lenders including Santander, Deutsche Bank, UBS and BNP Paribas - have warned of "regulatory divergence" with the US, where the government has started to reduce requirements for the industry. They warn that "excessive caution" has led to an "overly complex regulatory system that hampers the deployment of capital." The Bank of England has begun reviewing capital requirements, but critics fear that loosening rules could lead to future financial instability. The banking bosses have called for urgent reforms, saying that the Bank's capital review "is an opportunity to put the UK's regime to the test" and warning: "There is no time to waste, nor excuses to delay these vital reforms."
Full Issue