12 Aug
Chapter News

IMF | Politicians Strive for Competitiveness

But in most situations, productivity is the better path to prosperity Competitiveness, Michael Porter remarked in The Competitive Advantage of Nations, his 1990 best-selling book, means different things to different people. As a member of US President Ronald Reagan’s competitiveness commission in the 1980s, the American economist met business leaders who believed it was about a global strategy to compete in world markets and members of Congress who thought it meant having a positive balance of trade. Today this commonly used...

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12 Aug
Member News

Littler | Recent U.S. Tax Court Opinion Illustrates How Language in Settlement Agreements Can Determine Tax Treatment of Payments

By William Hays Weissman and Andrew Ignacio, Littler In Mennemeyer v. Commissioner,1 the United States Tax Court reminds us that a settlement agreement that is not carefully drafted can have significant tax consequences.  Background  The employee was employed as a financial specialist. She was fired for dishonesty, which made it difficult for her to find subsequent work. She initiated Financial Industry Regulatory Authority (FINRA) arbitration, asserting claims for defamation, wrongful termination, unfair competition, tortious interference with business expectancy, and expungement. The employee was awarded...

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11 Aug
Member News, Trade & TTIP Related

Jaguar Freight | The Weekly Roar – Preparing for new port fees, the July 2025 LMI, postponed EU tariff countermeasures, changes for air cargo and freight forwarding, and Gartner’s latest analysis of Gen AI adoption.

In tariffs news… the main story is that many of the long-promised country-specific tariffs went into effect on August 7. Hopefully, supply chains can move forward with more certainty and the true market impacts can begin to be understood. In an important country-specific update, President Trump issued an executive order (click to read) announcing an additional 25% tariff on India as punishment for importing Russian oil. Speaking of market clarity for importers, as part of the U.S. Maritime Administration’s recently introduced...

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11 Aug
Member News

ING backs new defence bank for Europe

ING is one of five international banks backing a new defence bank that’s being set up to help NATO countries and their allies to finance their defence needs. ING will provide both financial and technical support to the Defence, Security and Resilience Bank (DSRB). The other financial institutions involved are Commerzbank, JP Morgan, LBBW and RBC Capital Markets. The creation of the not-for-profit defence bank follows the recent commitment by NATO countries to invest 5% of their GDP in defence. Building...

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11 Aug
Member News, Trade & TTIP Related

Transatlantic Trade Monitor: Facts You Need Now | Global Equity Strategy: Read-Through From Latest Tariff Announcements

Key Takeaways • The White House has announced a broader set of country-specific tariffs, with some higher than expected, such as the 39% tariff on imports from Switzerland. • We see announced tariffs as possibly resulting in a 4-percentage-point (pp) drag on 2025 MSCI AC World earnings growth. • Combined with signs of economic slowdown, the tariffs could raise questions about how sustainable continued near-term upside is for equity markets. In a new report from Citi Research, a team of equity strategists led...

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08 Aug
Member News, Trade & TTIP Related

Transatlantic Trade Monitor: Facts You Need Now | Impact of U.S. Import Tariffs on the Port of Antwerp Bruges

Strong trade relationship with the United States The United States has been one of Port of Antwerp-Bruges’ most important trading partners for over two decades. In 2024, the US accounted for approximately 10% of the port’s total maritime cargo traffic, with a trade volume of 28 million tonnes. Both import and export took place on a large scale, with slightly more imports than exports. • Container traffic was the largest segment in transatlantic trade, totaling over 14 million tonnes of goods. Exports...

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08 Aug
Member News, Trade & TTIP Related

Transatlantic Trade Monitor: Facts You Need Now | President Trump advances trade agenda with updated tariffs, announces additional trade agreements

What happened? Since the Trump administration’s July 7 announcement delaying implementation of reciprocal tariffs from July 9 to August 1, the United States has reached preliminary framework trade agreements with the European Union (EU), Japan, Indonesia, and the Philippines (see PwC's Tax Insights dated July 11, July 18, and July 30). Preliminary trade agreements with China and Vietnam also have been reached and a trade agreement with the United Kingdom has been finalized. Following the release of our July 30...

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08 Aug
Member News

Bannockburn Capital Markets | US Tariffs Roil Gold Futures, while Greenback Steadies

Overview: Most the dollar's late sell-off yesterday after the White House endorsed Stephen Miran to fill the remainder of Governor Kugler's term at the Federal Reserve has been recouped today. In mostly narrow ranges, the greenback is firmer against the G10 currencies but the Canadian dollar and sterling. The dollar is also trading with a stronger bias against emerging market currencies. China reports its CPI and PPI figures tomorrow, and next week's US July CPI is expected to have risen...

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08 Aug
Chapter News, New York Related News

NY Fed | Inflation Expectations Tick Up; Consumers More Optimistic about Taxes and Their Financial Situations

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the July 2025 Survey of Consumer Expectations, which shows that households’ inflation expectations increased at the short and longer-term horizons and were unchanged at the medium-term horizon. Consumers expect smaller growth in their tax payments and are more optimistic about their household financial situations. Expectations about the labor market were mixed with consumers reporting greater likelihoods of losing and finding jobs, and a lower likelihood of...

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07 Aug
Chapter News

ECB | Higher defence spending and its impact on household expectations

Prepared by Adam Baumann, Cristina Checherita-Westphal, Georgi Kocharkov, Steffen Osterloh Published as part of the ECB Economic Bulletin, Issue 5/2025. Fiscal policies in the euro area are increasingly shaped by a focus on defence spending in response to heightened geopolitical tensions. The February 2025 Munich Security Conference, the launch of the European Commission’s Preparedness Union Strategy in March and the conclusions of the June 2025 NATO Summit all underscored EU governments’ commitment to increasing defence spending. This box uses data from the ECB Consumer...

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