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Member News
Member News
11
May
In this week’s Roar: Tariffs back in the news, the April Logistics Manager’s Index, China’s declining air export volumes, tariff refunds on the way, and the cost of AI.
A federal trade court (CIT) has ruled that President Trump’s 10% global tariffs were unlawful because they exceeded the authority granted under Section 122 of the Trade Act of 1974. This follows the earlier decision against Trump’s tariffs imposed under emergency powers laws. While the administration is expected to appeal, the ruling currently blocks...
11
May
On May 7, 2026, a divided three-judge panel of the U.S. Court of International Trade (CIT) held that the Trump administration’s temporary 10% global tariffs imposed under Section 122 of the Trade Act of 1974 are “invalid” and “unauthorized by law,” as applied to the plaintiffs before the court (the State of Washington and two private companies). The panel enjoined collection of the Section 122 duties from the plaintiffs but did not extend relief nationwide, meaning other importers may...
08
May
In a 2-1 decision, a three-judge U.S. Court of International Trade (CIT) panel struck down May 7, 2025, the Trump administration’s implementation of Section 122 tariffs (see Thompson Hine Update of February 23, 2026).
The 10% tariff on a wide range of imported goods, the panel reasoned, extended beyond President Trump’s power to address any “balance-of-payments” deficit, as provided under the statute. The judges, however, declined to block the Section 122 tariff nationwide, limiting their decision to imported goods of certain plaintiffs appearing...
08
May
After recovering in the North American afternoon for the second consecutive session yesterday, the dollar has been sold again in Asia and Europe today.
The market has mostly shrugged off news of new hostilities in the Middle East. As is often the case, the ceasefire has been frayed but appears to remain intact. Ostensibly, it runs until May 17. Late yesterday, a federal trade court issued a narrow ruling on 2-1 vote to grant a request by a group of...
07
May
During the past few years, operatives associated with the Democratic People’s Republic of Korea (North Korea or the DPRK) have reportedly infiltrated hundreds of U.S. companies by fraudulently posing as legitimate remote IT workers. The perpetrators, together with accomplices across multiple jurisdictions (including inside the U.S.), funnel wages back to North Korea in violation of economic sanctions, and in many cases steal company data, source code, and trade secrets. In a smaller subset of cases, after being discovered and...
07
May
The EU Commission has launched a public consultation on draft revised European Sustainability Reporting Standards (ESRS) and voluntary sustainability reporting standards for undertakings with up to 1,000 employees. The revised ESRS aim to significantly reduce reporting burdens while preserving decision-useful information, while the voluntary standards introduce a “value chain cap” to limit information requests addressed to smaller undertakings within value chains.
Context
On 6 May 2026, the EU Commission announced a call for feedback on its draft Delegated Acts covering (i)...
06
May
Key Points
The GAO's report on the CFPB reorganization confirms that mass workforce reductions, dismissed enforcement actions and a congressionally slashed budget cap have fundamentally reshaped federal consumer finance supervision.
The pending en banc D.C. Circuit decision in National Treasury Employees Union v. Vought will likely determine whether the CFPB's proposed 88% reduction in force proceeds.
Financial services providers should prepare for fewer federal CFPB enforcement actions offset by aggressive multistate regulatory oversight and a rise in private consumer finance litigation invoking CFPB-developed legal theories.
The Government Accountability...
06
May
As the transposition deadline of 7 June 2026 looms closer, EU member states remain at vastly different stages of implementing the EU Pay Transparency Directive.
Quick Hits
EU member states Estonia, Malta, Lithuania, and Slovakia have released recent updates on their respective implementation of the EU Pay Transparency Directive.
Delays are now expected for Estonia; meanwhile, Malta, Slovakia, and Lithuania are still on track to meet the 7 June 2026 deadline.
The European Commission has previously stated that the date for implementation remains...
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