What happened?  President Trump issued an Executive Order and Fact Sheet on September 5 modifying the scope of the reciprocal tariffs first announced on April 2, 2025 via Executive Order 14257, and establishing a framework for implementing trade and security agreements with US partners. The Executive Order revises Annex II of Executive Order 14257, which had carved out certain categories of goods from reciprocal tariff coverage. Under the new changes, bullion-related articles, certain critical minerals, and additional pharmaceutical products subject to pending Section 232 investigations...

By Bärbel Sachs, Tobias Zuber, Caroline Glöckle, Yuliya Zhmuro, and Theresa Bachmann, Noerr A. Introduction Almost a month after U.S. President Donald Trump and EU Commission President Ursula von der Leyen reached a high-level political agreement aimed at resetting the transatlantic trade relationship and preventing sweeping U.S. import tariffs from coming into force, the EU Commission and the U.S. published a Joint Statement on a United States – European Union framework on an agreement on reciprocal fair and balanced trade (“Joint Statement”) on...

According to a 2025 Peak Season Confidence Report, 84% of industry leaders believe their supply chain systems are ready for peak demand, representing a significant improvement over last year. Additionally, fewer leaders anticipate tough conditions for the remainder of the year. This likely indicates investments in technology integration and workforce strategies, such as cross-training and early seasonal hiring, are working. Supplier diversification is now a core strategy for many, with companies focusing on data interoperability and real-time visibility rather than...

By Jamey B. Collidge, Ryan M. Graham, Ryan Last, and Charlene C. Goldfield On August 29, 2025, the U.S. Court of Appeals for the Federal Circuit affirmed a ruling by the U.S. Court of International Trade, holding that President Trump overstepped the authority provided by Congress under the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) (IEEPA) to impose broad tariffs aimed at addressing drug trafficking, illegal migration, and international trade imbalances. The court deemed unlawful those tariffs imposed on...

As of the 27th, President Trump imposed a 50% tariff on Indian exports. This is double the previous rate and is in retaliation for their continued purchase of Russian oil, making it one of the highest tariffs in the trade war. It’s put significant strain on U.S.-India relations, which have historically been seen as crucial to balancing China’s influence, and threatens about half of India’s exports to its largest market. Prime Minister Modi has vowed to protect Indian farmers and...

In a split decision, 7 – 4, the Court of Appeals for the Federal Circuit (“CAFC”) affirmed the Court of International Trade’s (“CIT”) decision holding that President Trump’s IEEPA duties are contrary to law. This decision is limited to IEEPA Reciprocal Tariffs and IEEPA Fentanyl Tariffs (currently applicable on goods from China, Mexico and Canada) and does not invalidate the Section 232 tariffs on steel/aluminum/copper and derivatives and automotive products. While the CAFC held that IEEPA tariffs are contrary to law,...

By Dr. Eckart Gottschalk, Dr. Kai Westerwelle, and Dr. Nicolas Wiegand, CMS At a meeting between US President Donald Trump and EU Commission President Ursula von der Leyen on 27 July 2025, the US and the EU agreed on the introduction of a uniform, top flat rate for US tariffs of 15 % on goods from the EU. • The 15 % cap applies to almost all EU exports that are currently subject to reciprocal tariffs. However, if a most-favoured nation (MFN) tariff rate...