By Ian Hunter, Director, OCO Global What just happened? On 28 May, the US Court of International Trade (CIT) issued a permanent injunction blocking President Trump’s recently imposed “Liberation Day” tariffs – a 10% across-the-board levy on all imported goods and higher “reciprocal” rates for specific trading partners. The court ruled that the administration had exceeded its authority under the International Emergency Economic Powers Act (IEEPA). In clear terms, the judges reaffirmed that Congress – not the White House – controls taxation on imports. Importantly, this ruling did not impact sector-specific tariffs previously...

IMPORTANT TARIFF UPDATE - (5/29) The Court of International Trade has issued a joint decision, ruling that the International Emergency Economic Powers Act (IEEPA) does not authorize many of the new tariffs imposed by way of executive order. As a result, on May 28 the Court ordered that the directives imposing these tariffs be vacated and permanently enjoined. The court has issued a permanent injunction which means the tariffs cannot be collected or enforced unless the ruling is stayed or reversed....

By Noa Sussman, Director of Global Solutions, TECEX Global trade isn’t just about free trade agreements or currency fluctuations anymore. While those factors still matter, a quieter — and often underestimated — force is reshaping how companies produce, move, and sell their goods across borders: taxes. Not the headline-makers like corporate income tax or capital gains. I’m talking about the less glamorous but increasingly powerful trio: VAT (Value Added Tax), tariffs, and duties. These tools, once left to compliance teams and customs...

By Erik Smithweiss The U.S. Court of International Trade (CIT) issued a decision May 28 declaring unlawful the IEEPA fentanyl tariffs imposed on Canada, Mexico and China, and the Reciprocal tariffs imposed on all other countries.  V.O.S Selections Inc. et al v. United States, Slip Op. 25-66.  The court found that the International Emergency Economic Powers Act (IEEPA), the statute the President had invoked to justify these tariffs, did not provide the required statutory authority for these assessments. The Government has already filed...

Written By Jessica Horwitz, Sabrina A. Bandali, Alison FitzGerald, and George Reid, Partners at Bennett Jones, assisted by Rajat Beniwal This blog was published on May 22, 2025 and is accurate as of that date. The tariff landscape is evolving quickly. Please contact one of the authors or a member of the Bennett Jones International Trade and Investment group for the most up-to-date guidance on US tariffs and Canadian surtaxes. It has been a tumultuous spring for businesses involved in trade between Canada...

Despite fears of a tsunami of containers hitting the Port of Los Angeles, its executive director is downplaying them. Admitting to a likely increase during the temporary 90-day pause in U.S.-China tariffs, he anticipates volumes will remain below the pandemic peak, partly because elevated freight rates could keep importers cautious. April saw a 9.5% year-over-year rise in throughput, but early May imports dropped 30% due to tariff uncertainties. Additionally, he expects a brief period of 70–80% of normal volume during the...

By Noa Sussman, Director of Global Solutions, TECEX In today’s increasingly fragmented and protectionist global economy, few areas are more misunderstood — yet more impactful — than trade taxes. Terms like VAT, duties, tariffs, and more recently, duty drawbacks, are often lumped together or misused entirely, even in strategic discussions. But make no mistake: these taxes are no longer just regulatory details relegated to customs departments or accounting teams. They have become strategic levers, influencing sourcing decisions, pricing models, and executive-level trade...

While tariff policy changes present challenges, they also offer opportunities for strategic acquisitions and operational improvements. Changing tariffs are dramatically reshaping mergers and acquisitions (M&A) and private equity (PE) transactions. As companies and investors strategize their growth and exit plans, understanding the interplay between international trade policy and deal dynamics is critical. The uncertainty surrounding tariffs is leading to a more cautious approach in mergers and acquisitions. Deals are taking longer to close, with extended due diligence periods and more stringent conditions....