Latest news with #ReedSmith
West Australian
09-07-2025
- Business
- West Australian
Trump's tariffs on cars, copper, drugs, aluminum could hit harder than other levies
As President Donald Trump's tariffs against more than a dozen countries spark fresh concerns about looming country-specific trade measures, often overlooked are the levies on specific products and commodities that are already in place or could soon be coming. These so-called Section 232 tariffs — already announced on cars, steel and aluminium, and floated for copper and other items — further constrain businesses and US trading partners trying to navigate a constantly evolving trade environment. Trump said Tuesday that he would impose 50 per cent tariffs on copper imports, double what he had previously floated for the valuable commodity. He also said he would soon announce tariffs 'at a very high rate' on pharmaceuticals. Trump's announcement sent copper prices soaring, and the metal posted its highest single-day gain since 1989. The copper futures contract for September closed Tuesday up 13 per cent, at $US5.68 ($8.69) per pound. The threats were the latest sign of the president's willingness to use sector-specific tariffs to gain leverage over trading partners and try to reshape the US economy. The announcement came a day after Trump rolled out stiff tariff rates on imports from 14 countries via letters, all effective August 1: Japan, South Korea, Malaysia, Kazakhstan, South Africa, Laos, Myanmar, Bosnia and Herzegovina, Tunisia, Indonesia, Bangladesh, Serbia, Cambodia and Thailand. The letters are intended to ratchet up the pressure on US trade partners to come to the table before the August 1 deadline. But as countries' negotiations are still in limbo — and some nations are still pushing for carve-outs, with varying degrees of receptiveness from the White House — sector-specific tariff rates are already squeezing trading partners and US consumers. South Africa and Kazakhstan, two countries that Trump hit with tariff rates on Monday, are both major producers of aluminum, while Japan and South Korea, also on the list, are both major steel producers. 'Reciprocal tariffs are making headlines, but the product-specific tariffs will still have a significant impact on the domestic market,' Mike Lowell, a partner at law firm Reed Smith, told CNBC. Last month, Trump announced that he was doubling tariffs on steel and aluminum imports to 50 per cent for most countries, effective the following day. Steel and aluminum are essential materials for durable goods like refrigerators and cars. But they are also the chief components of smaller items Americans use every day, like zippers and kitchenware. The steel and aluminium tariffs are a continuation of Trump's first-term trade agenda, when he implemented a 25 per cent tariff on steel and 10 per cent tariff on aluminium imports in 2018, causing near-immediate price spikes, Reuters reports. But they are also different from his first-term tariffs in important ways. Firstly, the rates are much higher — in some cases double their previous levels. Secondly, the tariff rates today are being layered on top of other customs duties. 'The use of section 232 together with other instruments is adding further complexity to the tariff landscape and elevates the importance of country negotiations to get exemptions,' Iacob Koch-Weser, an associate director of global trade and investment at BCG, wrote last month. Trump has repeatedly cited Section 232 of the massive 1962 Trade Expansion Act to justify his sector-specific tariffs. That measure permits the president to unilaterally adjust tariff rates when America's national security is under threat. A different law, Section 301, is being used to impose tariffs on specific products from China. Some of these were imposed during Trump's first term, and remained largely in place during the tenure of his successor, President Joe Biden. Another sector that has been hit hard with specific tariffs is cars and auto parts. That 25 per cent rate disproportionately impacts Japan and South Korea, two leading automotive exporters to the United States. The White House is still considering whether to grant exemptions on the auto tariffs to some companies, partly in response to intense lobbying by industry groups, CNBC reported. The White House in April did sign an executive order preventing the auto tariffs from being stacked with other levies, such as on aluminium and steel, bringing some relief to the auto industry. But given that supply chains often have delayed reactions to tariffs, Trump's levy on auto parts may not be fully felt for years. Experts have also noted that Trump's legal authority to set and adjust tariffs is more firmly established when it comes to sector-specific imports than it is for his country-specific 'reciprocal' rates. 'Section 232 tariffs are central to President Trump's tariff strategy,' said Mr Lowell, of Reed Smith. 'They aren't the target of the pending litigation, and they're more likely to survive a legal challenge and continue into the next presidential administration, which is what we saw with the aluminum and steel tariffs originally imposed under the first Trump administration,' he added. To justify imposing country-by-country tariffs earlier this year, Trump invoked emergency powers that are currently being challenged in federal court. If the president loses that case, he may decide to fall back on sector tariffs as a different way of leveraging US economic power. Trump has also already floated the possibility of imposing additional sector-specific tariffs on agricultural products, iPhones, trucks and other items, though no action has been reported yet. Trump had previously ordered the Commerce Department to institute a Section 232 national security investigation into both copper and lumber imports, with results due in November. But his Tuesday comments suggest that the steep levies could be coming much sooner. 'Today, we're doing copper,' Trump said of the commodity that makes up most of the electrical wiring in American homes.
CNBC
09-07-2025
- Business
- CNBC
Trump's tariffs on cars, copper, drugs, aluminum could hit harder than other levies
As President Donald Trump's tariffs against more than a dozen countries spark fresh concerns about looming country-specific trade measures, often overlooked are the levies on specific products and commodities that are already in place or could soon be coming. These so-called "Section 232" tariffs — already announced on cars, steel and aluminum, and floated for copper and other items — further constrain businesses and U.S. trading partners trying to navigate a constantly evolving trade environment. Trump said Tuesday that he would impose 50% tariffs on copper imports, double what he had previously floated for the valuable commodity. He also said he would soon announce tariffs "at a very high rate" on pharmaceuticals. Trump's announcement sent copper prices soaring, and the metal posted its highest single-day gain since 1989. The copper futures contract for September closed Tuesday up 13%, at $5.6855 per pound. The threats were the latest sign of the president's willingness to use sector-specific tariffs to gain leverage over trading partners and try to reshape the U.S. economy. The announcement came a day after Trump rolled out stiff tariff rates on imports from 14 countries, all effective Aug. 1: Japan, South Korea, Malaysia, Kazakhstan, South Africa, Laos, Myanmar, Bosnia and Herzegovina, Tunisia, Indonesia, Bangladesh, Serbia, Cambodia and Thailand. The letters are intended to ratchet up the pressure on U.S. trade partners to come to the table before the Aug. 1 deadline. But as countries' negotiations are still in limbo — and some nations are still pushing for carve-outs, with varying degrees of receptiveness from the White House — sector-specific tariff rates are already squeezing trading partners and U.S. consumers. South Africa and Kazakhstan, two countries that Trump hit with tariff rates on Monday, are both major producers of aluminum, while Japan and South Korea, also on the list, are both major steel producers. "Reciprocal tariffs are making headlines, but the product-specific tariffs will still have a significant impact on the domestic market," Mike Lowell, a partner at law firm ReedSmith, told CNBC. Last month, Trump announced that he was doubling tariffs on steel and aluminum imports to 50% for most countries, effective the following day. Steel and aluminum are essential materials for durable goods like refrigerators and cars. But they are also the chief components of smaller items Americans use every day, like zippers and kitchenware. The steel and aluminum tariffs are a continuation of Trump's first-term trade agenda, when he implemented a 25% tariff on steel and 10% tariff on aluminum imports in 2018, causing near-immediate price spikes, Reuters reports. But they are also different from his first term tariffs in important ways. Firstly, the rates are much higher — in some cases double their previous levels. Secondly, the tariff rates today are being layered on top of other customs duties. "The use of section 232 together with other instruments is adding further complexity to the tariff landscape and elevates the importance of country negotiations to get exemption," Iacob Koch-Weser, an associate director of global trade and investment at BCG wrote last month. Trump has repeatedly cited Section 232 of the massive 1962 Trade Expansion Act to justify his sector-specific tariffs. That measure permits the president to unilaterally adjust tariff rates when America's national security is under threat. A different law, Section 301, is being used to impose tariffs on specific products from China. Some of these were imposed during Trump's first term, and remained largely in place during the tenure of his successor, President Joe Biden. Another sector that has been hit hard with specific tariffs is cars and auto parts. That 25% rate disproportionally impacts Japan and South Korea, two leading automotive exporters to the United States. The White House is still considering whether to grant exemptions on the auto tariffs to some companies, partly in response to intense lobbying by industry groups, CNBC reported. The White House in April did sign an executive order preventing the auto tariffs from being stacked with other levies, such as on aluminum and steel, bringing some relief to the auto industry. But given that supply chains often have delayed reactions to tariffs, Trump's levy on auto parts may not be fully felt for years. Experts have also noted that Trump's legal authority to set and adjust tariffs is more firmly established when it comes to sector-specific imports than it is for his country-specific "reciprocal" rates. "Section 232 tariffs are central to President Trump's tariff strategy," said Lowell, of ReedSmith. "They aren't the target of the pending litigation, and they're more likely to survive a legal challenge and continue into the next presidential administration, which is what we saw with the aluminum and steel tariffs originally imposed under the first Trump administration," he added. To justify imposing country-by-country tariffs earlier this year, Trump invoked emergency powers that are currently being challenged in federal court. If the president loses that case, he may decide to fall back on sector tariffs as a different way of leveraging U.S. economic power. Trump has also already floated the possibility of imposing additional sector-specific tariffs on agricultural products, iPhones, trucks and other items, though no action has been reported yet. Trump had previously ordered the Commerce Department to institute a Section 232 national security investigation into both copper and lumber imports, with results due in November. But his Tuesday comments suggest that the steep levies could be coming much sooner. "Today, we're doing copper," Trump said of the commodity that makes up most of the electrical wiring in American homes.
Business Journals
03-07-2025
- Business
- Business Journals
Dan Lynch Honored with Vistage 2025 Lifetime Achievement Award
Vistage, the world's largest CEO coaching and peer advisory organization for small and midsize businesses, has awarded Dan Lynch, Founder and Managing Partner of The Lynch Law Group, with a 2025 Lifetime Achievement Award. The award honors long-standing Vistage members who exemplify world-class leadership and an unwavering commitment to growth. Recipients are recognized for bold, values-driven decision-making that positively impacts their companies, communities, and peers. 'I have known Dan Lynch for over 20 years, 18 as his chair, and I've had the great joy of watching him grow as a person and a business owner,' said Dick Singer, Vistage Chair Executive Coach. 'Dan embodies the Vistage values of Trust, Caring, Challenge, and Growth. He is always there for his employees and his fellow Vistage members. Dan sees not only the legal side of issues, but also the human side. His wife, Susan, and he have raised four great kids who, as adults, embody their parents' high values. I am proud to call Dan my friend.' A practicing attorney for over 33 years, Lynch is a respected leader in the Pittsburgh business community with deep expertise in securities litigation, commercial litigation, employment law counseling and litigation, business succession planning, mergers and acquisitions, and general corporate transactions for individuals and businesses of all sizes. Prior to founding his firm in 2002, Lynch held leadership roles at Reed Smith, a software startup, and a logistics company, blending legal insight with business acumen. 'If it wasn't for Vistage, The Lynch Law Group wouldn't be where it is today. I attribute my growth and development as a leader to my time in Vistage. Vistage has helped me become a better business owner, a better lawyer, a better boss, a better father, and even a better husband,' said Dan Lynch, The Lynch Law Group; Founder and Managing Partner. Lynch's professional achievements have been recognized by Best Lawyers in America (2021–2025) and Pennsylvania Super Lawyers (2020–2025). He is a frequent speaker on business development for attorneys and is the author of 'Building a Million Dollar Book of Business,' a practical guide to growing a professional practice through meaningful relationships. Charles Hadad, The Lynch Law Group; Equity Partner had this to say about Lynch's leadership style, 'Dan is a visionary leader who inspires trust, unwavering work ethic, and deep commitment to lead our firm to excellence. This recognition receiving the Vistage Lifetime Achievement Award is another testament to the impact he creates at The Lynch Law Group each day and his continued commitment to provide our clients high level legal services.' Beyond his legal work, Lynch has served in leadership roles with the Butler County Bar Association, Pennsylvania Venture Capital Association, and The Provident Charter School. He is also a mentor with the Carnegie Mellon University Swartz Center for Entrepreneurship. He enjoys spending time with his family, golfing, hiking, skiing, horseback riding, shooting, and traveling. About The Lynch Law Group Founded in 2002, The Lynch Law Group is a full-service law firm with offices in Cranberry Township and Southpointe, Pennsylvania, and Naples, Florida. Our attorneys represent individuals, companies ranging from multinational corporations to family-owned businesses, and public entities as advisors and advocates in Pennsylvania and beyond. In addition to serving the business community, we provide sophisticated estate planning and administration services and a full suite of family-related legal services. With practice groups led by experienced and forward-thinking lawyers, we take a collaborative approach to serving clients, drawing on our attorneys' collective experience, innovation, and skill to offer creative yet practical solutions. The result is an efficient legal team that is uniquely prepared to assist each client in achieving their specific goals and objectives. About Vistage Worldwide, Inc. Vistage is the world's largest CEO coaching and peer advisory organization for small and midsize businesses. For more than 65 years, we've been helping CEOs, business owners and key executives solve their greatest challenges through confidential peer groups and one-to-one executive coaching sessions. Today, more than 45,000 members in 40 countries rely on Vistage to help make better decisions for their companies, families and communities. The results prove it: Vistage CEO members grew their annual revenue on average by 4.6% in 2020, while nonmembers with comparable small and midsize businesses saw revenue decrease by 4.7%, according to a study of Dun & Bradstreet data. Learn more at
Yahoo
25-06-2025
- Business
- Yahoo
Reinventing Legal Transaction Management: Legatics Powers Data-Driven Firms
The hidden value of legal transaction data LONDON, June 25, 2025 (GLOBE NEWSWIRE) -- Legatics, the legal tech company transforming how legal transactions are run, announces the release of its latest whitepaper: The hidden value of legal transaction data. The whitepaper explores how law firms can turn the overlooked data in legal deals into a competitive advantage, driving smarter, faster, and more collaborative transactions and a vision for how firms can make use of increasing volumes of data in the future. As legal operations grow increasingly complex, law firms are seeking tools that not only streamline deal execution but also surface insights from the process itself. In this new whitepaper, Legatics lays out how deal data – often buried in emails, spreadsheets, and static checklists – can be harnessed to improve efficiency, transparency, and decision-making. Amid a wave of legal tech transformation, many firms still struggle to capitalize on the wealth of data generated throughout transactions. As David Cunningham, Chief Innovation Officer at Reed Smith, explains in the recent Lexis Nexis Legal Tech Trends 2025 report: 'Firms have relied on lagging financial indicators to run and tune the business but will increasingly invest in a more complete set of data and leading, rather than lagging, business measures.' Legatics meets this need head-on by capturing deal data and surfacing trends that help legal professionals refine strategy and increase efficiency across future matters. 'Deal management has the potential to generate fascinating data,' said Anthony Seale, CEO of Legatics. 'We're helping firms move toward a model where every transaction generates value not just for the matter at hand, but for the firm's broader strategy.' The insights in this whitepaper offer law firms a blueprint and future vision for using existing workflows to generate new value, without requiring a total overhaul of how deals get done. Download the whitepaper: The hidden value of legal transaction data About LegaticsLegatics is a legal transaction management platform that streamlines how lawyers collaborate and close deals. With real-time permissioned checklists, status dashboard, signature management and closing set automation, Legatics provides clarity, reduces risk, saves time that is typically written-off, and enhances the client experience. We are trusted by the world's leading law firms, including many of the AmLaw 100, UK top 100 and Chambers Band 1 ranked law firms globally and have had matters originate in over 60 countries. A photo accompanying this announcement is available at CONTACT: mediacontacts@
CNBC
24-06-2025
- Business
- CNBC
Bitcoin jumps to $105,000 as investors keep close eye on Israel-Iran ceasefire: CNBC Crypto World
On today's episode of CNBC Crypto World, bitcoin jumps to $105,000 as investors keep a close eye on Israel-Iran ceasefire. Plus, two Republican senators introduced principles for a bill meant to provide a legal framework for digital assets. And, Constantine Karides, a leading partner at Reed Smith, weighs in on the rise of bitcoin treasuries on Wall Street.
