US law firms that cut deals with Donald Trump will regret it
Corporate chieftains, most notably in the tech sector, quickly bent the knee to Donald Trump on his return to the White House.
Their motivation was obvious. Trump spoke openly during the election campaign about 'retribution' and, although the president's poll ratings have collapsed following a tumultuous first 100 days in office, few business leaders and Wall Streeters — honourable exceptions include Ray Dalio and Bill Ackman — have dared criticise his tariffs.
The president's assault on 'Big Law', like his attacks on America's great academic institutions and a broader campaign against 'elites', helps explain why.
The assault initially singled out law firms previously involved in litigation against Trump, such as those involved in election-related cases, or those who had declined to represent him.
An early
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
39 minutes ago
- Reuters
UK economy shrinks by 0.3% in April, ONS says
LONDON, June 12 (Reuters) - Britain's economic output contracted by a worse-than-expected 0.3% in April, when shockwaves from U.S. President Donald Trump's announcement of wide-ranging tariffs hit the global economy, official data showed on Thursday. A Reuters poll of economists had forecast that Britain's gross domestic product would fall by 0.1% in April compared with March's level. Britain's economy expanded by 0.7% in the first quarter of 2025, outstripping growth in other countries in the Group of Seven advanced economies and prompting the Bank of England to revise up its full-year growth forecast to 1% last month. However, the BoE revised down its growth forecast for 2026 to 1.25% and said it expected the tariffs to knock 0.3% off British output in three years' time. BoE policymakers who are expected to hold interest rates next week are faced with competing forces of stubborn inflation and a relatively sluggish economy. A closely-watched business survey earlier this month suggested much of the economy returned to tepid growth. Business surveys of British firms have generally been downbeat and shown firms slowed their hiring and investment plans due to big increases in labour costs announced by finance minister Rachel Reeves last October. Data published this week showed a fall in consumer spending in May.
The Guardian
44 minutes ago
- The Guardian
UK economy shrinks by 0.3% as firms hit by higher taxes and Trump trade war
The UK economy contracted in April by 0.3% as businesses cut jobs and cancelled investment plans in response to higher taxes and the uncertainty created by Donald Trump's tariff war. Figures from the Office for National Statistics showed the economy went into reverse after growing by 0.2% in March and 0.5% in February. The figure overshot City economists' expectations of a 0.1% contraction, underscoring concerns that an increase in employer national insurance contributions and the impact of escalating US import tariffs on the global economic outlook would harm the UK's growth prospects. The latest jobs data from HMRC showed the number of workers on company payrolls fell by 109,000 in May – the largest monthly fall since the same period in 2020 during the first Covid lockdown. More than 250,000 jobs have been lost in Britain since Rachel Reeves's autumn budget. Coming only a day after the chancellor laid out plans to grow the economy in a three-year spending review, the data will disappoint ministers keen to show they have improved the UK's outlook. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion More details soon …
Sky News
an hour ago
- Sky News
UK economy contracted sharply in April after Trump's tariffs
The UK economy shrank more than expected in April as the worst of President Trump's tariffs hit, according to the latest official figures. The standard measure of economic output (GDP) contracted a sharp 0.3% in April, data from the Office for National Statistics (ONS) showed. During the month, Mr Trump's so-called "Liberation Day" applied steep tariffs to countries around the world and sparked a trade war with China, the world's second-largest economy. It's worse than expected by economists. This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version.
