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Bloomberg
3 days ago
- Business
- Bloomberg
899 — The Three Numbers Alarming the Bond Market
Taxing foreign capital could be another nail in the coffin of American exceptionalism. Emerging markets could benefit. Save To get John Authers' newsletter delivered directly to your inbox, sign up here. Three numbers are sending a spasm of concern through Wall Street: 899. That's the clause of the One Big Beautiful Bill Act currently before the Senate that gives the Treasury secretary the power to levy retaliatory taxes on the US investments of foreign countries that have levied 'unfair taxes' on US companies. This isn't a legal column, but you might try useful explainers from Baker McKenzie, or Skadden Arps, or McDermott Will & Emery.
Globe and Mail
29-05-2025
- Business
- Globe and Mail
For Canadian economy, U.S. court ruling on tariffs brings hope, but also uncertainty
A U.S. court ruling that slammed the door on most of President Donald Trump's tariffs dangled a reprieve from trade chaos for Canadian exporters before it was temporarily paused by yet another court. But experts warn a new wave of even greater uncertainty could be unleashed, depending on how the legal tussle unfolds. The initial ruling, by the U.S. Court of International Trade on Wednesday evening, struck down the Trump administration's 'Liberation Day' tariffs against more than 50 countries, along with tariffs Mr. Trump imposed on Canada, Mexico and China that were tied to fentanyl and border security. The court found Mr. Trump overstepped his authority by bypassing Congress to impose the tariffs on national emergency grounds. However, less than 24 hours later the U.S. Court of Appeals for the Federal Circuit granted the Trump administration's request to pause the lower court's ruling while it considers a challenge from the White House. The frenetic period for U.S. tariff policies underscores the challenging and uncertain situation the Canadian economy finds itself in – but also suggests that further relief from punishing duties is possible. 'There is a glimmer of hope for Canadian exporters but the timeline for relief, if there even is relief, is still unknown,' said Julia Webster, a partner and trade lawyer at Baker McKenzie in Toronto. The trade court ruling still left other tariffs in place, such as duties on all steel and aluminum imports, including from Canada. Despite that, the decision offered reasons for optimism for Canada's economy, according to economists. 'If this ruling sticks and depending upon the course of actions from here, then the risk of recession in the U.S. and Canada has been sharply reduced,' wrote Derek Holt, an economist at Bank of Nova Scotia, in a research note on Thursday morning. If the ruling holds, the average effective U.S. tariff rate on Canadian imports would drop by 1.2 percentage points to 2.6 per cent, while the tariff rate on goods from Mexico would decline by 2.3 percentage points to 2 per cent, according to research by Scotiabank's economics team. However, the decision could trigger 'a game of Tariff Whack-a-Mole' in which Mr. Trump shifts the tactics he uses to impose tariffs, only for other court rulings to shut those down, Mr. Holt said. In addition to the national emergency grounds, Mr. Trump still has at least five other mechanisms he can use to impose tariffs without the approval of Congress, including sector-specific tariffs such as those imposed on steel and aluminum under Section 232 of the Trade Expansion Act. If anything, the trade court ruling could heighten uncertainty 'by forcing Trump to consider other and more legally-secure ways to impose new tariffs over the next few days and weeks,' according to a report by economists Thierry Wizman and Gareth Berry at Macquarie. The decision also would mean 'freer' trade agreements that may have emerged from negotiations with trading partners in the coming weeks would be 'put under a cloud of doubt,' they wrote. Against the backdrop of conflicting court decisions, business leaders said what's needed most is a new trade deal between Canada and the U.S. 'The end of this trade war with the U.S. will not come through the courts,' said Candace Laing, president and chief executive officer of the Canadian Chamber of Commerce, in a statement. 'It will come when we have negotiated a durable, new agreement on trade that is trusted and respected by all involved.' For now, companies would be wise to continue any duty-mitigation measures they've put into practice because 'the tariffs are in place until they're not,' Ms. Webster said. If the ruling stands, importers who have paid tariffs to date could eventually submit refund requests to the U.S. government, she said. However with so much still up in the air, that paperwork may not be worth the time and effort. Nor would the ruling answer more fundamental questions facing companies. 'This doesn't change what businesses have been struggling with the most, which is whether this is a wholesale reordering of the trading order that we've known to exist for decades,' Ms. Webster said. 'The waters have not settled.'
CNBC
27-05-2025
- Business
- CNBC
Polsinelli's Deanna Okun: We tell our clients to ignore the noise around tariffs, look at details
Deanna Okun, former U.S. International Trade Commission commissioner and chair, and Jon Cowley, Baker McKenzie partner, join CNBC's 'Squawk on the Street' to discuss how lawyers are advising corporate clients on how to navigate tariffs, how companies are positioning, and more.
Mint
23-05-2025
- Business
- Mint
India's latest legal reform won't open the floodgates for foreign law firms
Foreign law firms are unlikely to rush in to set up desks in India just yet afterthe regulatoropened the legal profession to overseas players, but with strict caveats. The Bar Council of India (BCI) last week allowed foreign firms and lawyers to practice non-litigious foreign law, international law, and participate in international arbitration, provided reciprocity is guaranteed. The catch: they still can't appear before Indian courts, draft pleadings, or engage in property conveyancing. While overseas firms can apply to open offices, they must register with the BCI. As a result, global law firms say they are open to mergers and acquisitions and see the latest move as apossible way ofattracting talent in India. The conditions will, however, prevent many from taking an immediate plunge. Also read: Bar Council notifies rules allowing foreign law firms limited practice in India 'We would be continuing to operate under the informal arrangements we have in place," saidDhruv Chhatralia, BEMpartnerat UK-based firm DWFLaw LLP, in an emailed response to Mint. 'Providing details of matters they are working on to the BCImay put overseas lawyers in a difficult position when it comes to confidentiality and data protection." FIFO hurdle Chhatralia was referring to the BCI's decision to carve out a narrowly defined advisory-only space with a tightly regulated regime. It has directed foreign lawyers to disclose each 'fly in, fly out' or FIFO visit to India, specifying the duration, purpose and the nature of legal work every time they visit the country. While Chhatralia said that BCI's decision will benefit clients looking for advisers to seamlessly manage complex cross-border matters, many legal companies are still studying the fine print. 'Too early to say," said Mini Menon vandePol,Baker McKenzie's Global India Practice chair. 'But we are interested in attracting the best talent to support our clients, so will consider all options." US-based Baker McKenzie, with a focus on international arbitration, will continue to rely on existing models. 'If a dispute is required to be litigated in court, we will work with Indian counsel in the manner required by the BCI rules," said Ashish Chugh, a principal in Baker McKenzie Wong & Leow's Dispute Resolution Practice in Singapore. So far, interest has centered more on interpreting the rules than rushing in. Legal consulting firm Vahura has received a wave of queries, mostly about the FIFO model, which allows foreign lawyers to operate in India for up to 60 days in a 12-month period. Also read: Sebi's crackdown on Synoptics signals rising scrutiny of IPO gatekeepers 'The majority of queries are in relation to how the number of days is calculated and whether it applies to business development or non-work travel undertaken by lawyers in their personal capacity," said Ritvik Lukose, Vahura's co-founder and chief executive officer. Client confidentiality worry The BCI's requirement to disclose client and matter details ahead of visits has also raised red flags. 'There is a serious concern around the information that has to be filled in forms... that would result in the firm being in violation of securities law-related regulations and home country professional ethics rules," said Lukose. Lukose, however, anticipates increased demand for dual-qualified professionals and rising pay scales across top law firms. Such lawyers who are licensed to practice in two jurisdictions could see demand rise for their cross-border legal expertise and ability to navigate complex international matters. 'This will result in a significant increase in remuneration levels at the premium law firms... including in-house legal teams," Lukose said. Over the last couple of years, domestic law firms have guzzled talent, with top Indian law firms poaching senior partners along with their teams. Russell Strong of UK-based law firm Greenwoods Legal LLP said the BCI seems to trying to strike a balance to 'promote trade" and 'safeguard the interest of domestic legal professionals". However, some of the India-headquartered law firms are skeptical about the reforms. 'Even with BCI's green light, it is unlikely for most foreign law firms to set up shop overnight," said Shweta Sahu, leader atIndian firmNishith Desai Associates. Sahu expects collaboration as the dominant model. Also read: Sebi plans regulatory breather for FPIs investing in sovereign bonds How legal services are priced and charged to clients or the billing model is another area that will come under the spotlight. And then there are costs incurred to set up shop in India. 'The BCI amendment permitting foreign law firms to set up Indian presence for advisory purposes does not mean a change in macroeconomic consideration and will make India attractive all of a sudden,"Akash Karmakar, partner at Indian firmPanag & Babu. 'The other considerations include cost sensitivities of the Indian market and limitations in being able to appear before courts, etc."
Yahoo
16-04-2025
- Business
- Yahoo
Symposium Capital Hosts Dinner with Precious Achiuwa of the New York Knicks
New York, New York--(Newsfile Corp. - April 16, 2025) - Symposium Capital recently hosted an exclusive dinner at The Ned NoMad with special guest Precious Achiuwa of the New York Knicks. Achiuwa is an avid wine collector following on many noted NBA players. The Ned NoMad is a private members club in Manhattan. The event was co-hosted by Baker McKenzie, Citizens Private Bank, and Zachys, all of whom are Symposium Capital partners. This dinner brought together leaders from the worlds of wine, investment, and professional sports. Precious Achiuwa with Symposium Capital CEO Morgan Miller and COO Yule GeorgievaTo view an enhanced version of this graphic, please visit: Attendees from each partner organization included Karl Egbert of Baker McKenzie, Theron McCollough of Citizens Private Bank, and Ame Brewster of Zachys. Talik Fraser, Precious Achiuwa's business manager of Nova Sports Ventures was also in attendance. Guests were provided with an exclusive selection of back-vintage, top-shelf wines curated by Zachys. The selection featured Marquis de Laguiche Montrachet Grand Cru, Georges Roumier Chambolle Musigny Les Cras Premier Cru, and Château Mouton Rothschild. Symposium Capital hosted the dinner at The Ned NoMadTo view an enhanced version of this graphic, please visit: The evening exemplified Symposium Capital's unique approach to investment. Symposium Capital focuses on investing in a diversified portfolio of collectibles across three core asset classes: fine wine, fine art, and rare comic books. Other guests of Symposium Capital include Karl Egbert of Baker McKenzie, Theron McCollough of Citizens Private Bank, and Ame Brewster of Zachys, Talik Fraser of Nova Sports VenturesTo view an enhanced version of this graphic, please visit: The event highlights Symposium's unique investor experience which extends beyond pure investment as the fund curates bespoke, exclusive experiences for its limited partners, bringing together exceptional, like-minded people with shared passions. By curating exclusive events that connect like-minded individuals with shared passions, Symposium Capital fosters a network where investment, culture and lifestyle seamlessly converge. Symposium Capital specializes in fine wine, fine art, and comic books. To view an enhanced version of this graphic, please visit: With this event marking just the beginning, Symposium Capital looks forward to hosting many more gatherings that blend elite networking with world-class experiences. More information about Symposium Capital can be found at Email: info@ Honest Media To view the source version of this press release, please visit Sign in to access your portfolio
