Latest news with #King&Spalding
The Sun
17 hours ago
- Business
- The Sun
Trump extends China tariff truce by 90 days amid trade talks
WASHINGTON: U.S. President Donald Trump has signed an executive order extending a tariff truce with China by another 90 days, a White House official said on Monday with only hours to go before U.S. tariffs on Chinese goods were due to snap back to triple-digit rates. The order followed a noncommittal answer by Trump to reporters as to whether he would extend the lower tariff rates a day after he urged Beijing to quadruple its purchases of U.S. soybeans. A tariff truce between Beijing and Washington was set to expire on Tuesday at 00:01 ET (04:01 GMT). The order prevents U.S. tariffs on Chinese goods from shooting up to 145%, with Chinese tariffs on U.S. goods set to hit 125%, rates that would have resulted in a virtual trade embargo. 'We'll see what happens,' Trump told a press conference, when asked how he planned to extend the deadline. 'They've been dealing quite nicely. The relationship is very good with President Xi (Jinping) and myself.' Imports from China are currently subject to 30% tariffs, including a 10% base rate and 20% in fentanyl-related tariffs imposed by Washington in February and March. China had matched the de-escalation, lowering its rate on U.S. imports to 10%. The two sides in May announced a truce in their trade dispute after talks in Geneva, Switzerland, agreeing to a 90-day period to allow further talks. They met again in Stockholm, Sweden in late July, but did not announce an agreement to further extend the deadline. Kelly Ann Shaw, a senior White House trade official during Trump's first term and now with Akin Gump Strauss Hauer & Feld, said she expected Trump to extend the 90-day 'tariff détente' for another 90 days later on Monday. 'It wouldn't be a Trump-style negotiation if it didn't go right down to the wire,' she said, adding Trump could also announce progress in other aspects of the economic relationship as a backdrop for granting the extension. 'The whole reason for the 90-day pause in the first place was to lay the groundwork for broader negotiations and there's been a lot of noise about everything from soybeans to export controls to excess capacity over the weekend,' she said. Ryan Majerus, a former U.S. trade official now with the King & Spalding law firm, welcomed the news. 'This will undoubtedly lower anxiety on both sides as talks continue, and as the U.S. and China work toward a framework deal in the fall. I'm certain investment commitments will factor into any potential deal, and the extension gives them more time to try and work through some of the longstanding trade concerns,' he said. The White House declined to comment beyond Trump's remarks. The Treasury Department and U.S. Trade Representative's Office did not respond to requests for comment. U.S. Treasury Secretary Scott Bessent has said Washington has the makings of a deal with China and he was 'optimistic' about the path forward. Trump pushed for additional concessions on Sunday, urging China to quadruple its soybean purchases, although analysts questioned the feasibility of any such deal. Trump did not repeat the demand on Monday. But Washington has also been pressing Beijing to stop buying Russian oil, with Trump threatening to impose secondary tariffs on China. - Reuters
West Australian
21 hours ago
- Business
- West Australian
US President Donald Trump extends China's 125 per cent tariff by 90 days
US President Donald Trump has signed an executive order extending a tariff truce with China by another 90 days, a White House official says with only hours to go before US tariffs on Chinese goods were due to snap back to triple-digit rates. The order followed a non-committal answer by Mr Trump to reporters as to whether he would extend the lower tariff rates a day after he urged Beijing to quadruple its purchases of US soybeans. A tariff truce between Beijing and Washington was set to expire on Tuesday. The order prevents US tariffs on Chinese goods from shooting up to 145 per cent, with Chinese tariffs on US goods set to hit 125 per cent, rates that would have resulted in a virtual trade embargo. 'We'll see what happens,' Mr Trump told a press conference, when asked how he planned to extend the deadline. 'They've been dealing quite nicely. The relationship is very good with President Xi (Jinping) and myself.' Imports from China are currently subject to 30 per cent tariffs, including a 10 per cent base rate and 20 per cent in fentanyl-related tariffs imposed by Washington in February and March. China had matched the de-escalation, lowering its rate on US imports to 10 per cent. The two sides in May announced a truce in their trade dispute after talks in Geneva, Switzerland, agreeing to a 90-day period to allow further talks. They met again in Stockholm, Sweden in late July, but did not announce an agreement to further extend the deadline. Kelly Ann Shaw, a senior White House trade official during Mr Trump's first term and now with Akin Gump Strauss Hauer & Feld, said she expected Mr Trump to extend the 90-day 'tariff détente' for another 90 days later on Monday. 'It wouldn't be a Trump-style negotiation if it didn't go right down to the wire,' she said, adding Mr Trump could also announce progress in other aspects of the economic relationship as a backdrop for granting the extension. 'The whole reason for the 90-day pause in the first place was to lay the groundwork for broader negotiations and there's been a lot of noise about everything from soybeans to export controls to excess capacity over the weekend.' Ryan Majerus, a former US trade official now with the King & Spalding law firm, welcomed the news. 'This will undoubtedly lower anxiety on both sides as talks continue, and as the US and China work toward a framework deal in the fall. I'm certain investment commitments will factor into any potential deal, and the extension gives them more time to try and work through some of the longstanding trade concerns,' he said. The White House declined to comment beyond Mr Trump's remarks. The Treasury Department and US Trade Representative's Office did not respond to requests for comment. US Treasury Secretary Scott Bessent has said Washington has the makings of a deal with China and he was 'optimistic' about the path forward. Mr Trump pushed for additional concessions on Sunday, urging China to quadruple its soybean purchases, although analysts questioned the feasibility of any such deal. But Washington has also been pressing Beijing to stop buying Russian oil, with Mr Trump threatening to impose secondary tariffs on China.
Perth Now
21 hours ago
- Business
- Perth Now
Trump extends China tariff truce by another 90 days
US President Donald Trump has signed an executive order extending a tariff truce with China by another 90 days, a White House official says with only hours to go before US tariffs on Chinese goods were due to snap back to triple-digit rates. The order followed a non-committal answer by Mr Trump to reporters as to whether he would extend the lower tariff rates a day after he urged Beijing to quadruple its purchases of US soybeans. A tariff truce between Beijing and Washington was set to expire on Tuesday. The order prevents US tariffs on Chinese goods from shooting up to 145 per cent, with Chinese tariffs on US goods set to hit 125 per cent, rates that would have resulted in a virtual trade embargo. 'We'll see what happens,' Mr Trump told a press conference, when asked how he planned to extend the deadline. 'They've been dealing quite nicely. The relationship is very good with President Xi (Jinping) and myself.' Imports from China are currently subject to 30 per cent tariffs, including a 10 per cent base rate and 20 per cent in fentanyl-related tariffs imposed by Washington in February and March. China had matched the de-escalation, lowering its rate on US imports to 10 per cent. The two sides in May announced a truce in their trade dispute after talks in Geneva, Switzerland, agreeing to a 90-day period to allow further talks. They met again in Stockholm, Sweden in late July, but did not announce an agreement to further extend the deadline. Kelly Ann Shaw, a senior White House trade official during Mr Trump's first term and now with Akin Gump Strauss Hauer & Feld, said she expected Mr Trump to extend the 90-day 'tariff détente' for another 90 days later on Monday. 'It wouldn't be a Trump-style negotiation if it didn't go right down to the wire,' she said, adding Mr Trump could also announce progress in other aspects of the economic relationship as a backdrop for granting the extension. 'The whole reason for the 90-day pause in the first place was to lay the groundwork for broader negotiations and there's been a lot of noise about everything from soybeans to export controls to excess capacity over the weekend.' Ryan Majerus, a former US trade official now with the King & Spalding law firm, welcomed the news. 'This will undoubtedly lower anxiety on both sides as talks continue, and as the US and China work toward a framework deal in the fall. I'm certain investment commitments will factor into any potential deal, and the extension gives them more time to try and work through some of the longstanding trade concerns,' he said. The White House declined to comment beyond Mr Trump's remarks. The Treasury Department and US Trade Representative's Office did not respond to requests for comment. US Treasury Secretary Scott Bessent has said Washington has the makings of a deal with China and he was 'optimistic' about the path forward. Mr Trump pushed for additional concessions on Sunday, urging China to quadruple its soybean purchases, although analysts questioned the feasibility of any such deal. But Washington has also been pressing Beijing to stop buying Russian oil, with Mr Trump threatening to impose secondary tariffs on China.
Business Wire
6 days ago
- Business
- Business Wire
Leading Houston Trial Lawyer Mary-Olga ‘Mo' Lovett to Receive Lifetime Achievement Honor from Texas Legal Awards
HOUSTON--(BUSINESS WIRE)--Mo Lovett Law is pleased to announce that firm founder Mary-Olga 'Mo' Lovett has been selected as a 2025 recipient of the Texas Legal Awards' prestigious Lifetime Achievement honor. Presented by Texas Lawyer, the Texas Legal Awards' Lifetime Achievement honor recognizes trailblazing attorneys who have 'left a lasting imprint on the Texas legal community' and have not only helped shape the law but also achieved extraordinary outcomes for their clients. A proven first-chair trial lawyer, Ms. Lovett has tried more than 50 jury cases to verdict, with more than $100 billion combined at stake. Her expertise is in handling and trying cases involving complex legal issues, including patent infringement, trademark infringement, theft of trade secrets, commercial disputes, class actions, employment litigation and product liability matters. In her more than 30-year career, Ms. Lovett's work has included: Representing R.J. Reynolds against the State of Texas in an attempt to relitigate the landmark 1998 Texas tobacco settlement. Defending Microsoft in a $43 billion trademark infringement matter. Representing Mattel-Fisher Price in a nationwide product liability case. Guiding the country music band formerly known as Lady Antebellum through its trademark fight over rights to the name 'Lady A.' Successfully defending multiple companies, including Garmin, Inc., Rank Company (Reynolds Foil) and Argon Medical Group in patent infringement cases. Before launching Mo Lovett Law, Ms. Lovett was a trial and global disputes partner at global law firm King & Spalding. Before King & Spalding, she spent 18 years at Greenberg Traurig, where she rose to Houston co-managing shareholder and co-regional operating shareholder. In 2018, she was named the first female Senior Vice President of the global firm. Ms. Lovett has been ranked a Band 1 trial lawyer by Chambers USA and as a leading commercial litigator in Texas. She has been honored by The Best Lawyers in America and Texas Super Lawyers. In 2020, Texas Lawyer named her a Top Mentor. 'I am beyond honored and humbled by this award,' said Ms. Lovett. 'I have spent my career handling one battle after another, fighting for my clients, and I have loved every minute of it. It is incredible to be thought of as someone who has had an impact. But what's most exciting to me is that I'm just getting started.' Ms. Lovett is a proud alumna of South Texas College of Law, which recognized her with its Distinguished Alumni Award in 2021. While at South Texas, Ms. Lovett became the first person in history to win both the National Moot Court Competition and the National Appellate Advocacy Competition, a record that still stands today. Ms. Lovett is one of four Lifetime Achievement Award winners this year. She will be honored along with fellow attorneys David Beck, Randy Johnston and David Keltner at the Texas Legal Awards ceremony September 25 in Dallas. Mo Lovett Law In her 30-year career, Mo Lovett has built a reputation as a battle-tested litigator who has the experience and tenacity to take even the most complex cases to verdict. She has handled dozens of jury trials, over 50 with more than $100 billion at stake combined. Based in Houston, and with principal counsel licensed in Houston and New York, the firm tries cases in state and federal courts. Learn more at
Politico
24-05-2025
- Business
- Politico
Eric Adams appears to be running a real campaign, as Cuomo rakes in cash
NEW YORK — New York City Mayor Eric Adams appears to be all in on his longshot reelection bid, while Democratic frontrunner Andrew Cuomo has pulled in a substantial amount of cash, per campaign finance reports released Friday night. Since mid-March, the beleaguered mayor reported raising $155,134 from 183 donors, bringing his total haul to $4.6 million. He's spent $1.8 million, leaving $2.7 million in his warchest. His contributions over the last few months did not exceed $2,100 — the cap for anyone applying for public matching funds — suggesting Adams will continue to fight for millions of dollars that the city Campaign Finance Board has repeatedly denied him over the last five months. The board has cited his federal case and paperwork improprieties in making its decision. Adams is appealing the denial and considering legal action. He paid more than $20,000 to the state Democratic Party for a voter file list, reimbursed several organizations that gathered signatures for him to get on the ballot, and held fundraisers at restaurants and the law firm of King & Spalding, where his first deputy mayor had been a partner. He also forked over $10,000 to fundraiser Brianna Suggs, whose home was raided in November 2023 as part of a now-defunct federal bribery case against the mayor. He's paid Suggs a total of $460,160 out of his reelection account. 'Let there be no doubt: Mayor Eric Adams is running for re-election, and he's running full speed ahead,' campaign spokesperson Todd Shapiro said in a statement. 'The latest filing makes it crystal clear — this campaign is alive, aggressive and already laying the groundwork for victory.' Adams, a registered Democrat, opted out of his party's June 24 primary after a judge dismissed that case at the behest of President Donald Trump's Department of Justice. He's instead running as an independent in November, putting him on path to face Cuomo if the ex-governor wins the primary. He's leading every public poll by a healthy margin. The mayor's polling approval rating is cripplingly low — likely a function of high voter dissatisfaction with quality of life in the city, and his warmth toward the Republican president. But his team anticipates improving his standing over the next few months. Like Cuomo, Adams is placing a heavy emphasis on combating antisemitism, even floating a ballot line paying homage to it. Meanwhile Cuomo has raised $3.9 million and spent $1.9 million since entering the race in March, his campaign filing shows. With public matching funds, he's got $3.5 million left as he battles the board for $622,000 it withheld as it probes whether he coordinated with a super PAC backing him. That PAC, Fix the City, has raised more than $9 million since forming in March — including donations from wealthy Trump supporters as well as companies regulated by the city, like DoorDash. The group has spent $7.5 million on TV ads, according to media tracking firm AdImpact. Cuomo's top bundler was investor Mitchell Moinian who raised $154,500. He collected donations from people in the real estate, fashion, entertainment and finance industries. Nick Spano — a Republican former state senator who pleaded guilty to tax evasion and is now a lobbyist with the firm Empire Strategic Planning — raised $117,450. Commercial real estate broker MaryAnne Gilmartin bundled $63,660, while Eric Gertler, a former economic development official in Cuomo's gubernatorial administration and the CEO of US News & World Report, raised $61,655. Longtime Cuomo ally and PR guru Ken Sunshine raised $36,850. Two influential unions that endorsed Cuomo — 32BJ SEIU and 1199SEIU — contributed $2,100 each through their PACs. The donation from 1199, which represents health care workers, was recorded on May 8, three days after longtime president George Gresham was ousted. The District Council of Carpenters also gave to Cuomo; campaign advisor Kevin Elkins serves as the union's political director. Emma Bloomberg, the daughter of former Mayor Michael Bloomberg, gave Cuomo $2,100 as did the ex-governor's brother-in-law, fashion designer Kenneth Cole. Cuomo paid $79,000 to lobbying firm Mercury Public Affairs, which employs campaign advisers Charlie King, Jake Dilemani and Edu Hermelyn and finance director Jennifer Bayer Michaels. Democratic candidates were all waiting for the filing of City Council Speaker Adrienne Adams, a late entrant to the race who has received the backing of Attorney General Letitia James and the city's largest public-sector union. Adams — no relation to the mayor — said she qualified for matching funds, though the board will be the arbiter of that next week. She has pulled in $520,627 and spent $445,528 since jumping in in March. With a transfer from a previous committee, she has nearly $293,994 on hand. Her fiscal disadvantage has prevented her from airing TV ads, a near necessity in what is expected to be a low-turnout race. 'Our dollars raised in such a short time indicate that New Yorkers of all stripes want to turn the page from the drama of the past few years,' the legislative leader said in a statement. Democratic socialist Zohran Mamdani, who was the first candidate to max out on fundraising, advised his fervent followers to give to Adrienne Adams in a social media video this week. He has begun running ads and has $4.5 million left in the bank as he tries over the next few weeks to further eat into Cuomo's lead. Former city Comptroller Scott Stringer and state Sen. Zellnor Myrie, who are polling in single digits, have $2.8 million and $418,535 in the bank, respectively. City Comptroller Brad Lander has spent the most of any Democratic candidate so far — $4.7 million and counting — and has $1.6 million on hand for the final sprint. He has been polling in third or fourth place, and — like Mamdani — is hoping for the backing of Rep. Alexandria Ocasio-Cortez.
