Insights: Macro

Tariff Litigation

The Court of International Trade (CIT) held oral arguments in VOS Selections v. Trump, a lawsuit challenging the administration's authority to unilaterally issue tariffs under the International Emergency Economic Powers Act (IEEPA). The CIT is currently weighing whether to impose a preliminary injunction on the continued implementation of those...

House Republicans will take the final and most politically complex votes on their reconciliation bill later today in the Ways and Means (W&M) Committee (TCJA, IRA clean energy credits, other tax provisions), Energy and Commerce (E&C) Committee (Medicaid, ACA, energy spending, spectrum provisions), and Agriculture Committee (food stamps/SNAP)....

Recent/upcoming developments… Treasury Secretary Bessent and USTR Greer are meeting with Chinese Vice Premier He Lifeng in Switzerland tomorrow, which is the first formal trade discussion between the two countries since President Trump’s inauguration. Bessent has said the first step in the discussions will be over lowering tariffs. Trump posted...

Trade (UK/Other)

Recent/upcoming developments… President Trump yesterday announced a trade deal with the U.K., which is essentially an agreement in principle that requires many issues and details to still be worked out. USTR Greer touted the deal as a framework that will be used with other countries, while the administration has said they are evaluating offers...

Reconciliation & FY26 Defense Spending

Earlier this week, the House Armed Services Committee (HASC) advanced its portion of “reconciliation” legislation, which is considered under a special procedure that enables it to pass on a partisan (in this case, Republican) basis. The HASC legislation, designed in coordination with the Senate Armed Services Committee (SASC), increases defense...

The U.S. and Ukraine signed a minerals deal this week that gives the U.S. preferential access to Ukrainian minerals and that will help fund Ukrainian reconstruction. Treasury Secretary Bessent said the deal “signals clearly to Russia that the Trump administration is committed to a peace process centered on a free, sovereign and prosperous Ukraine...