On this episode of the Trade Guys, Bill and Scott dig into the latest on the USMCA review, break down the outcomes from the G7 Summit, and take a look at the European Parliament&#x27;s approval of the EU-U.S. trade deal.

USMCA Review, G7 Summit, and the EU-U.S. Trade Deal

The Trade Guys

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**Podcast:** The Trade Guys

## Transcript

I'm Scott. I'm Bill. And we're The Trade Guys. You're listening to The Trade Guys, a podcast produced by CSIS, where we talk about trade in terms that everyone can understand. I'm Alex Kisling, and I'm here with Scott Miller and Bill Reich, the CSIS Trade Guys. Thanks for listening to The Trade Guys. On today's episode,

we dig into the latest on the USMCA Review, break down the outcomes from the G7 Summit, and look at the European Parliament's approval of the EU-U.S. trade deal. All that and more on

today's episode of The Trade Guys. All right, Trade Guys, we're keeping up with our new weekly tradition by turning it over to Bill at the news desk for a couple of news flashes. Bill, this week we've got developments from the Supreme Court and a development on the tariff refunds front. What's

going on? Well, yes. Two pieces of sort of legal news today that be of interest to people that are either getting refunds or would like to get refunds. The first is that the Supreme Court declined to take up an old case involving Trump's China tariffs from his first term. And this has not been in the news for a couple of years because it was on appeal and has been sitting around for a while. Basically,

a bunch of people appealed his 301 tariffs from his first term against China on the grounds that he made additions. He put some in place, and then a year later, he put some more in place. If you recall, there was list one, list two, list three, list 4A and 4B. And these were imposed over a period of 15 months, different collections of categories. And the argument which was made was a simple one,

which was the president gets one shot at this, one bite of the apple. He can't come back in and change things later on without initiating a whole new investigation. That argument lost, I think, at every level judicially. So it was no surprise when the Supreme Court declined to take it up. But it is relevant today because it suggests that all the courts are giving a fairly broad reading to Section 301 and the authority it gives the president. Because what they clearly had to decide

was whether the president had fairly broad authority to adjust or change, modify the tariffs. And the courts down the line decided, or up the line, decided that he did. So that may come into play when the inevitable new Section 301 lawsuits are filed after July 24th, when the Section 122 tariffs expire. On the direct refund front, there's a new lawsuit. I mean, there's lots of new lawsuits, but

one in particular has caught everybody's attention because it relates to something that the trade guys actually predicted several months ago, which was that there's a difference between, not always, but sometimes there's a difference between the importer of record and the entity that actually pays the tariff. In the sense that the importer of record is the person who's liable, and he's the person that pays the tariff. But if he's an inte...

USMCA Review, G7 Summit, and the EU-U.S. Trade Deal

Transcript

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USMCA Review, G7 Summit, and the EU-U.S. Trade Deal

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.