Economic Powers & Government Ownership
Tariffs
Jan. 13 - President Trump on Monday announced that the U.S. will levy a 25 percent tariff on any country doing business with Iran. (WSJ.)
Dec. 15 - Politico reported that the Trump administration is denying requests by importers for tariff refunds and “racing to deposit the money it’s raised from tariffs into the U.S. Treasury,” which would make it more difficult for companies to get refunds for tariffs the Supreme Court may strike down. (Politico.)
Dec. 2 - Costco filed a complaint on Friday against the Trump administration in the Court of International Trade seeking relief from the impending liquidations of IEEPA tariffs “to ensure that its right to a complete refund is not jeopardized.” (Complaint.) (WSJ.)
Nov. 6 - Following oral argument at the Supreme Court yesterday, numerous news outlets reported that a majority of justices had expressed skepticism that President Trump has unilateral authority to impose sweeping tariffs without congressional approval under the International Economic Emergency Powers Act of 1977. (NYT.) (WaPo.) (WSJ.) Jack Goldsmith discussed the arguments with John Guida, noting that key justices posed hard questions to each side, and it still wasn’t clear where they would land—though the major questions doctrine could play a critical role in their decision. (NYT.) Josh Blackman wrote that while the case is close, he believes that ultimately the tariffs will be upheld. (Volokh Conspiracy.)
Industry Entanglements
Jan. 14 - Under new rules published Tuesday by the Trump administration, American technology company Nvidia may export its products to China only after ensuring there is a sufficient supply of AI chips in the U.S. and satisfying additional security requirements. (WSJ.)
Dec. 19 - The New York Times reported Thursday that TikTok announced internally it has signed agreements with three new investors to create an American version of the app as part of a deal to keep TikTok operating in the United States. (NYT.)
Dec. 19 - President Trump’s social media company announced Thursday it has agreed to a merger with a fusion power company known as TAE Technologies that the companies valued at more than $6 billion. The president is the largest shareholder in Trump Media & Technology Group, with a stake in the company worth more than $1 billion. (NYT.)
Dec. 9 - President Trump on Monday said he would allow Nvidia to export its H200 chips to China, adding that the U.S. government will receive a 25% cut of Chinese sales. (WSJ.)
Dec. 8 - President Trump said on Sunday that Netflix’s $72 billion bid to acquire Warner Bros. Discovery streaming and assets “could be a problem” because of market concentration and said he will “be involved in that decision.” (WSJ.) Paramount on Monday launched a hostile bid to buy Warner Bros. Discovery in its entirety while claiming that the Netflix proposal would lead to “a challenging regulatory approval process.” (NYT.) According to a regulatory filing, Jared Kushner’s Affinity Partners, along with sovereign wealth funds from Saudi Arabia, Abu Dhabi, and Qatar, are outside financing partners in Paramount’s bid. (Axios.)
Nov. 25 - The New York Times reports that the Trump administration has committed more than $10 billion in taxpayer funds to acquire minority ownership stakes, or the option to take them, in at least nine private companies in strategic sectors including steel, minerals, nuclear energy, and semiconductors. (NYT.)
Sanctions
Dec. 19 - President Trump on Thursday signed into law the annual National Defense Authorization Act. The legislation includes provisions that authorize the president to use sanctions to curtail U.S. investment in Chinese companies that develop “dual-use” technologies that have both commercial and military uses. (WSJ.)