US-EU summit: All you need to know

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Here’s what we’re serving today:

• US-EU summit: All you need to know
• The AI chat bot race is ON
• Google faces mega class action
• China's new graphite tariffs
• Australia is going green
• Quick hits: speed roundup of the week's news

US-EU summit: All you need to know

In Short: The US and EU had a meet-up in Washington to sort out an old trade dispute. But Uncle Sam kept playing coy about some tariffs, so no deal.

Here’s all you need to know:

• 2018 Flashback: Trump slapped tariffs on $6 billion of EU’s metal exports citing national security. EU wasn’t having it and retaliated.
• The Big Meet: Big shots like Biden, Ursula von der Leyen, and Charles Michel hoped to unveil the ‘Global Arrangement on Sustainable Steel and Aluminum’ in Washington. But, spoiler: they didn’t.
• Main Issue? The US is acting all mysterious about when they’ll drop these tariffs. Imagine promising to clean up but leaving your socks on the floor.
• The Clock’s Ticking: If they don’t get cozy by year-end, the trade slap-fight resumes, and tariffs may skyrocket.
• China in the Mix: Whispers suggest the US and EU are plotting to team up against China. Playground politics on a global scale?
• EU’s Playing Fair? The EU says they’ve dropped all their tariffs, while the US is clutching onto theirs. It’s like breaking up but still having your ex’s Netflix password.
• Next Steps? All EU members have to be on board for any new agreement. And as of now, it’s like herding cats.

Bottom line: It’s a game of who blinks first. Grab your popcorn.

⚖️ How does this impact Law Firms?

International Trade and Tariffs:

• Advisory on Trade Agreements: Given the complexities surrounding the ongoing tariff discussions between the US and EU, lawyers within the International Trade and Tariffs department will be tasked with advising companies on the implications of any potential or current trade agreements. They will need to understand the nuances of both EU and US tariff policies to ensure that businesses remain compliant and can navigate the evolving trade landscape. This is a big trend trend to keep an eye on for law firms in coming years.
• Litigation on Trade Disputes: Should there be disagreements or breaches relating to the trade agreements or tariffs, lawyers will represent companies in trade disputes, either in court or during arbitration processes. Their expertise will be critical in presenting arguments, interpreting international trade laws, and protecting the interests of businesses that may be affected by tariff changes.

Corporate and Commercial Law: