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Trump Tariff Tracker: Section 122 Tariffs and Section 301 Investigations

This update tracks the Reclaim Trade Powers Act, challenges to Section 122 tariffs, and new Section 301 investigations by the USTR into excess manufacturing capacity and forced labor. Public comments are invited for these investigations.

Australia Inbound M&A Volume Highest in Decade

Australia experienced its highest inbound M&A volume in over a decade during 2025, with 445 deals announced by overseas bidders. The total inbound deal value reached US$45.8 billion, a 47 percent increase from the previous year, driven by strong activity in the energy, mining, and utilities sectors.

Podcast: UK vs. U.S. Investment Screening Regimes

Wiley Rein LLP published a podcast discussing the differences between the UK's investment screening regime under the National Security and Investment Act and the U.S. CFIUS program. The podcast features insights on evolving national security concerns and practical advice for businesses involved in cross-border investments.

Supreme Court Ruling on IEEPA Tariffs Impacts Duty Refund Process

The Supreme Court has ruled against the use of the International Emergency Economic Powers Act (IEEPA) for enacting tariffs. While the ruling entitles importers to refunds, a specific process is still being developed by U.S. Customs and Border Protection (CBP) and the Court of International Trade (CIT). CBP is working on an ACE functionality to streamline refunds, with a target deployment in 45 days.

Third-Party Arbitration Funding: Turmoil and Growth in 2025

A March 2026 article discusses the turbulent year for third-party arbitration funding in 2025, noting industry consolidation and a significant fraud suit. Despite challenges, the sector saw continued international arbitration claims, with 7% of new ICSID cases in 2025 involving funders.

Global Regulation Diverging, Impacting Companies

A recent analysis suggests global regulation is moving towards divergence rather than convergence, creating new risks and strategic friction for multinational companies. This trend impacts areas like sustainability, AI, data protection, and antitrust, increasing compliance burdens and providing new leverage for activist investors.

OFAC Sanctions Risks and Cartel Designations

OFAC has settled a $1.7 million case with IMG Academy for sanctions violations related to cartel-linked entities. This highlights increased compliance risks for entities with international touchpoints due to heightened cartel designations and sanctions enforcement.

Global Antitrust Fines Rose to $7.7B in 2025

Global antitrust fines reached $7.7 billion in 2025, the highest since 2021, driven by a few major cases, while the total number of infringement decisions fell. Enforcement is increasingly shaped by geopolitical and national security priorities, with a focus on sectors impacting the cost of living.

Vertical Conduct Violation Fines Dropped Six-Fold in 2025

A report indicates that fines for vertical conduct violations globally dropped six-fold in 2025 compared to 2024, with the number of infringement decisions halved. Despite this overall decrease, the European Commission remained the most active enforcer, focusing on the consumer and retail sectors, and resale price maintenance continued to be a key area of scrutiny.

Global Cartel Fines Surge to $3.3 Billion in 2025

Global cartel fines reached $3.3 billion in 2025, the highest total since 2021, driven primarily by enforcement actions in the European Union. The report highlights significant increases in fines from the European Commission and EU member states, while the US saw its lowest fine total in recent memory.