The Administration’s 90-day pause runs out on 9 July 2025, with a large number of nations in complex trade negotiations seeking to avoid more costly tariffs. And the world awaits the outcome of wide-ranging disputes between the two largest economies, with China and the U.S. trading charges of violating a recent trade truce reached in Geneva.

In the latest developments, the Administration announced on 30 May that it was doubling its tariffs on steel and aluminium from 25% to 50%, effective 4 June 2025. The Organization for Economic Cooperation and Development (“OECD”) revised downward global growth forecasts to 2.9%, dampened by tariffs costs and trade tensions. The dollar has neared a three-year low against the sterling.

Legally, in the U.S., the foundation for tariffs is unclear. On 28

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