Germany Deploys Permanent Troops To Lithuania As Russian Offensive Builds

Political

Summary:

Germany has deployed a permanent military brigade beyond its borders for the first time since the end of World War II, with troops dispatched to the capital of Lithuania. The event was inaugurated by German Chancellor Friedrich Merz, who said during a military ceremony in Vilnius that “the security of our Baltic allies is also our security.”

The decision is part of a series of actions in recent months by European nations to "bolster defenses" on NATO's eastern flank amid claims that Russia intends to invade greater Europe if they defeat Ukraine. The "domino theory" remains unfounded and the Kremlin has never threatened to attack any country outside of Ukraine. The move to shift troops to Lithuania places them near the border of Belarus (a Russian ally) and within striking distance of Ukraine or the Russian border.

European governments have been threatening an escalation by eventually moving NATO troops into Ukraine in direct confrontation with Russian forces. Vladimir Putin has previously warned that NATO troops in Ukraine represent a red line which could result in nuclear conflict.

Putin asserted that if Ukraine's Western backers deepened their involvement in the war, such as sending troops, the consequences for the "invaders" would be "tragic".

"They must realize that we also have weapons that can hit targets on their territory," Putin said, in apparent reference to increasingly lethal Western weapons provided to Kyiv. "What they are now suggesting and scaring the world with — all that raises the real threat of a nuclear conflict that will mean the destruction of our civilization."

The remarks came after multiple European leaders including British Prime Minister Keir Starmer and French President Emmanuel Macron called for the potential deployment of NATO forces to the region. Lithuania is a member of NATO and their foreign minister suggested at the beginning of this year that the country would be interested in moving its own troops into Ukraine should Kyiv make such a request.

European rhetoric on the war, calls for forced military conscription and the calls for boots on the ground have all coincided with the steady realization among NATO leaders (and the establishment media) that Ukraine is losing the war. With dwindling troop strength and faltering defensive lines, the Russian attrition strategy is beginning to bear fruit. Recent breakouts and big gains on the eastern front are developing alongside a mass buildup of troops near Kharkiv, Ukraine's second largest city.

Rather than focusing on quick territorial conquest, attrition warfare seeks to grind down enemy numbers over time while keeping movements limited. The strategy is slow at first, and then the opponent collapses all at once. Ukraine now seems to be entering this stage of attrition.

This might explain why Germany is moving its troops permanently abroad for the first time in 80 years.

Aerial strikes involving missiles and drones have increased on both sides, with Russia launching their largest missile/drone attack since the beginning of the war this week. The escalation brings into question the chances of a peace agreement, as neither side appears interested at this point in negotiating. President Donald Trump's frustration with the conflict has been further exacerbated by European governments like Germany who are intent on keeping the war going at any cost.

Even though it is clear that a Russian victory is imminent, the Europeans have declared that this simply cannot be, which means that further deployments near Ukraine and Russia are likely and that another world war is on the table.

Source: Zero Hedge

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Strategic Financial Overhaul Amid Sectoral Weakness

China is launching an aggressive campaign to restructure its sprawling financial sector, aiming to transition from fragmented networks of rural banks and small brokerages into a more consolidated and resilient system. The shift comes as the country battles an ongoing property market crisis, shrinking capital inflows, and rising geopolitical tensions, particularly in the financial domain.

According to China’s National Financial Regulatory Administration, nearly 5% of rural banks shut down in the past year, a reflection of Beijing’s crackdown on fragile financial institutions following years of uncontrolled credit expansion and weak oversight. Meanwhile, more than 20% of the securities industry’s total assets are now managed by firms that have either merged or are undergoing mergers since late 2023, according to S&P Global Ratings.

Xi Jinping’s Vision: A First-Class Financial Architecture

President Xi Jinping has repeatedly called for the development of “first-class banks and investment institutions” to strengthen the connection between finance and the real economy. This has prompted regulators, particularly the China Securities Regulatory Commission (CSRC), to encourage mergers and acquisitions (M&A) as a vehicle to enhance the core competitiveness of major institutions.

George Magnus, an expert on China at Oxford University’s China Centre, notes that consolidating the financial system is a dual-purpose strategy: it enhances macroeconomic policy coordination during China’s economic transition and reduces the systemic risk posed by numerous small, undercapitalized institutions.

A Sector Ripe for Consolidation

China currently has 3,603 rural banks, representing 95% of all credit institutions but holding only 13.3% of total banking assets. Rationalizing this structure by merging weak players is essential to building a sector that is both efficient and systemically stable.

In the brokerage space, small firms have struggled amid a slump in listings and investment activity, pushing them into mergers. The potential merger of Guotai Junan and Haitong Securities—two of China’s oldest securities houses—is emblematic of this push, orchestrated under Shanghai SASAC (State-owned Assets Supervision and Administration Commission).

Karen Wu, an analyst at CreditSights in Singapore, predicts more large-scale restructuring within state-owned financial conglomerates, consolidating overlapping operations to build national champions.

Toward Global Financial Projection

Parallel to domestic reforms, China is preparing to extend its financial footprint globally. This includes expanding international lending, restructuring Belt and Road Initiative (BRI) debt portfolios, and promoting renminbi internationalization. These steps are seen as critical in establishing an alternative financial architecture that could counterbalance the dominance of Western institutions.

Magnus asserts, “China understands it needs a financial system large and strong enough to stand toe-to-toe with Western players.” The reforms are as much about economic competitiveness as they are about geopolitical influence.

A Decade-Long Transition, Not a Quick Fix

Experts caution that this restructuring will span at least a decade. The challenge is not simply reducing the number of institutions, but ensuring the surviving entities are more robust, risk-aware, and operationally efficient.

Ryan Tsang, Executive Managing Director at S&P Global Ratings, emphasizes that the goal is “not just fewer institutions, but better ones.”

After years of navigating local government debt, real estate fragility, and credit bubbles, Chinese policymakers believe the most pressing risks are under control. This gives them the confidence to prioritize high-quality reforms over short-term crisis response.

According to Richard Xu of Morgan Stanley, “China’s financial system is currently at its most stable point in the past ten years. Now is the right time to streamline and raise efficiency.”

China’s effort to reshape its financial sector marks a historic pivot from reactive crisis management to proactive institutional fortification. As Beijing consolidates banks and brokerages into national champions, its long-term ambition is clear: to create a centralized, efficient, and globally competitive financial system capable of challenging Western dominance—not just economically, but strategically.

Source: FT

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Japan Posts Record Net External Assets but Cedes Top Spot

Japan's Ministry of Finance reported on Tuesday that the country’s net external assets reached an unprecedented ¥533.1 trillion ($3.73 trillion) at the end of 2024, marking the seventh consecutive year of increase. Despite this record, Japan has relinquished its long-standing title as the world’s largest creditor nation to Germany, which now holds ¥569.7 trillion in net external assets. This shift marks the end of a 34-year streak during which Japan consistently led global creditor rankings.

The surge in Japan’s net overseas assets is primarily attributed to a combination of yen depreciation and robust corporate activity abroad. The U.S. dollar and euro appreciated by 11.7% and 5% respectively against the yen over the year, which significantly inflated the yen-denominated value of Japanese-held foreign assets. In addition, sustained outbound mergers and acquisitions by Japanese firms—spurred by domestic stagnation and the search for growth—contributed to the asset accumulation.

Total gross external assets stood at ¥1,659 trillion, up ¥169 trillion year-on-year, while Japan’s external liabilities rose to ¥1,126 trillion, a ¥109 trillion increase. The resulting net gain of ¥60.9 trillion reflects a 12.9% year-over-year rise.

Germany Takes the Lead, China Holds Third

While Japan experienced absolute growth, Germany outpaced it in terms of net position due to more moderate external debt levels and a strong export-driven capital surplus. Germany’s disciplined fiscal and trade posture positioned it to surpass Japan, even though its overall increase in external holdings was less visibly driven by currency movements. Meanwhile, China remained in third place with ¥516.3 trillion in net external assets.

In addition to the asset balance, the Ministry of Finance released updated figures for Japan’s current account balance in 2024. The country posted a revised current account surplus of ¥29.4 trillion, slightly higher than the previously reported ¥29.3 trillion. The surplus reflects continued export performance, investment income, and a weaker yen supporting trade competitiveness.

A Structural Shift in Global Credit Dynamics?

Japan’s loss of its top creditor status may seem symbolic, but it reflects deeper trends in the shifting landscape of global capital. While Japan remains a financial powerhouse, the rise of Germany signals a diversification in global asset dominance. It also underscores the influence of exchange rate movements on headline asset rankings.

Moreover, as Japan faces mounting demographic and fiscal challenges at home, the continued growth in net external assets may also point to a strategy of increased global investment to offset stagnation and aging domestically. However, relative increases in foreign liabilities and the loss of top status may pressure Tokyo to reconsider its capital deployment and currency stabilization strategies.

Japan’s record ¥533.1 trillion in net external assets underscores the country’s enduring role as a global financial engine, but the symbolic loss of its top creditor crown to Germany signals a broader reordering of global capital dynamics. With the yen’s trajectory, external liabilities, and overseas investment patterns all in flux, the global financial hierarchy is entering a phase where new players like Germany—and potentially others—can eclipse traditional leaders, even amid absolute asset growth.

Source: Reuters

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Economic

Industrial Profit Growth Rebounds on Stimulus Support

Official data released by China’s National Bureau of Statistics (NBS) on Tuesday showed industrial profits rose 1.4% in the January–April period, up from 0.8% in the first quarter, while April alone posted a 3.0% year-on-year profit increase. These figures offer early evidence that Beijing’s incremental policy stimulus—delivered since late 2023—is beginning to support key sectors in China’s manufacturing economy.

The uptick comes amid growing pressure from U.S. tariff threats, with President Donald Trump recently imposing sweeping duties that specifically target Chinese exports, despite a temporary easing reached earlier this month. For an economy that still leans heavily on its export sector, these developments present a formidable challenge to China’s medium-term industrial outlook.

Sectoral Gains Concentrated in Strategic Industries

According to Dan Wang, China director at Eurasia Group, much of the current profit momentum is concentrated in state-prioritized sectors: new energy, new materials, and high-end manufacturing. This aligns with Beijing’s broader push to upgrade its industrial base and reduce dependence on low-margin exports vulnerable to global shocks.

Policymakers have acted cautiously but consistently over the past nine months, introducing liquidity injections, targeted interest rate cuts, and local government funding relief. The most recent measures announced in May include additional monetary easing to bolster investment sentiment and offset slowing credit growth.

Profit Divergence Between State and Private Sector

While total profits are improving, the performance gap between different ownership structures is widening. Profits at state-owned enterprises (SOEs) declined by 4.4% in the first four months of 2025, reflecting persistent structural inefficiencies and lagging reform momentum. In contrast, private firms recorded a 4.3% profit rise, and foreign-invested enterprises posted a 2.5% increase—suggesting that more market-driven entities are adapting better to economic headwinds.

Nevertheless, NBS statistician Yu Weining cautioned that “the foundation for stable profit growth still needs to be strengthened.” Persistent global uncertainties, weak domestic demand, and prolonged deflationary pressures continue to weigh heavily on profit margins across multiple sectors.

Trade Fragility Persists Despite Truce

Despite a temporary easing in U.S.-China trade tensions—marked by a rollback of some tariffs imposed since April—analysts remain skeptical about the durability of the truce. A sudden collapse in bilateral trade relations could still upend China’s fragile industrial recovery.

According to estimates by Nomura, a 50% decline in Chinese exports to the U.S. could result in up to 16 million job losses. This risk, combined with domestic weaknesses such as poor bank lending data and sluggish retail sales, reinforces the vulnerability of China’s recovery trajectory.

Manufacturing Resilience, but Auto Industry Under Pressure

Encouragingly, manufacturing firms posted an 8.6% year-on-year increase in profits, highlighting the underlying resilience in capital goods and industrial equipment demand. However, this strength is uneven. The auto sector, in particular, has seen profits squeezed by intense price competition and rising costs, dampening earnings despite solid unit volumes.

Lynn Song, ING’s chief economist for Greater China, observed that “some industries faced larger challenges, including autos,” where competitive pressure has undermined profitability even as consumer incentives continue to grow.

Stimulus Provides Lift, But Sustainability at Risk

April’s industrial profit data offers cautious optimism that China’s stimulus strategy is starting to yield tangible results in key sectors. However, the uneven nature of the recovery, combined with a fragile external environment and widening ownership-based performance divergence, suggests the path to sustained profit growth remains precarious.

The next phase of China’s policy response will likely need to expand beyond liquidity and rate cuts toward deeper structural reforms, particularly for state-owned firms and consumption-driven sectors. In the absence of a robust and lasting U.S.-China trade agreement, even the recent uptick in profits may prove transitory.

Source: Reuters

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Stocks

Markets React to Trump’s Tariff Pause with Caution

Asian financial markets opened Tuesday with mixed sentiment despite U.S. futures rallying overnight following President Donald Trump's decision to delay the imposition of 50% tariffs on European Union imports. The move temporarily alleviated fears of a global trade rupture but failed to sustain a broader rally in Asia, as traders reassessed the geopolitical and macroeconomic landscape.

Japan’s Nikkei fell 0.15%, while China’s CSI300 slipped 0.06%. The broader MSCI index for Asia-Pacific equities outside Japan declined 0.17%. Hong Kong’s Hang Seng edged down 0.1%. Thin trading due to U.S. and UK market holidays added to the subdued tone.

According to IG analyst Tony Sycamore, "It was a better night for risk assets, following Trump deferring EU tariffs back to July 9," but attention is rapidly shifting toward month-end rebalancing flows and Nvidia’s earnings.

U.S. Futures Up, But Risk Sentiment Remains Fragile

In contrast, Nasdaq futures surged 1.26% and S&P 500 futures rose 1.11% in Asian hours, supported by optimism around tech earnings. Nvidia, the market’s AI bellwether, is set to report first-quarter earnings on Wednesday, with analysts expecting a 65.9% year-on-year jump in revenue. The results could reignite interest in U.S. tech stocks and provide some temporary support to global risk sentiment.

Nonetheless, Friday’s release of the U.S. core Personal Consumption Expenditures (PCE) index—Fed’s preferred inflation gauge—and a series of Federal Reserve speeches will likely provide a clearer picture of the near-term interest rate trajectory, limiting immediate enthusiasm.

Dollar Extends Decline Amid Policy Uncertainty

The U.S. dollar index hovered near its lowest level in over a month and is now on track for its fifth consecutive monthly decline—its longest losing streak since 2017. The euro held firm near a one-month high at $1.14035, while the Japanese yen strengthened 0.5% to 142.18 per dollar.

Analysts attributed the dollar’s slide to a combination of factors including Trump’s erratic trade policy reversals, twin deficit concerns, and a weakening safe-haven status for U.S. assets. Julius Baer economist David Meier commented that a structural regime change for the dollar may be underway, pointing to "erratic U.S. policymaking, the tense fiscal situation, and large external indebtedness."

Gold Rises, Oil Softens

In the face of dollar weakness and persistent global uncertainty, gold prices continued to hold near record highs. The precious metal last traded at $3,332.91 an ounce, down 0.28% intraday but still elevated, as investors diversify away from U.S. assets.

Oil prices, however, saw mild declines. Brent crude futures slipped 0.1% to $64.67 a barrel, and West Texas Intermediate (WTI) fell 0.16% to $61.43. Investors are awaiting this week’s OPEC+ meeting, where potential increases in output could weigh further on crude prices.

Short-Term Relief, Long-Term Caution

Trump’s tariff delay has injected a brief measure of stability into global markets, but the underlying sentiment remains cautious. Asia’s muted equity response and the dollar’s continued slide reflect investor anxiety about the unpredictability of U.S. trade policy, a potential shift in currency dynamics, and the broader implications of fiscal overreach.

With Nvidia earnings and U.S. inflation data looming, and the BOJ’s central bank conference in Tokyo discussing persistent inflation and growth stagnation, the week ahead promises no shortage of volatility. For now, the market narrative is clear: optimism is fleeting, but uncertainty is entrenched.

Source: Reuters

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China–U.S. Trade War

Tariff Delay Brings Relief, But Strategic Adjustments Are Underway

U.S. President Donald Trump's abrupt decision to delay a sweeping 50% tariff on European Union goods has given markets a brief reprieve, but it hasn't stopped European leaders and firms from responding decisively to the threat. Monday night’s surge in U.S. futures and a nearly 1% rise in Europe’s Stoxx 600 index—including a 1.7% rebound in auto stocks—reflect relief more than resolution. Underneath the surface, strategic repositioning is already underway across Europe.

Macron’s Vietnam Visit Secures Industrial Export Wins

French President Emmanuel Macron’s state visit to Vietnam—his first and the first by a French head of state in nearly a decade—served not just diplomatic purposes, but also trade strategy. Among the outcomes was a high-profile agreement for Vietnam to purchase 20 Airbus A330neo jets. This follows a similar order struck earlier, and it positions Airbus as a competitive alternative to U.S.-based Boeing at a time when EU-U.S. trade relations remain volatile.

The deal also included agreements on pharmaceutical supply (vaccines from Sanofi) and cooperation in nuclear energy. These moves demonstrate how EU member states like France are expanding their trade footprint in the Indo-Pacific as a buffer against U.S. market instability.

Volvo Cuts Jobs, Pulls Back from U.S. Market

On the corporate side, Swedish automaker Volvo Cars announced the layoff of around 3,000 employees—mostly office roles in Sweden—as part of a broader cost-cutting effort. Owned by China’s Geely Holding, Volvo has been one of the most directly affected automakers due to the intersection of Trump’s tariffs on both the EU and China.

The company recently withdrew an entire China-made vehicle line from the U.S. market and suspended financial guidance for 2025 and 2026, citing tariff-related volatility. Its ongoing restructuring plan targets 18 billion SEK (approximately $1.89 billion) in savings, reflecting mounting pressures on manufacturers caught between geopolitical flashpoints.

Analysts Urge Caution Despite Market Bounce

While investors welcomed the tariff postponement, economists remain wary of deeper structural conflict. Holger Schmieding, Chief Economist at Berenberg, cautioned that even if the U.S. scaled back the tariff threat to 20–30%, the EU would be compelled to introduce countermeasures. In his view, the current calm may be a prelude to a wider trade confrontation.

The European Commission has made clear that it will push for a “mutually beneficial” deal but has also signaled its readiness to defend core economic interests if negotiations falter. Many policymakers fear Trump’s unpredictability could return with little warning, disrupting supply chains and trade flows once again.

A Fragile Truce, Not a Final Settlement

The July 9 deadline for tariff implementation looms, and although Trump’s phone call with European Commission President Ursula von der Leyen bought more time, the nature of the U.S. demands—ranging from agricultural access to industrial reshoring—suggests that Europe’s flexibility is limited. Several of the U.S. trade targets, such as national-level taxes and digital regulations, fall outside the EU Commission’s direct control, further complicating talks.

While global markets may currently enjoy a temporary lift from Trump’s tariff delay, Europe is not waiting passively for a negotiated outcome. Macron’s pivot to Vietnam and Volvo’s aggressive restructuring show that both governments and firms are recalibrating for a prolonged period of trade volatility.

The path forward will depend on whether the EU can satisfy U.S. trade demands without compromising its regulatory autonomy—or if it must brace for another round of retaliatory tariffs. Either way, Trump’s trade policies have already reshaped European strategies, even before a single tariff goes into effect.

Source: CNBC

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China–U.S. Trade War

A Legal Loophole Gains Momentum Under Tariff Pressure

As U.S. tariffs on imports rise again, companies are reviving a little-known but entirely legal strategy in customs law to blunt the financial blow: the “first sale rule.” In essence, the rule allows importers to calculate duties based on the first price paid in a multi-step transaction, often far lower than the final purchase price.

This method, codified in 1988, lets a U.S. retailer declare the cost from the original foreign manufacturer—say $5—even if a middleman sold it to them for $10. Customs duties are then calculated on the $5, bypassing the markups added by intermediaries. The savings can be substantial, particularly for high-margin consumer goods such as fashion, electronics, or luxury products.

Why Interest Is Surging Again

Interest in the rule surged during Donald Trump’s first presidential term, when his administration introduced 25% tariffs on Chinese goods in 2018. With the return of similarly aggressive tariffs—most recently 145% on some Chinese exports—law firms and trade consultants report a sharp increase in inquiries.

“It’s been around for a very long time but everybody’s beginning to explore it with more interest,” said Brian Gleicher, senior lawyer at Miller & Chevalier. “When the first administration had 25% tariffs [on China in 2018], that’s when we started getting calls. Now with the new tariffs, the first sale rule has started coming up again.”

Requirements and Complexities

To apply the rule, businesses must meet strict criteria: there must be at least two independent sales; the parties must be unrelated; the item must be destined for the U.S.; and the original transaction price must be documented. This can be challenging—many middlemen are unwilling to disclose pricing structures, and importers must secure detailed supply chain data to satisfy U.S. Customs and Border Protection.

Rich Taylor, a corporate consultant in Ningbo, China, highlighted the role of trust: “There has to be a level of transparency between all parties. But if you don’t use it, and your competitor does, you risk losing pricing power.”

Who’s Using It—and Why

Leading companies in diverse sectors are beginning to publicly acknowledge the rule as part of their tariff mitigation strategy. Italian fashion house Moncler reported a “significant benefit” from first sale accounting, noting that their manufacturing cost is roughly half of their internal transfer price. Biotech firm Kuros Biosciences announced it would restructure operations through Zurich to adopt the rule. U.S. companies such as Traeger and Fictiv also cited the rule as part of their supply chain and tariff planning in recent earnings calls.

Although most beneficial for industries with large margins, the rule can be adapted across various supply chains—especially when exporters and wholesalers are strategically positioned in tariff-neutral jurisdictions like Hong Kong or Switzerland.

A Challenge to Tariff Policy Goals

While the first sale rule is entirely within legal bounds, its expanded use runs counter to the intended impact of the tariff regime. Trump’s aggressive trade stance is designed not only to raise revenue but to incentivize reshoring of production to the United States. If importers can reduce duties without changing suppliers or moving manufacturing, the underlying policy objectives may be undermined.

U.S. Customs and Border Protection has not released data on how widely the rule is being used. The White House has not commented on the implications, but trade lawyers acknowledge that broader adoption could sharply erode tariff revenues and stall the administration’s reshoring goals.

A Strategic Pivot Within the Law

The growing interest in the first sale rule highlights how businesses are adapting to an increasingly volatile trade environment. While Washington seeks to pressure foreign supply chains through tariffs, importers are turning inward—within the bounds of legal strategy—to preserve their margins and competitiveness.

In doing so, they reveal a broader truth: policy signals may shift rapidly, but companies armed with legal expertise and supply chain transparency can still navigate around them. The question now is whether the administration will attempt to close this loophole—or tacitly allow it as a pressure valve in an inflation-sensitive economy.

Source: CNBC

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Germany Deploys Permanent Troops To Lithuania As Russian Offensive Builds

Source: Zero Hedge

China Consolidates Financial Sector to Build Rivals to JPMorgan Amid Real Estate Slump

Strategic Financial Overhaul Amid Sectoral Weakness

Xi Jinping’s Vision: A First-Class Financial Architecture

A Sector Ripe for Consolidation

Toward Global Financial Projection

A Decade-Long Transition, Not a Quick Fix

Source: FT

Japan’s Net External Assets Hit Record ¥533 Trillion But Loses Top Creditor Status to Germany

Japan Posts Record Net External Assets but Cedes Top Spot

Germany Takes the Lead, China Holds Third

A Structural Shift in Global Credit Dynamics?

Source: Reuters

Stimulus Lifts China’s Industrial Profits, But Trade Tensions Threaten Recovery Path

Industrial Profit Growth Rebounds on Stimulus Support

Sectoral Gains Concentrated in Strategic Industries

Profit Divergence Between State and Private Sector

Trade Fragility Persists Despite Truce

Manufacturing Resilience, but Auto Industry Under Pressure

Stimulus Provides Lift, But Sustainability at Risk

Source: Reuters

Asian Markets Edge Lower as Dollar Weakens Amid Trump Tariff Reversal and Uncertain Outlook

Markets React to Trump’s Tariff Pause with Caution

U.S. Futures Up, But Risk Sentiment Remains Fragile

Dollar Extends Decline Amid Policy Uncertainty

Gold Rises, Oil Softens

Short-Term Relief, Long-Term Caution

Source: Reuters

Europe Reacts to Trump’s Tariff Shockwaves with Strategic Shifts from Airbus to Volvo

Tariff Delay Brings Relief, But Strategic Adjustments Are Underway

Macron’s Vietnam Visit Secures Industrial Export Wins

Volvo Cuts Jobs, Pulls Back from U.S. Market

Analysts Urge Caution Despite Market Bounce

A Fragile Truce, Not a Final Settlement

Source: CNBC

U.S. Importers Turn to ‘First Sale Rule’ to Legally Sidestep Tariff Costs

A Legal Loophole Gains Momentum Under Tariff Pressure

Why Interest Is Surging Again

Requirements and Complexities

Who’s Using It—and Why

A Challenge to Tariff Policy Goals

A Strategic Pivot Within the Law

Source: CNBC

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