Memo: Give us a Break?

Hi ZipLawyer! Today’s Memo:

• 💡 Headlines: UK hopes for tariff break, China checks port deal, frozen assets and a BT deal
• ⚖️ Law: Ashurst, Gowling head energy deal, Kirkland‘s booming revenue, HSF and Linklaters lead on Google claim

Today‘s Headlines

🙏 No Tariffs, pls: Business Secretary Jonathan Reynolds is heading to Washington aiming to persuade Donald Trump to spare Britain from steel tariffs as trade tensions escalate. Reynolds will hold the first in-person talks between UK ministers and the new Trump administration, meeting with US Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer. His goal? To secure exemptions from Trump’s global trade war and push for a broader UK-US economic deal—but whether Trump’s tariff hammer will soften remains to be seen.

🔍 Under Scrutiny: China isn’t thrilled about Hong Kong giant CK Hutchison’s $19 billion port sale—and they’re making it known. After the company agreed to offload 43 overseas ports (including Panama) to a BlackRock-led group—a deal the US quickly celebrated—Beijing launched an official probe, worried it reeks of bowing to Washington pressure. Regulators are now digging for security risks or antitrust issues, even though the ports aren’t in China. State media blasted the move, and Hong Kong heavyweights chimed in, accusing CK Hutchison of putting profits before patriotism. The company’s shares slid 2.8% as investors wonder: will Beijing’s disapproval throw a wrench in future deals?

🧊 Frozen Assets: The UK and EU are ramping up talks on how to seize billions in frozen Russian assets to fund defence spending and crank up pressure on Vladimir Putin ahead of potential peace talks. Foreign Secretary David Lammy and EU diplomat Kaja Kallas will meet in London to discuss “innovative initiatives” to strengthen military readiness. Legal hurdles remain—countries like Belgium and Germany fear violating sovereign immunity laws—but momentum is building. Also on the table: a €150 billion EU defence fund that could see member states splashing cash on UK-made weapons—without the UK having to contribute. All eyes now turn to whether Europe can turn Putin’s frozen billions into firepower.

📱BT Deal: Bharti Global is snapping up a 24.5% stake in BT Group, marking a major move in its global expansion and giving Britain’s top telecom operator some much-needed investor stability. The stake, worth around £3.2 billion, is being bought from Altice UK. The deal is expected to support BT’s turnaround under new CEO Allison Kirkby, who’s cutting costs and boosting dividends.

From the ZipTracker