Memo: Liberation Day Chaos

Hi ZipLawyer! Today’s Memo:

💥 Trump’s “Liberation Day” tariffs
🤐 Samsung’s stealthy chip deal
🇺🇸 TikTok’s American exit?
🧾 Covington defends Apple battery claim
🤖 Shoosmiths pays for AI prompts
🙋 What are Tariffs?

Liberation Day!

What is the most powerful tool for causing global economic chaos?

A poster. Specifically, Donald Trump holding a reciprocal tariffs poster.

In a dramatic White House Rose Garden announcement — dubbed “Liberation Day” — Trump unveiled a sweeping set of import tariffs aimed at tackling America’s trade deficit and reigniting its manufacturing base.

So, what’s actually happening?

A flat 10% tariff will hit all US imports from Saturday 5 April. That’s just the start. Sixty countries deemed “the worst offenders” — those with the largest trade deficits with the US — will face additional “reciprocal” tariffs ranging from 10% to a bruising 50%. The logic? If you make it hard for US goods to enter your market, America will return the favour — half as hard.

Who’s in the firing line?

China tops the list with a jaw-dropping 54% total tariff. The EU faces 20%. Japan? 24%. Meanwhile, Cambodia, Laos and Vietnam are among those nudging the 50% mark. Interestingly, the UK gets off lightly with just 10% — an olive branch ahead of a possible trade deal?

Any exceptions? Mexico and Canada dodge the new measures — mostly. Critical sectors like semiconductors, minerals, and some car parts are also spared. But watch this space: Trump has already launched investigations into copper, lumber, and pharma.

Why now? Trump claims it’s about “restoring American greatness” — reviving industry, creating jobs, and making foreign trade “fair”. But with inflationary fears looming and global retaliation likely, is this protectionism, or provocation?

What We’re Watching

Rolls-Royce in engine talks
Rolls-Royce is discussing a £3bn deal with the UK government to help fund a new aircraft engine. It would be used in the next generation of planes.

Samsung’s quiet China move
Samsung has made a secret deal with Baidu’s chip-making arm in China, selling over three years’ worth of tech used in AI chips. The move comes as Samsung struggles to win business from big US companies.

TikTok could get US owners
A deal is close that would split TikTok’s US business from its Chinese parent, ByteDance. New owners could include major American investors like Blackstone and Andreessen Horowitz.

Private equity firms vs tax changes
Big investment firms are pushing back against UK plans to raise taxes on “carried interest” — the profits dealmakers earn when selling companies. Some firms are even warning staff to avoid spending time in the UK.

Covington leads on Apple battery claim