NatSec Matters

Trade, Tariffs, and a New Normal: Kelly Ann Shaw

Sep 3, 2025
Kelly Ann Shaw, a partner at Aiken Gump and former Deputy Assistant to the President for International Economic Affairs, shares insights on U.S. trade policy's shift toward domestic political needs. She discusses the implications of recent tariff strategies, particularly on sectors like semiconductors and steel. Shaw reveals how China's response includes diversifying trade partners, challenging the U.S. role as a reliable ally. Their conversation also highlights the intertwining of economic conditions and national security, creating a complex landscape for international trade.
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INSIGHT

Tariff Landscape Has Become Pervasive

  • The US currently faces an average tariff environment around 15–20% across many products and countries.
  • Multiple overlapping tariffs (reciprocal, 232 national security, and sanction-like measures) create a dynamic, rapidly changing trade landscape.
INSIGHT

Court Ruling Limits IEPA But Not Tariff Policy

  • A federal appeals court limited the president's use of IEPA for these tariffs but left room for appeal to the Supreme Court.
  • The administration says it has alternative statutory authorities to keep tariffs in place regardless of that ruling.
ADVICE

Plan For Multiple Legal Paths

  • Expect administrations to rely on other authorities like Section 301 and 232 if IEPA is curtailed.
  • Watch for appeals and Supreme Court timing which will affect refund risk and market reaction.
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