United States of America

On 7 May 2026, the Court of International Trade (CIT) declared Proclamation 11012—which imposed 10 percent Section 122 tariffs on all countries following the Supreme Court's February 2026 invalidation of International Emergency Economic Powers Act (IEEPA) tariffs—invalid as contrary to law, though the court did not issue a universal injunction halting collection by U.S. Customs and Border Protection (CBP). The administration is pursuing alternative tariff authorities under Section 232 and Section 301, sustaining material uncertainty for importers and supply-chain planners.

Trade Compliance Resource Hub / Avalara · 2026-05-07

On 18 May 2026, the Office of the U.S. Trade Representative (USTR) announced that President Trump's state visit to China delivered expanded market access for U.S. agricultural, manufacturing, and business interests, while on 19 May 2026, USTR confirmed it will host the G20 Trade Ministerial in Milwaukee, Wisconsin. These developments follow the Ways and Means Committee hearing on 11 May 2026, at which U.S. Trade Representative Jamieson Greer reported a 24 percent reduction in the trade deficit since 'Liberation Day' in April 2025 and emphasised the need for USMCA rules-of-origin reform ahead of the 1 July 2026 joint review deadline.

U.S. Trade Representative (USTR) / U.S. House Ways and Means Committee · 2026-05-19

USTR's 2026 Trade Policy Agenda confirms that the May 2026 statutory Four-Year Review of Section 301 responsive actions on forced technology transfer has commenced, and that ongoing Section 301 investigations into China's shipbuilding and semiconductor practices will continue. The USTR is also pursuing a plurilateral agreement on critical minerals trade and has issued the 2026 Special 301 Report on intellectual property protection, signalling continued use of trade-law instruments as primary policy levers.

U.S. Trade Representative (USTR) · 2026-05-22

The U.S. Treasury's Q2 2026 economic policy statement to the Treasury Borrowing Advisory Committee (TBAC) reports that real GDP grew at a 2.0 percent annualised rate in Q1 2026, rebounding from 0.5 percent in Q4 2025, with business investment rising more than 10 percent quarter-on-quarter driven by equipment and intellectual property. Headline PCE inflation reached 3.5 percent year-over-year through March 2026, elevated primarily by energy price pass-through linked to the Iran conflict, though the Treasury characterises recession risk as relatively low.

U.S. Department of the Treasury · 2026-05-22

U.S. Bank's May 2026 economic outlook forecasts full-year real GDP growth of 2.2 percent on a Q4-over-Q4 basis, with core Personal Consumption Expenditures (PCE) inflation expected to peak near 3.3 percent in Q2 2026 before gradually easing toward the Federal Reserve's 2 percent target by early 2028. The Federal Reserve is assessed as firmly on hold, with the base case projecting two 25-basis-point rate cuts—in December 2026 and June 2027—leaving the terminal policy rate at 3.00–3.25 percent.

U.S. Bank Economics Research Group · 2026-05-04

The International Monetary Fund (IMF) 2026 Article IV Consultation, concluded 1 April 2026, projects U.S. GDP growth of 2.4 percent on a Q4/Q4 basis for 2026, while cautioning that the policy rate is close to neutral and that there is limited room for further cuts given energy-price risks and upside inflation uncertainty. The IMF also flagged persistently high fiscal deficits, a general government debt ratio of 123.9 percent of GDP, and a current account deficit of 3.7 percent of GDP as structural vulnerabilities requiring medium-term fiscal consolidation.

International Monetary Fund (IMF) · 2026-04-01

On 19 May 2026, the Securities and Exchange Commission (SEC) proposed amendments to its registered-offering framework—described as the most significant modernisation in over 20 years—that would expand shelf-offering eligibility, extend 'well-known seasoned issuer' communication flexibilities to a broader set of public companies, and widen broker-dealer research coverage. A companion proposal would simplify public-company reporting and calibrate disclosure obligations to company size and maturity, with the stated objective of incentivising companies to access and remain in public capital markets.

U.S. Securities and Exchange Commission (SEC) · 2026-05-19

The Corporate Transparency Act's (CTA) beneficial ownership information (BOI) reporting regime, as reshaped by the Financial Crimes Enforcement Network (FinCEN) Interim Final Rule of March 2025, now applies exclusively to foreign reporting companies registered to do business in the United States, reducing the reporting population from an estimated 32.6 million entities to approximately 20,000. Foreign-owned or higher-risk entities remain subject to active reporting obligations, and compliance officers should monitor FinCEN for further rulemaking given the regime's ongoing evolution.

ComplyAdvantage · 2026-05-22

The One Big Beautiful Bill Act (OBBBA), enacted in 2025, introduced 100 percent first-year bonus depreciation for qualifying business property placed in service after 19 January 2025, permanently extended the paid family and medical leave (PFML) credit, and modified Section 162(m) controlled-group rules effective 2026. Multistate operators face additional complexity as state conformity to OBBBA provisions varies, with many states not expected to address conformity questions until after original state income tax return due dates.

IRS / Grant Thornton · 2026-05-22