Hello, readers of Inside Track! Welcome back to your favorite newsletter on all things in-house counsel. Are you feeling the trade war? Do you want it to end? Will that make your life a little easier?
Well, whatever the answer to those questions, this week we try to find out how Trump’s trade policies are affecting you and your legal department? We also talk about a major breach that occurred last week. And I would be remiss if I didn’t point you to the December issue of Corporate Counsel which features the in-house National Women of Law honorees.
If you get the chance, fill out this short survey so I can better figure out what you’d like to read in this newsletter.
As always, I’m Dan Clark and you can reach me through Twitter @DanclarkALM or through my email at Dclark@alm.com.
What’s Happening-
Preparing for Uncertainty
Remember the trade war? Well, President Donald Trump and General Secretary of the Communist Party of China Xi Jinping have agreed to a shaky 90-day truce in their trade war. But that seems to be the only thing that anyone is clear on. If you’re in-house, here’s what you need to know.
╋ New Suppliers? If you’re a general counsel, it may be best to find different suppliers while the 90-day trade war armistice is in effect. Hogan Lovells partner Warren Maruyama, the former GC for the U.S. Trade Representative, said he would also try to get all shipments from Chinese suppliers in before the truce period ends.
╋ Don’t Expect Too Much. Burl Finkelstein, the GC of Kason Industries Inc.said he thinks that China is promising action, but will not actually do anything. He said that the tariffs President Trump planned to impose could lead to a better market for U.S. goods, but if those tariffs are at all relaxed, companies could lose the market before getting it back.
╋ What are others doing? Doreen Edelman, chair of the global trade and policy practice at Lowenstein Sandler, said that some of her clients are planning to move supplier contracts from China to Mexico in an effort to avoid tariffs.
How has the trade war impacted your business and the issues confronting your legal department? Let me know!
Read more: Truce and Uncertainty Follow G20 Talks: How Can GC’s Prepare?
New York Attorney General Barbara Underwood
Spooky Stuff
Regulators can be scary, right? Well in the absence of federal regulators wanting to crack down on your businesses, Law.com reporter Sue Reisinger reports that state AGs are picking up the slack.
These aren’t just horror stories told by the campfire. There’s plenty of evidence to back up this theory. Case in point: New York AG Barbara Underwood on Tuesday announced a $5 million settlement with Oath Inc. in a COPPA case. It’s the largest-ever penalty under the Children’s Online Privacy Protection Act—a federal law, it’s worth noting, that’s usually enforced by the FTC.
Daniel R. Savor (pictured above), counsel with O’Melveny & Myers, told Sue that there are more actions like these to come, especially with an influx of Democratic AGs after the last election. “Each one of the new attorneys general is intent on increasing enforcement over big companies.”