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Recent Editions
Risk Channel
North America
A group of Democratic state attorneys general has said the Trump administration’s proposed tariffs of up to 12.5% on 59 countries and the European Union, amid claims they failed to curb trade in goods made with forced labor, are unlawful. A letter signed by the AGs said the levies will make goods more expensive "and will continue the economic devastation that prior tariffs have caused." The U.S. Trade Representative's Office (USTR) is set for a three-day public hearing on the proposed tariffs of 10% on 16 economies, including the European Union, and 12.5% on 44 other countries. The USTR is abusing its authority under "Section 301" in a bid "to paper over the administration’s predetermined sweeping tariffs on nearly all imports to the United States," said the AGs of states including Arizona, Michigan, Illinois, Virginia, Colorado, North Carolina, New York and New Jersey.
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Risk Channel
UK/Europe
European Central Bank chief financial supervisor Claudia Buch has sent a letter to 110 lenders giving them until the end of October to come up with a “comprehensive action plan” on how they will tackle risks from cutting-edge artificial intelligence models. "Emerging AI models are capable of identifying software vulnerabilities and generating functioning exploits at unprecedented speed, compressing the timeline between vulnerability discovery and exploitation. These developments have potentially profound implications for the confidentiality, integrity and resilience of banks’ information and communication technology (ICT) systems," Buch wrote. In a separate warning, the European Systemic Risk Board, a European Union body that issues recommendations to other authorities, also said systemic cyber risks stemming from frontier AI models “should be treated as a source of systemic risk” by the finance industry.
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