For our second topic, pending USTR investigations, we'll be discussing the current status of investigations under Section 301 of unreasonable, discriminatory, or burdensome trade practices, as well as investigations under Section 232 of imports that threaten US national security.

Thanks, Molly.

This relates to the topic I was speaking about earlier, and specifically that the Section 122 tariffs that are in place now are going to expire on July 24th.

So as I mentioned, Section 122 is step one of the administration's attempt to recreate the IEEPA tariffs that the Supreme Court struck down.

Section 301 is step two of that process, and Section 301 is different from Section 122 in a few different ways.

The first is that there's a lot more process involved in order to put in tariffs under Section 301, and I can speak a little bit more about that.

The second is that unlike Section 122, there's no cap on the rate of tariffs under Section 301, so they can be quite a bit higher than the Section 122 tariffs, and that's important.

So I'll stop here and would like to hear from my colleagues.

Have you heard anything about negotiations on specific aspects of it that are of interest to manufacturers?

Absolutely.

Yeah, we have heard some interesting negotiations news that's come out of the first official negotiating round between the US government and Mexico.

This was in Mexico City, I think two or three weeks ago now.

And we learned about some of the initial US negotiating positions and they were fairly aggressive.

So in particular, we learned about two specific points.

One was that the US government has proposed to increase the requirement for regional value content in automobiles.

Has there been anything else that surprised you or you're just finding interesting as it moves along?