As tax provisions in the One Big Beautiful Bill Act begin to take effect, it’s time for company executives to reassess strategy — and not just tax strategy.
President Donald Trump is continuing to push a US-first economic agenda centered on reshoring manufacturing, cutting regulations and reshaping trade and tax policy.
The administration is implementing broad tariff changes and reciprocal trade frameworks to favor US-based production. On July 27, President Trump announced a trade deal with the European Union that imposes a 15% tariff on most European goods. On July 22, the president announced a trade deal with Japan that includes a “reciprocal” baseline 15% tariff rate on Japanese imports including autos. On July 7, the president delayed the implementation of his “reciprocal” tariffs to August 1 from July 9. President Trump also subsequently sent out letters to more than a dozen countries notifying them of the new tariff rates unless they secure trade deals by the new deadline.
On July 4, 2025, the president signed into law H.R. 1, the “One Big Beautiful Bill Act.” On July 3, the House of Representatives voted 218 to 214 to pass the final version of the bill. The Senate narrowly approved it on July 1 with a vote of 51-50, with a tie-breaking vote by Vice President J.D. Vance. The sweeping tax bill aims to incentivize domestic investment and extends permanently individual, business and international tax provisions of the 2017 TCJA, which were set to expire at the end of the year.
The president has signed more than 100 executive orders — many designed to accelerate deregulation in energy, AI and technology and fast-track nuclear expansion. Amid growing geopolitical and regulatory fragmentation, businesses are reassessing global footprints and supply chains to align with shifting US policy priorities.
Executives will want to sort through the president’s latest moves to understand what changes mean for their industries, where to find opportunity and how to mitigate risk. Learn more about the administration’s policy changes, what it means for business and how you can prepare. Check back for updates.
Latest updates
August 11, 2025
President Trump signed an executive order extending the deadline for higher tariffs on China by another 90 days.
July 27, 2025
President Trump announced a trade agreement with the European Union, with a baseline 15% tariff rate on most European goods. The EU said European countries would buy $750 billion in energy products from the US and invest an additional $600 billion in the US.
July 23, 2025
The White House unveiled its “AI Action Plan,” aimed at achieving US dominance in artificial intelligence. The plan aims to promote accelerated US AI growth by easing regulations and fast-tracking permits for data centers.
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On July 27, President Trump announced a trade deal with the European Union setting a 15% tariff on most European goods. The EU will purchase $750 billion in US energy and invest an additional $600 billion in the US. The EU trade deal follows a deal with Japan announced on July 22 that set a “reciprocal” baseline 15% tariff rate on Japanese imports including autos and parts. The president said that Japan would invest $550 billion in the US and would open its markets to American goods, including rice and cars and trucks. Japanese Prime Minister Shigeru Ishiba acknowledged the agreement on July 23. The White House also announced a preliminary trade deal with the Philippines on July 22, which follows the July 15 announcement of a preliminary trade deal with Indonesia.
On July 7, President Trump pushed back the July 9 deadline for “reciprocal” tariffs by three weeks to August 1 in an effort to negotiate more trade deals. The president also sent letters to 14 countries notifying them of new tariff rates that would go into effect in August if they don’t secure deals before the new deadline. The countries on notice included Japan, South Korea, Malaysia, Indonesia, Bangladesh and Serbia, among others. The president then sent letters to eight more countries on July 9. Separately, the Trump administration announced a 50% tariff on copper imports. On July 10, President Trump announced a 35% tariff on Canada, which would go into effect on August 1. Two days later, he announced new 30% tariffs on all goods from the EU and Mexico, effective August 1. On July 16, the president reiterated his intention to impose tariffs on the pharmaceutical industry and also mentioned tariffs on semiconductors.
The reciprocal tariff delay follows the announcement of an agreement between the United States and China to maintain reduced tariffs while committing to negotiate a broader trade framework over the next 60 days. As part of the agreement, China agreed to resume exports of rare earth elements and magnets to the US. The deal still requires approval from Presidents Trump and Xi Jinping. This follows weeks of back-and-forth on tariffs. On May 12, the US and China agreed to a 90-day pause on most tariffs the countries had imposed on one another. US tariffs on Chinese imports would decrease to 30% from 145%, and Chinese tariffs on US goods would fall to 10% from 125%, the countries said in a joint statement. This followed a trade deal with the United Kingdom announced on May 8, the first agreement since the president announced his sweeping tariffs announcement on April 2.
Negotiations with several countries have been ongoing since the president’s “Liberation Day” announcement. As part of this announcement, President Trump set a baseline 10% tariff on most imports from all countries, with higher additional country-specific “reciprocal” tariffs on dozens of countries based on perceived trade imbalances that were set to go into effect April 9. Instead, the president on April 9 announced a 90-day pause on the additional country-specific reciprocal tariffs for certain countries, with a10% base tariff remaining in effect on most imported goods (with the exception of certain exempt goods) from all countries (except Canada, Mexico and China). Goods covered by the United States-Mexico-Canada Agreement (USMCA) would continue to remain exempt from tariffs, while non-USMCA-compliant goods would be subject to a 25% tariff.
The pause for tariffs on China ends on August 12.
Reimagining trade and supply chain
Global trade is changing. With new tariffs, shifting policies and increasingly complex supply chains, the challenge is not just to react swiftly, but to make strategic decisions that keep you ahead.
Learn more:
- President Trump signs order modifying reciprocal tariffs and outlines path for trade deals
- Tariffs are today's catalyst for building resilience to future uncertainty and disruption
- Policy on Demand: Companies on pause during US-China tariff talks
- Why companies should start to reconsider the business case for circularity
- PwC’s US Tariff Industry Analysis: An update on the current impact to companies
- Export controls on advanced tech: Managing supply chain risk
PwC and Palantir's approach to tariffs and supply chain
With new tariffs, shifting policies, and increasingly complex supply chains, the challenge is not just to react swiftly, but to make strategic decisions that keep you ahead. PwC and Palantir's approach through the real-time scenario modeling solution integrates diverse trade data streams — empowering companies with predictive, actionable insights. Model scenarios across tariffs, supply chains, financial impact and commercial strategies to proactively mitigate risks, capture opportunities and drive confident decisions in a volatile trade landscape.
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Doug McHoney is joined by Wade Sutton, a principal who leads the international tax team in PwC’s Washington National Tax Services practice, to discuss the One Big Beautiful Bill Act (“OB3”) and its impact on outbounds.
Doug McHoney is joined by Nita Asher, an international tax principal in PwC’s Washington National Tax Services practice, to discuss the One Big Beautiful Bill Act (“OB3”) and its impact on inbounds.
Next Move discusses the latest regulatory and technology policy developments and how risk leaders can react. Read the latest issue on America’s AI plan, and what it means for cyber and risk leaders.
Learn how scenario planning and cross-functional data integration help business leaders build resilience amid policy volatility and supply chain disruption.
In July, the United States struck framework trade agreements with the EU, Japan, Indonesia, and the Philippines, ahead of the August 1 deadline.
Doug McHoney is joined by Mike Urse and Calum Dewar, and they discuss the dynamic nature of international tax and the intellectual curiosity that drew them to the profession.
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Doug McHoney Pat Brown discuss the newly enacted OB3 reconciliation law, focusing on its permanent corporate and individual tax provisions, the recalibration of bonus depreciation, Section 174 expensing and Section 163(j); the Senate’s redesign of GILTI, FDII and BEAT; Inflation Reduction Act rollbacks; Treasury’s last-minute removal of Section 899; and the G7’s surprise accord intended to exempt US-parented groups from Pillar Two’s IIR and UTPR while elevating QDMTTs and compliance simplification.
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