President Donald Trump continues to push a US-first economic agenda centered on reshoring manufacturing, cutting regulations, and reshaping trade and tax policy.
The United States Supreme Court on February 20, 2026, ruled that President Donald Trump’s tariffs under the International Emergency Economic Powers Act (IEEPA) are illegal, invalidating a broad range of tariffs imposed beginning in February 2025. The president later that day announced a 10% global tariff under Section 122 of the Trade Act of 1974.
The Supreme Court ruling did not directly address the issue of refunds, which will likely lead to a new round of litigation over refunds on tariffs paid. The Court of Appeals for the Federal Circuit on March 2, 2026, granted a motion for immediate issuance of mandates to the Court of International Trade for disposition on the matter of refunds, overruling the administration's motion to delay the mandates. Companies seeking refunds for tariffs paid face a complex process, requiring coordination between customs, tax, legal, and trade teams.
The president has signed more than 200 executive orders since taking office, many designed to advance his agenda. Executives will want to understand what changes mean for their industries, where to find opportunity, and how to mitigate risk. Learn more about the administration’s moves, what they mean for business, and how you can prepare. Check back for updates.
Explore by key area
The United States Supreme Court on February 20, 2026, ruled that President Donald Trump’s tariffs under the International Emergency Economic Powers Act (IEEPA) are illegal, invalidating a broad range of tariffs imposed beginning in February 2025. The ruling did not specifically address the issue of refunds. The president later that day announced a 10% global tariff under Section 122 of the Trade Act of 1974, which allows for tariffs up to 15% for 150 days. President Trump the next day posted on social media that he would increase the rate to 15%, but nothing has yet been issued officially to that effect. The administration also said that it would proceed with investigations under Section 301 of the Trade Act (unfair trade practices).
On October 30, 2025, President Trump met with Chinese leader Xi Jinping in South Korea and announced a temporary trade truce, easing immediate tensions after months of talks and exchanges between the two countries. The administration has also negotiated trade deals or agreements with the European Union, Japan, the United Kingdom, and other partners.
Since taking office, President Trump’s trade policies have introduced uncertainty as the administration has been using tariffs to reshape global trade and encourage investment in the US.
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:
- US Supreme Court decision on IEEPA tariffs reshapes trade authority and introduces potential refund opportunity
- Policy on Demand: Navigating tariff uncertainty after IEEPA ruling
- Tariffs are today's catalyst for building resilience to future uncertainty and disruption
- Why companies should start to reconsider the business case for circularity
- Export controls on advanced tech: Managing supply chain risk
On July 4, 2025, President Trump signed into law the final version of H.R. 1, the “One Big Beautiful Bill Act,” which extends permanently, individual, business, and international tax provisions enacted as part of the 2017 TCJA that were set to expire at the end of 2025. The bill features modified versions of individual and business tax relief proposals advanced by President Trump and other new tax relief measures. It also includes various revenue-raising measures, including changes to certain Inflation Reduction Act (IRA) clean energy tax credits and some limits on business and individual tax deductions intended to offset part of the cost of the legislation. In addition to significant tax law changes, the bill now signed into law includes increased funding for immigration law enforcement and national defense, as well as spending reductions affecting a large number of federal programs.
Republicans used the budget reconciliation process, which allows the legislation to be approved with a simple-majority vote instead of the 60-vote majority usually required. Republicans currently have a 53-47 majority in the Senate, but the bill passed 51-50, with a tie-breaking vote by Vice President J.D. Vance.
Turning tax into opportunity for business
Tax policy changes are bigger than tax. Changes to tax credits, incentives for US-based production, and international tax provisions may affect your research and development plans, value chain transformation, and supply chain and international tax core planning.
Learn more:
- 2026 Tax Policy Outlook — What’s on the horizon
- The new energy credit landscape: Fast changes, big opportunity
- Accounting for US tax reform – One Big Beautiful Bill Act and more
- Translating the tax bill for business: How should executives prepare?
- IRS Notice sheds light on construction rules for wind and solar credits
- Accounting for 2025 US tax reform
Since taking office, President Trump has been focused on a US-first manufacturing agenda and advancing American leadership in artificial intelligence (AI) through deregulation and innovation. Recent executive actions have reshaped trade, energy and technology priorities—aimed at shifting the competitive landscape in favor of US-based investment. New tariffs and a reciprocal trade framework are designed to incentivize companies to reshore manufacturing and diversify supply chains.
These policy changes and the administration’s deregulatory push—including rolling back energy regulations, fast-tracking nuclear expansion, and accelerating AI competitiveness through EO 14179—are fueling a shift in strategic thinking around operations and energy infrastructure. A surge in AI use and broader plans for innovation are also accelerating demand for reliable, low-cost energy.
Powering growth and innovation
The convergence of changing geopolitical dynamics, supply chain realignment, and uncertainty presents a critical opportunity for domestic growth and innovation. This transition, however, exposes urgent gaps in infrastructure, workforce skills, investment capacity, and energy systems needed to evolve to a modern, resilient industrial base. Here’s how we can help.
Learn more:
- The new energy credit landscape: Fast changes, big opportunity
- Fueling US growth: Innovation and agility in AI, energy and manufacturing
- Sustainability News Brief
- The future of energy and manufacturing: Is America ready to lead the next industrial revolution?
- Taxing the digital backbone: What you need to know about data centers
- Can smart tech, robots and bold policy rebuild American manufacturing?
- PwC’s AI Agent Survey
The global economy is changing, and geopolitics is becoming a driving force in business strategy. The Trump administration’s stance on trade, tariffs, and regulation is reshaping how companies assess risk and operate internationally. Fragmented global policies—such as the EU’s AI Act and cross-border data rules—combined with an array of executive actions are driving companies to reevaluate exposure, modernize compliance strategies, and strengthen crisis readiness.
In this environment, companies should treat geopolitical volatility not as a one-off event, but as a persistent strategic variable requiring continuous monitoring, scenario planning, and operational agility.
Navigating geopolitical risk and regulation
Shifts in the geopolitical landscape and regulation, policy changes, and tariff increases are disrupting businesses that operate or have a presence in certain countries.
Learn more:
- Geopolitical adjustment underway, USMCA preparations
- Geopolitical events and the path forward for companies
- Managing geopolitical risk in a more turbulent world—7 things to consider
- Next Move: Practical insights on regulatory and policy developments in technology
- Our Take: The changing regulatory landscape
- 2026 Global Digital Trust Insights: New world, new rules: Cybersecurity in an era of uncertainty
America in motion: Episode 1 – A new era of American
America in motion: Episode 1 – A new era of American
From geopolitical uncertainty to business confidence — so you can replace “what if” with “what's next”
Join our webcast to learn how US executives are making decisions in a rapidly shifting policy, regulatory, and geopolitical environment. With balanced perspectives from prominent external voices and PwC’s industry leaders, it moves beyond headlines to surface second- and third-order business impacts—on capital, operations, regulation, and risk—and translates them into practical next moves that replace “what if” with “what’s next.”
