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 president signed into law H.R. 1, the “One Big Beautiful Bill Act.” The House of Republicans voted on July 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 administration is also implementing broad tariff changes and reciprocal trade frameworks to favor US-based production, and 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.
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July 4, 2025
- President Trump signed into law the “One Big Beautiful” tax bill following a week of negotiations with Senate and House Republicans.
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On June 11, the United States and China announced an agreement 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 90-day pause on reciprocal tariffs ends on July 9, and 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.
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On July 4, 2025, President Trump signed into law the final version of H.R. 1, the “One Big Beautiful Bill,” 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 the year. 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 that are intended to offset part of the cost of the legislation.
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.
The House on July 3 voted 218 to 214 to pass without change the Senate version of H.R. 1, the “One Big Beautiful Bill,” which reflects the tax priorities of President Trump and Congressional Republicans.
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. The bill also included a provision to increase the federal statutory debt limit by $5 trillion.
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 your supply chain and international tax core planning.
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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
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, incentives and energy systems needed to evolve to a modern, resilient industrial base.
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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.
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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.
Real-time scenario modeling solution
