By Daniel Anziska and Ryan Last On July 31, 2025, President Trump issued two executive orders that further refine U.S. trade policy. The first executive order, “Further Modifying the Reciprocal Tariff Rates” (the RT Order), adjusts tariff rates for various countries based on trade negotiations and economic alignments, while the second executive order, “Amendment to Duties to Address the Flow of Illicit Drugs Across Our Northern Border” (the Canadian Order), increases duties on Canadian goods imported into the U.S. that...

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First, a tariff update: The White House issued this fact sheet updating the reciprocal tariff rates for many countries on July 31 (read it here). Noteworthy is the new Aug. 8 start date. Currently under question is the legality of the reciprocal tariffs with a federal appeals court considering a pivotal case that could significantly undermine President Donald Trump’s global tariff strategy. At the heart of V.O.S. Selections v. Trump is the question of whether Trump unlawfully bypassed Congress by using emergency powers to implement...

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July 30, 2025 What happened? On July 27, the United States and the European Union (EU) announced a framework trade agreement and released a Fact Sheet on July 28 that calls for the reduction of proposed tariff levels and includes new bilateral investment and procurement commitments. The White House on July 22 released a Fact Sheet outlining the terms of the US–Indonesia reciprocal trade agreement, previously addressed in PwC’s July 18 Tax Insight. The fact sheet highlights key tariff, regulatory, and...

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Overview: The US and EU struck a trade deal that is less onerous than threatened and reduces the uncertainty plaguing businesses and investors. In May, President Trump threatened a 50% tariff on most EU goods, and yesterday, agreed to 15% (including autos and pharma, but not metals). There seems to be some debate over whether quota and tariff system will apply to steel and aluminum. The EU reportedly agreed to purchase $750 bln of US energy, "vast amounts" of military...

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By Rachel Szymanski, Chief Economist, Trepp Commercial real estate (CRE) decisions are highly dependent on the macroeconomic environment, one that has become increasingly volatile and difficult to navigate. The biggest challenge is predicting whether large macro developments will unfold gradually or trigger sharp cascades. In highly uncertain times, it becomes even more important to focus not just on tracking outcomes but on understanding the larger forces that shape how the economy will adjust to new developments. Beyond headline indicators, it is the...

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