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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