Key Takeaways • The White House has announced a broader set of country-specific tariffs, with some higher than expected, such as the 39% tariff on imports from Switzerland. • We see announced tariffs as possibly resulting in a 4-percentage-point (pp) drag on 2025 MSCI AC World earnings growth. • Combined with signs of economic slowdown, the tariffs could raise questions about how sustainable continued near-term upside is for equity markets. In a new report from Citi Research, a team of equity strategists led...

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Strong trade relationship with the United States The United States has been one of Port of Antwerp-Bruges’ most important trading partners for over two decades. In 2024, the US accounted for approximately 10% of the port’s total maritime cargo traffic, with a trade volume of 28 million tonnes. Both import and export took place on a large scale, with slightly more imports than exports. • Container traffic was the largest segment in transatlantic trade, totaling over 14 million tonnes of goods. Exports...

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What happened? Since the Trump administration’s July 7 announcement delaying implementation of reciprocal tariffs from July 9 to August 1, the United States has reached preliminary framework trade agreements with the European Union (EU), Japan, Indonesia, and the Philippines (see PwC's Tax Insights dated July 11, July 18, and July 30). Preliminary trade agreements with China and Vietnam also have been reached and a trade agreement with the United Kingdom has been finalized. Following the release of our July 30...

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By Ian Hunter, Director, OCO Global US–EU tariff pact rewrites the map for energy, autos and chips. On July 27, 2025, President Donald Trump and European Commission President Ursula von der Leyen stepped out from closed-door talks in Scotland with a tentative handshake and a headline-grabbing accord. Trump declared it “a great deal for American energy, American jobs, and American strength.” Von der Leyen called it “a compromise to protect European competitiveness.” The compromise? A 15% U.S. baseline tariff covering about 70% of EU goods,...

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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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