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Member News
Member News
08
Aug
Overview: Most the dollar's late sell-off yesterday after the White House endorsed Stephen Miran to fill the remainder of Governor Kugler's term at the Federal Reserve has been recouped today. In mostly narrow ranges, the greenback is firmer against the G10 currencies but the Canadian dollar and sterling. The dollar is also trading with a stronger bias against emerging market currencies. China reports its CPI and PPI figures tomorrow, and next week's US July CPI is expected to have risen...
06
Aug
While the United States (U.S.) had begun to diverge from the European Union (EU) on sustainability policy in 2024 due to political and legal shifts, that trajectory accelerated in 2025. Under the current administration, the U.S. has taken a markedly different path from the EU in addressing climate change, renewability, and environmental, social and governance (ESG) priorities. As the EU continues to advance green development goals, enforce disclosure mandates and strengthen international climate commitments, the U.S. has pursued broad deregulation,...
04
Aug
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,...
04
Aug
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...
04
Aug
The August lull is a myth—a mirage for those who mistake heat for inertia. As this summer advances, businesses and investors should brace for turbulence, not tranquility. A kaleidoscope of US tariffs, an escalation of Russia's assault on Ukraine ahead of the American deadline, deceleration of US growth, when looking through the trade-related distortion, and the de-synchronization of the monetary cycle, weave together a narrative far more dramatic than Northern Hemisphere’s summer doldrums. Market participants and policymakers alike will...
04
Aug
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...
01
Aug
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...
01
Aug
EU and US reach a trade agreement
On Sunday, 27 July, European Commission President Ursula von der Leyen met with US President Donald Trump in Scotland to advance discussions on EU-US trade relations ahead of the 1 August tariff implementation deadline set by the US administration. During the meeting, Trump indicated that, should an agreement be reached, this would be “the end of it for a number of years.”
A preliminary 15% tariff framework agreement was reached, under which the EU commits...
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