Executive Summary: A World Disrupted by U.S. Policy Shifts and Uncertainty In a period of only months, actions by the U.S. administration of President Donald Trump have disrupted U.S. trade, foreign and economic policies, and created exceptional uncertainty for the U.S. and global economies and financial markets. Questions about the strategy and end game of the President for the rules that govern international trade and investment are forcing governments, businesses and investors worldwide to reassess their own strategies and relationships. A “tough on...

By: Christopher M. Flanagan, Buddy Sanders, Peter T. Wynacht, John C. Nelson, Jr., Troutman Pepper Locke On May 22, the House of Representatives passed H.R. 1, the budget reconciliation bill known as the One Big Beautiful Bill Act (the BBB). The BBB proposes amendments to the Internal Revenue Code (the Code) that could have significant consequences for private equity funds and their portfolio companies. This alert summarizes certain key tax provisions of the BBB that could impact private equity funds,...

The US One Big Beautiful Bill could have a material impact on many non-US persons with investments or activities in the US, including withholding taxes on dividends, interest payments and royalties from US to non-US persons as well as transfers of US branch profits to non-US firms. These withholding taxes may not fall within exemptions in tax treaties. Key takeaways Non-US persons with investments or activities in the US could be subject to a US tax increase of 5% on...

National promotional institutions of France, Germany, Italy, Poland and Spain as well as EIB explore ways of stepping up cooperation and coordination in support of Europe’s security and defence industry. Cooperation to foster pan-European approach in areas such as research, industrial capacity, and infrastructure. The national promotional institutions of France, Germany, Italy, Poland and Spain as well as the European Investment Bank (EIB) will cooperate to bolster Europe’s security and defence industry. The six long term investors – Caisse...

EU presents its 2026 draft budget On Wednesday, 4 June, the European Commission presented its draft budget for 2026, outlining the EU’s planned expenditure in alignment with its strategic priorities. The budget builds on the mid-term revision of the EU’s long-term budget (2021-2027), ensuring continuity and adaptability in the face of evolving challenges and opportunities. The 2026 draft budget aims to reinforce ongoing initiatives, including support for Ukraine, competitiveness, migration management, security and defence, strategic investments, and continued support for green and...

Owners or executives at some companies know that their company is a great place to work but still have problems finding top talent to fill their positions. Why? The simple answer is that finding top talent is a fierce and competitive process. Similar to how job hunting is fierce and competitive from a job-seeker’s perspective, companies that want to find the best people have found it’s easier said than done; partly because all companies are doing it. Think about...

Overview:  The dollar is mostly softer today in narrow trading ranges, though it is firmer against the yen and Swiss franc. The weakness of US data (ADP, ISM services, and anecdotal Beige Book) lifted the market confidence of at least two Fed cuts this year. Most emerging market currencies are also trading higher against the dollar today. Still, overall, the foreign exchange market is relatively calm, and ranges are mostly narrow. The outcome of ECB meeting today (rate cut...