Clifford Chance

On 2 April 2025, President Trump announced a sweeping tariff regime, imposing a 10% global tariff which came into effect on 5 April 2025, and higher “reciprocal tariffs” on specific countries, aimed at rebalancing trade deficits between those countries and the US. These “reciprocal tariffs” were set to come into effect on 9 April 2025. This briefing provides a high-level overview of the response by the G20 countries to these tariffs as at 13 April 2025.

As geopolitical focus intensifies around technology leadership, data sovereignty and environmental considerations, data centres and their role in the global digital economy are in the spotlight. Governments around the world are introducing or upgrading policies intended to boost digital infrastructure, including incentivising the development of data centres. We look at five factors that we expect to impact the data centre industry in 2025.

The re-election of President Trump is having an enormous impact on US policy and regulation. It is complex and the direction of travel is unpredictable. This presents a range of challenges for our clients and we are helping them to adapt to the changing legal landscape.

Much has been said about clean hydrogen and its derivatives over the past 12 months. In this note, we consider the market trends that will impact pathfinder projects seeking commercial operations before 2030.

We look at what's around the corner for sustainable finance and private capital M&A, the direction of travel for sustainability due diligence and reporting and managing ESG litigation risks, as well as the ways in which businesses may practically navigate regulatory uncertainties and increasingly diverging views on ESG.

2025 will see a revitalised M&A market, as deal-makers look beyond recent challenges and uncertainties. A new pro-growth agenda and a stabilising macroeconomic environment are boosting global investor confidence. The market will be led by boardrooms taking strategic action in more favourable market conditions and by private capital.