Clifford Chance

From his first day in office, President Trump has issued a nonstop stream of executive orders, many of which affect international trade. In this extract from a recent Clifford Chance webinar, we look at the Trump administration's America First Trade Policy and its early-days impact on tariffs, sanctions, export controls, CFIUS and US outbound investment. We also explore the expected impact on businesses, supply chains and enforcement risks. Read more on international trade under the Trump administration - what to expect.

This briefing provides a high-level survey of potential areas for change, in environmental and climate regulation, the energy transition, antitrust, the workplace, and in the regulation of investors and asset managers. The field is complex and the direction of travel is unpredictable; this survey provides a snapshot of areas that likely will receive focus early in the new administration. Read more about what the new Trump administration could mean for ESG.

This briefing provides an overview of how President-elect Donald Trump’s campaign promises may translate into policy reform and the potential impact on the tech sector and the many businesses that rely on it. Read more on forecasting the impact of Trump's second administration on the tech sector. 

This briefing provides an overview of how President-elect Donald Trump’s campaign promises may translate into policy reform, how potential policy reforms could impact energy subsectors, and how the market may progress despite policy changes. Read more on forecasting the impact of Trump's second administration on the energy sector.

In April 2024, US Senators Chris Coons (D-Del.) and James Risch (R-Idaho) introduced the African Growth and Opportunity Act ("AGOA" or the "Act") Renewal and Improvement Act of 2024 (the "2024 AGOA Renewal Proposed Legislation") to renew and strengthen a key trade program with sub-Saharan African countries. AGOA is a trade preference program aimed at facilitating deeper investment and stronger commercial ties between the United States and sub-Saharan African countries. Given the importance of the region, including as it relates to critical minerals, strengthening of US trade relationships against the competing policy concerns and other trade competitors (i.e., China) makes this a significant area to watch. Read more about the renew trade partnership between the US and sub-Saharan African countries.

There are important changes on the antitrust horizon in 2024. While levels of enforcement are unusually muted in some areas – with record low cartel fines in the US and EU in 2023, and one of the lowest rates of intervention in mergers by the European Commission – the overall scope of conduct that is caught by antitrust laws and regulations is increasing sharply, in two ways. 

First, important pieces of legislation are imposing various new obligations on businesses, such as the EU’s Foreign Subsidy Regulation, new and expanding foreign investment screening regimes and new ex ante regulation of digital service providers in various jurisdictions. Second, competition authorities and courts are applying the existing antitrust rulebook more expansively to adapt to changing markets and political pressures, with new theories of harm to prohibit mergers and anticompetitive conduct, and broader investigative powers. 

Businesses are also facing greater adverse consequences of compliance failures, driven by a global rise in private litigation, in particular antitrust class actions. However, we are also seeing new options for compliance being created, particularly in respect of conduct with sustainability objectives.

Our report this year also includes spotlights on antitrust regulation of three sectors that are key to the global economy in the coming year: digital services, energy, and healthcare and life sciences.

On March 28, 2023, the United States and Japan reached an agreement on critical minerals for batteries, including those used to power electric vehicles signing the "Agreement Between the Government of the United States of America and the Government of Japan on Strengthening Critical Minerals Supply Chain" (the "Agreement"). Read more about the US And Japan Sign Agreement On Critical Minerals Supply Chain.

On 12 March 2025, the European Commission formally announced details of its response to the United States' imposition of tariffs on imported steel and aluminium (including a wide range of derivative products made from steel and aluminium). This briefing outlines some key takeaways for potentially affected businesses. Read more about the European Commissions tariff retaliation strategy and the launch of the public consultation on countermeasures. 

In the first such judicial review challenge brought against a divestment order made under the National Security and Investment Act 2021 (NSIA), the High Court upheld the Government's decision for LetterOne to divest Upp. The judgment serves as a reminder of the deference that the courts will pay to the Government in national security matters, including under the NSIA regime. Read more about how the UK High Court upholds Government Order to divest in first Judgment on National Security and Investment Act.

The EU has adopted a Regulation establishing a Carbon Border Adjustment Mechanism (CBAM) to deal with the long-standing problem of ‘carbon leakage’ that impedes the EU’s decarbonisation plans. It is part of the Commission’s ‘Fit for 55’ initiative published in July 2021 that will help towards achieving the EU’s target for a 55% reduction in greenhouse gas (GHG) emissions by 2030 (against 1990 levels). Here we answer 10 key questions about the new Regulation.

On February 21, 2025, the White House released the America First Investment Policy National Security Presidential Memorandum ("NSPM"), a policy directive which includes potential significant changes to the Committee on Foreign Investment in the United States ("CFIUS") process and the new US Outbound Investment Security Program ("OIP"). The NSPM also indicates that the Trump Administration may take additional measures to deter investment in the People's Republic of China ("PRC") military-industrial sector, including, for example, economic sanctions. Read more about the new Trump Policy that Signals Significant Changes to CFIUS and the New Outbound Investment Security Program.

From his first day in office, President Trump has issued a nonstop stream of executive orders, many of which affect international trade. In this extract from a recent Clifford Chance webinar, we look at the Trump administration's America First Trade Policy and its early-days impact on tariffs, sanctions, export controls, CFIUS and US outbound investment. We also explore the expected impact on businesses, supply chains and enforcement risks. Read more about international trade under the Trump administration - what to expect.

The first week of Donald Trump's second Presidency has been nothing short of extraordinary in many respects, including its implications for the tech sector. January 20, 2025, Trump's first day in office, saw a whirlwind of activity: the President issued a Presidential Statement, revoked 78 Executive Orders and Presidential Memoranda and issued 26 Executive Orders and an America First Trade Policy. During the remainder of the week, Trump signed seven additional Executive Orders and announced a US$500 billion joint venture for infrastructure tied to AI. These activities occurred in the context of key global developments, including the World Economic Forum in Davos and breaking news about a Chinese AI developer, DeepSeek.

This briefing provides an overview of key tech-related developments during the second Trump administration's first seven days: what's out, what's in and what's still in. We will provide in-depth analyses and updates as these developments continue to evolve. Read more about President Trump's first seven days in office.

Recent global developments accelerating the push for geographical diversification of semiconductor production include positioning Mexico as a primary destination for the chip manufacturing industry over the next decade. Companies will seek to take advantage of recently announced tax incentives, an abundance of low labor costs and proximity to the U.S. as they advance nearshoring agendas. Read more about Mexico's plans to develop its semiconductor industry: challenges and opportunities.

"Our mandate is clear: complacency is not an option." On June 15, U.S. Trade Representative Katherine Tai spoke at the National Press Club, in what was publicized as a "major speech," although sweeping in scope, the messages delivered were a continuation of the current Administration's trade policy. Throughout the remarks, Tai criticized "trade rules [designed] to liberalize as much as possible" and described "a global race to the bottom" where large corporations flock to countries with low wages and poor working conditions. To counter that model, Tai outlined a labor-focused vision for trade, leveraging U.S. competition and industrial policies to elevate workers at home and abroad. Read more about the Drumbeat on US Trade Policy Continues.

On March 30, 2023, the multilateral Export Controls and Human Rights Initiative announced the release of a Code of Conduct. The Initiative, launched in a December 2021 Joint Statement of the governments of Australia, Denmark, Norway, and the United States, highlights the importance of trade in advanced technologies while also acknowledging the danger that such technologies pose when used in ways that results in serious human rights abuses. In the 2021 Joint Statement, the signatory countries resolved to issue a code of conduct, with the goal that other states would join forces in using trade and export control measures to curb the use of advanced technology to inflict human rights abuses. Read more about the States Bring A Human Rights Focus To Dual Use Export Controls With A New Code Of Conduct. 

Navigating foreign investment regimes can be critical to the success of a transaction. Foreign investment scrutiny is increasingly being applied to global M&A transactions. The global trend towards protectionism has led to more restrictive government measures. This requires a more strategic and co-ordinated approach towards foreign investment rules. Explore our guide on foreign investment and CFIUS processes.