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. Read more about the US tariffs and the responses across the G20 so far.

The US Department of Justice (DOJ) has announced that it intends to be vigilant in monitoring tariff compliance and to take action against tariff circumvention. Read the full blog on the US DOJ to Focus on Reverse False Claims Related to Tariff Circumvention.

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. 

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"). Read more about the new Trump Policy Signals Significant Changes to CFIUS and the New Outbound Investment Security Program.

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.

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.

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.

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.

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.