President Donald J. Trump was inaugurated for his second term on January 20, 2025. With the Republican Party holding control of Congress, he is in a strong position to advance his policy agenda, including tax reforms and deregulation. However, slim majorities in Congress may pose challenges to implementing major reforms. Regardless, change is on the horizon, and businesses must be ready.

What’s on the agenda? On his first day, President Trump signed executive orders focusing on immigration, energy, and halting new federal regulations. While new tariffs were not immediately announced, he issued a warning to Canada, Mexico, and China about potential tariffs unless they took action against illegal immigration and the fentanyl trade. On February 1, under the International Emergency Economic Powers Act, Trump imposed a 25% tariff on imports from Canada and Mexico, as well as a 10% tariff on Chinese imports. He also imposed a 10% tariff on energy products from Canada. However, just days later, the president delayed the tariffs on Canada and Mexico for 30 days, and China responded with its own retaliatory measures.

Business leaders will need to closely monitor these initial actions, understanding the dynamic nature of tariffs and how quickly the situation is evolving. This will help them prepare for what’s next. Stay informed about the new administration's impact on business and how to adapt. Look for further updates on future developments.

 "We can expect significant changes with this administration, presenting both risks and opportunities. The best course of action is to prepare thoroughly. Be proactive, stay agile, and collaborate across your company to seize emerging opportunities."

Chief Commercial Officer, PwA