President Trump has been moving at a breakneck pace since his inauguration, signing nearly 100 executive orders (EOs). Much of his focus has been on tariffs, with a whirlwind of announcements and delays in recent weeks. In his March 4 speech to a joint session of Congress, President Trump said he would continue with his plans for reciprocal tariffs on other countries, which are set to go into effect on April 2. The president has since hinted at a softer approach.
The tariffs landscape remains extremely fluid. President Trump announced tariffs for Canada and Mexico that were delayed before going into effect. Then he paused imports covered by the United-States-Mexico-Canada Agreement (USMCA) again until April 2. China, Mexico and Canada have all announced retaliatory tariffs.
While a Republican-controlled Congress gives President Trump momentum to push through key aspects of his policy agenda, including tax policy reform and a move toward deregulation, narrow majorities in Congress make it harder for him to make sweeping bold reforms. And the rapid pace of action in his first few weeks in office has prompted some uncertainty and market volatility.
Executives will want to sort through the president’s first moves and digest what he said in his speech to get a sense of what may be next, what changes mean for their industries, where to find opportunity and how to mitigate risk. Learn more about the administration’s policy changes, what it means for business and how you can prepare. Check back for updates.
March 26, 2025
President Trump announced 25% tariffs on imported passenger vehicles and light trucks, effective April 3.
March 20, 2025
The European Union announced that it will delay implementing its first retaliatory tariffs on US goods until mid-April.
March 19, 2025
The Federal Reserve held interest rates steady at between 4.25% and 4.5%.
Former USTR Lighthizer tackles trade
Former United States Trade Representative, Ambassador Robert Lighthizer, provides context for the current trade environment, the ongoing outlook for higher tariffs and where he sees opportunities for the business community.
“We can expect a lot of change with the new administration, and that means both risk and opportunity. The best thing to do is to prepare, prepare, prepare. Be proactive and agile and think about who across your company you might need to work with to take advantage of what’s coming.”
Kathryn Kaminsky, Chief Commercial Officer, PwC
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Real-time scenario framework: PwC's approach to tariffs and supply chain
Through our real-time scenario framework, we help businesses understand how tariff or trade disruptions might impact them — both in the short term and further down the road. In this walkthrough, we simulate different scenarios across four key areas: commercial strategy, operations, tax and customs. Each option you select will show you the risks and opportunities.
PwC’s real-time scenario framework
