Commercial Implications of Tariffs, Trade Policy, and Changes in Law

On 7 January 2025, President Donald Trump issued an executive order (EO) aimed at limiting and preventing certain large defense contractors from conducting stock buybacks, issuing dividends, and awarding executive compensation.

In this article, Dr. Jan Boeing and Arnaud Dobelle outline the key milestones of the new regulatory framework, its interplay with financial sector rules such as DORA and PSD2, and what the upcoming Digital Omnibus proposal means for organisations deploying AI in Europe.

The One Big Beautiful Bill Act makes major changes to the Internal Revenue Code’s clean energy tax provisions, particularly to the provisions that were extended, expanded, and established as part of the 2022 Inflation Reduction Act.

On 18 December 2025, the Federal Energy Regulatory Commission (FERC) issued a long-awaited order finding that PJM Interconnection, L.L.C.’s (PJM) tariff is unjust and unreasonable as it relates to co-located load arrangements and directing PJM to establish clear, nondiscriminatory rules supporting co-location of large electricity consumers—such as data centers—and generation facilities.