President Trump’s agenda: What to expect next

March 7, 2025

Highlights from the president's first speech to a joint session of Congress

President Trump addressed a joint session of Congress on Tuesday, making it clear that he intends to continue the course he set when he took office on January 20. He reaffirmed broad-based tax cuts, increased tariffs, deregulation of US business, increased domestic energy production, along with maintaining America’s leadership in artificial intelligence (AI) and other critical technologies. He praised the work of the Department of Government Efficiency (DOGE) for cutting the size of government, the new measures to restrict border crossings, and his own “America First” approach to foreign policy.

To what extent — and in what manner — President Trump will deliver on all of his promises depends in part on Congress, the courts and economic and geopolitical developments. US businesses can and should act to navigate this uncertain and fast-changing environment in five key areas.

President Trump called for permanent tax cuts for all Americans, likely a reference to proposals to make the 2017 Tax Cuts and Jobs Act permanent. He did not specify if he favors a “one big bill” approach to reconciliation tax legislation, as seen in the House’s budget resolution. Even if the precise timing and nature of tax reform remain uncertain, Republicans are united in wanting to pass tax legislation — otherwise nearly all Americans would face tax increases.

Other proposals included ending tax on tips, overtime and Social Security benefits; offering tax relief for manufacturing with 100% expensing retroactive to January 2025 and making interest payments on car loans tax-deductible for cars made in America. Time will tell if Congress and the fiscal scenario permit all these proposals to be enacted. Businesses also could be affected by potential revenue-raising measures that Congress is reported to be considering to limit the cost of any final bill.

What to do

Model scenarios. Whether it’s one reconciliation bill that would cover immigration and border security, tax issues and spending, or a two-bill strategy, assess how potential shifts in tax law could affect your cash flow, investments and overall tax liabilities.
Make your voice heard. Engage with policymakers to build public support for tax and trade policies that promote growth and business investment. Some tax legislation is likely to pass this year — this is your opportunity to shape it.
Capture new value. Leadership — including COOs and tax leaders — should be planning now for value chain transformation that can leverage new tax incentives.

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President Trump indicated a continued, forceful approach to trade. He cited his recently announced 25% tariffs on imports from Canada and Mexico (which have been paused for imports covered under the United States-Mexico-Canada Agreement until April 2) and the additional 10% tariff on China. He also cited Brazil, the European Union, India and South Korea as potential targets of further tariffs set to begin April 2. Some tariffs would be “reciprocal;” others would aim to protect US farmers.

Negotiations are still underway with Canada, Mexico and other countries. The administration has already issued some exemptions. More are possible — as are further tariffs and retaliations. Companies should be nimble, prepared for multiple scenarios.

What to do

Use data-driven scenario modeling. This can help you quickly understand the effect of current and potential tariffs and guide your response — considering production, sourcing, customs, tax and more.
Understand the tools you can use. Leverage legal options to mitigate tariffs’ impacts: identify tariff recovery measures, consider foreign trade zones or bonded warehouses and changes in the country of origin.
Build an agile supply chain. Identify vulnerabilities in your supply chain under various tariff scenarios and assess alternatives: changes in suppliers, manufacturing footprints, use of free/foreign trade zones, product designs and more.
Help tax help you. Under different tariff regimes, old sources of tax value may vanish but new ones may also appear. Reassess transfer pricing policy and how to set the mix of income, tax attributes and incentives to generate “above-the-line” cash savings.

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The president promised continued swift action to ease the federal regulatory burden. He cited his order freezing all pending regulations and ongoing efforts to roll back older ones, especially in the energy, technology and automotive sectors. He also referenced his order requiring agencies to rescind ten existing rules for every new rule they adopt. And the DOGE efforts he touted to dramatically shrink the federal government could hamper regulatory enforcement by the DOJ, FTC, SEC and other agencies.

Despite these aggressive efforts at the federal level, companies will still face a patchwork of state and global rules — and the prospect of legal challenges to federal deregulation efforts — that could complicate any hoped-for regulatory relief. Rulemaking under the first Trump administration often faced litigation, and plaintiffs now can reference the Supreme Court’s repeal of Chevron deference to challenge how agencies under new leadership interpret their statutory powers.

What you can do

Get engaged. With deregulation on the agenda, now’s the time to make your voice heard. Assess how best to present your case to shape the regulatory environment.
Be aware and be nimble. Monitor regulatory changes in the US (both federal and state) and overseas. Confirm that your regulatory change management includes lines of communication across the C-suite and risk leaders to assess changes and options.
Use scenario modeling to prepare. Scenario modeling can help you anticipate how policy changes might affect you and guide your response. Build risk into your scenario planning, identify capability weaknesses and work proactively to assess gaps.

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President Trump restated his intention to spur technology innovation while increasing domestic energy production and bringing down energy prices. He criticized the prior administration’s reduction in oil and gas leases and called for new pipelines, new power plants and to “drill, baby, drill.” He noted work on a “gigantic natural gas pipeline” in Alaska with international partners.

Many of the president’s executive orders to date have focused on promoting domestic energy production, an area where he has especially broad backing from congressional Republicans. The industry can expect a continued focus on removing regulatory challenges and expediting energy projects. That could increase energy supplies, helping to power continued advances in AI and making it feasible for AI to scale throughout corporate America. But renewable energy could face challenges, as the administration and Congress may reduce existing incentives.

What you can do

Be ready to move fast. Investors, energy companies and energy consumers should all be ready for potential measures such as executive orders to streamline federal permits for energy projects, or cuts in renewable energy incentives.
Evaluate policy risks and opportunities. Assess how changes to federal policies, such as the rollback of tax credits, emissions standards or environmental regulations, could affect your operations, investments and supply chains.
Strike a strategic balance. Even as regulatory changes offer many short-term opportunities, don’t lose sight of long-term objectives for sustainability, resilience and more. It’s by maintaining focus on your mission that you can grow stakeholder trust.

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President Trump made it clear that he wants the US to be the leader in AI, advanced manufacturing, space exploration and other leading-edge activities. He welcomed recent investment announcements in US technology from companies such as Apple, OpenAI, SoftBank and TSMC and said he would “dramatically expand” production of critical minerals and rare earths in the US. However, he also criticized the CHIPs Act--designed to support US semiconductor production and called on Congress to repeal it.

The administration’s actions to date indicate an eagerness to encourage high-tech innovation in general and AI innovation in particular. The January 23 executive order focuses on eliminating regulatory barriers to accelerate AI innovation, drive economic growth and bolster national security. That EO also directs agencies to submit an AI Action Plan within 180 days to strengthen US AI leadership — offering opportunities right now for companies to help shape policy.

What you can do

Rethink strategy. The Trump administration’s pro-AI approach has made it more urgent than ever for businesses to adapt to the age of AI — when past competitive advantages (such as scale) may matter less and survival depends on speed and innovation.
Enter the future of work. As AI permeates business and AI agents can perform ever more complex tasks autonomously, companies should reimagine the future of work, the workforce and workers.
Manage new risks. Even as federal regulations increasingly favor innovation, companies need to still comply with often tighter global and state rules while managing AI’s new risks and helping to better unlock AI value through Responsible AI.

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President Trump’s agenda: What to expect next

Highlights from the president's first speech to a joint session of Congress

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