Washington update Washington Newsletter, Q1

Key takeaways

• A shift in National Security Strategy:

  For many in the broader international community the Trump administration’s moves toward rebalancing economic ties with a focus on US leverage abroad, has served as a stark wake-up and an urgent call to action.

• One Big Beautiful Bill tax changes:

  President Trump was able make permanent much of his 2017 tax reform law, but the provisions to eliminate taxes on tips and overtime pay are set to expire by 2028, which will provide a political issue for the next presidential election.

• A new Chairman at the Federal Reserve:

  Former Fed Chairman Kevin Warsh is expected to succeed Jerome Powell come this spring.  Shortly after he takes office, a decision is expected from the US Supreme Court that tests the independence of the Federal Reserve.