Senate Republicans remain focused on delivering a final tax bill to President Trump before Congress begins its July 4 recess. The Senate Finance Committee is expected to release bill text as early as the week of June 16, although the timing remains fluid. Committee staff are actively working with Senators to respond to concerns about specific provisions in the House-passed bill, including Section 899, IRA credits, SALT cap and others.
Senate floor action on a substitute version of House-passed H.R.1, addressing both tax and non-tax provisions, is expected to begin the week of June 23. The current goal is to pass a revised bill that week, with final amendments designed so it can pass without any changes by the House. This would clear a path for the bill to be signed into law by President Trump on July 4th. Republicans are using the budget reconciliation process, which allows the legislation to be approved with a simple-majority vote instead of the 60-vote majority usually required. Republicans currently have a 53-47 majority in the Senate.
The House on May 22 voted 215 to 214 to pass H.R. 1, the “One Big Beautiful Bill” that reflects the tax priorities of President Trump and House Republicans. The bill includes proposed tax law changes, increased funding for border security and national defense, and spending reductions affecting a large number of federal programs. The bill also includes a provision to increase the federal statutory debt limit by $4 trillion.
The focus on the tax bill comes after weeks of back-and-forth tariffs announcements. On May 12, the US and China agreed to a 90-day pause on most tariffs the countries imposed on one another over the last month. US tariffs on Chinese imports would decrease to 30% from 145%, and Chinese tariffs on US goods would fall to 10% from 125%, the countries said in a joint statement. Both countries affirmed the importance of their trade relationship. This followed a trade deal with the United Kingdom announced on May 8, the first agreement since the president announced his sweeping tariffs announcement on April 2.
Negotiations with several countries, along with some back-and-forth exchanges and some adjustments to address market turmoil or economic concerns, have been ongoing since the president’s “Liberation Day” announcement. As part of this announcement, President Trump set a baseline 10% tariff on most imports from all countries, with higher additional country-specific “reciprocal” tariffs on dozens of countries based on perceived trade imbalances that were set to go into effect April 9. Instead, the president on April 9 announced a 90-day pause on the additional country-specific reciprocal tariffs for certain countries, with a10% base tariff remaining in effect on most imported goods (with the exception of certain exempt goods) from all countries (except Canada, Mexico and China). Goods covered by the United States-Mexico-Canada Agreement (USMCA) would continue to remain exempt from tariffs, while non-USMCA-compliant goods would be subject to a 25% tariff.
President Trump has been moving at a rapid pace since his inauguration, signing more than 100 executive orders (EOs). The president is also focusing on a move toward deregulation, particularly around energy policy. Executives will want to sort through the president’s latest moves to understand 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.
June 9, 2056
- US and Chinese delegations are meeting in London for talks aimed to ease escalating tensions over tariffs, technology restrictions and critical mineral supplies.
May 27, 2025
The European Union agreed to fast-track trade talks with the US.
May 25, 2025
President Trump agreed to delay imposing a 50% tariff on imports from Europe until July 9. Two days earlier, he threatened a June 1 start date for the tariffs, citing stalled talks.
May 22, 2025
The House of Representatives voted 215-214 to pass the “One Big Beautiful” tax bill.
May 12, 2025
The US and China agreed to a 90-day pause on most tariffs each country imposed on the other over the past month.
- House Republicans unveiled the full text of their tax bill.
May 8, 2025
- President Trump announced a trade agreement with the United Kingdom.
Policy on Demand
From legislation to law, our specialists have their fingers on the pulse of policy and its impact on planning and implementing your business strategy. Find our updates on timely briefings, conversations and analysis on legislative and regulatory developments.
Q2 2025 Quarterly accounting webcast | June 11, 17 or 19
With regulatory changes, tariffs and other uncertainties in the markets continuing to dominate headlines, we are pleased to welcome SEC Commissioner Mark Uyeda as our keynote speaker. Commissioner Uyeda will share his insights on the SEC’s current agenda and priorities, most notably facilitating capital formation. Our specialists will also discuss the business implications of tariffs and the related accounting, how leading companies are transforming their finance organizations, and other key accounting and reporting reminders as companies close out Q2 2025.
“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.”
Explore by topic
Real-time scenario framework: PwC’s approach to tariffs and supply chain
Global trade is changing. With new tariffs, shifting policies, and increasingly complex supply chains, the challenge is not just to react swiftly, but to make strategic decisions that keep you ahead. PwC’s approach to tariffs and supply chain through the real-time scenario framework is your window into making smart moves to manage risks and capture opportunities. We can help you understand what tariff and trade disruptions mean for your business and your industry, both in the short term and in the future – and what you can do to stay competitive.
PwC’s real-time scenario framework
