Private Equity Newsletter
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PwC Germany I January 2025

How are you planning for US tariffs? US foreign trade policy under President Trump and the potential impact on the PE landscape
In brief
The potential international tax policies under the second Trump administration could have significant implications for European-based PE portfolio companies. Both often engage in cross-border investments and transactions and thereby would need to navigate through an unclear and fast changing tax landscape that could affect their operations, investment strategies and overall profitability.
Planning for 2025 US tariffs
The following graphic broadly outlines the potential tariff situation under the second Trump administration:

Deal implications
PE firms and their portfolio companies would need to stay vigilant and adaptable in response to potential changes in international tax and trade policies. Proactive tax planning, close monitoring of regulatory developments, and strategic adjustments to investment structures and strategies would be essential to navigate the evolving tax landscape.
A tariff impact analysis should be implemented, modified and at the heart of every investment decision going forward. This typically comprises an analysis of the movement of goods, the corresponding value chain and the use of special custom procedures in combination with a custom ruling. Especially tech-related opportunities should be evaluated more closely keeping in mind these potential regulatory changes.
Our PwC Germany customs experts are ready to analyse your specific situation with our ready-to-go service and can help mitigate potential consequences by implementing tailored-made tariff solutions for you.
Your Private Equity Contacts


Steve Roberts PE Leader EMEA and Germany steven.m.roberts@pwc.com

Dr. Ralf U. Braunagel PE Tax Lead ralf.ulrich.braunagel@pwc.com

Klaus Bernhard PE CMAAS and ESG Lead klaus.bernhard@pwc.com

Patrick Devine Deals Technology Leader patrick.devine@pwc.com

Dominik Roland PE S& Lead dominik.roland@pwc.com

Daniel Spengemann PE Audit Lead daniel.spengemann@pwc.com

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