Uncertainty makes tax planning difficult, but the nearly 900-page “One Big Beautiful Bill Act” (OBBBA)1 signed on July 4, 2025, offers some long-awaited clarity.
Global equities, as measured by the MSCI ACWI Index, rose sharply during the second quarter of 2025, as the administration of U.S. President Donald Trump announced progress on trade deals with major trading partners, most notably China.
