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With the new administration in the U.S. and its focus on various parts of the Tax Cuts and Jobs Act (the TCJA) and the estate tax, changes are expected amid the balancing of competing considerations. In this 10-minute interview, Jason Kohout, partner and co-chair of the Family Offices group at Foley & Lardner, and John Strom, federal lobbyist and member of Foley & Lardner’s Public Policy & Government Relations group discuss the key parts of the TCJA and whether the TCJA’s doubled estate and gift tax exemption will be extended and potentially made permanent.

Today’s heightened geopolitical risk environment—characterized by volatility, uncertainty, and a widening range of possible outcomes—has become a more significant driver of operational and strategic risks to trade, finance, and investment than in prior periods. Drawing on the comprehensive World Risk Review analysis of 197 countries and territories, this report provides a succinct summary of the most crucial information that can help your organization be equipped to adapt its risk management strategies in response to today’s geopolitical and geoeconomic landscape.

The past year has ended up being far more resilient to many of the prevailing economic headwinds than we had feared it might be. The shifting consumption patterns, structurally tight labor market, and strong private sector balance sheets with debt that has been locked in at low rates have helped boost consumption and moderate inflationary pressures. As “the year of testing resiliency” came to a close, many may have wondered what to expect in 2025. In this Economic Outlook, Macro Analyst Richard de Chazal sees U.S.

With the return of the Trump administration, observers expect meaningful changes in political direction and economic and tax policy, but specifics and timing are unknown. Given the degree of uncertainty, investors should remain diversified and focus on both risk and liquidity management. Within private equity, deals that emphasize operational improvement may be better positioned than those focuses on leverage and financial engineering. As the Trump agenda takes shape, a thoughtful balance of caution and opportunism will be key.

The private equity market is navigating through a period of volatility, driven by inflationary pressures, rising interest rates, and geopolitical uncertainties. While some regions, such as North America and Asia-Pacific, remain confident in the face of these challenges, others, particularly in Europe, are more cautious.

The expectations of an economic soft landing and favorable equity market in both 2023 and 2024 were possible due to the positive underpinnings of a healthy labor market, falling inflation, and a Fed pivot to rate cutting. In 2025, however, expectations are higher, policy shifts are underway, and several new factors that include tariffs, trade wars, budget deficits, long-term interest rates, and stock market valuation are primed to collide.