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As the Trump administration continues to roll out its sweeping tariff policy, the North American energy industry is working to address the effects of the President’s tariff strategy. The Trump administration intends to “unleash American energy,”¹ in part by imposing tariffs designed to remedy what the administration views as unfair trade practices and increase U.S. domestic energy production. The currently imposed and threatened tariffs will inevitably impact the energy industry and its consumers. The particularly relevant tariffs can be defined in two broad categories: (1) sectoral tariffs, in this case, imposed under Section 232 of the Trade Expansion Act of 1962, and (2) the country-specific and “reciprocal tariffs” that the Trump administration has imposed under the International Emergency Economic Powers Act.

Partner Lauren Collins will join a group of panelists to address ACORE on Thursday, July 17 at 2:00 pm ET on the wide-reaching impacts of the One Big Beautiful Bill Act (OBBB) on the clean energy sector.

In partnership with Tax Executives Institute and Thomson Reuters, Vinson & Elkins Partner Kathy Pakenham will join a panel to cover the latest news in tax and tariff policy in the United States.

On July 4, 2025, President Donald J. Trump signed the One Big Beautiful Bill Act (the “OBBBA”) into law. Congress passed the OBBBA through budget reconciliation, a special legislative process that allows Congress to advance certain tax, spending, and debt limit legislation with a simple majority vote in the Senate so long as the legislation does not increase the federal budget deficit outside a 10-year budget window.

On July 4, 2025, President Trump signed the “One Big Beautiful Bill Act” (H.R. 1 119^th Congress) (“OBBBA”) into law.

In the afternoon of June 16, 2025, the Senate Finance Committee (“SFC”) released its proposed legislative text of the tax title for the “One Big Beautiful Bill,” H.R. Con. Res. 14, 119th Cong. (2025) (the “Reconciliation Bill”).

After an intense 21-hour House Rules Committee markup, early in the morning of May 22, 2025, the House passed H.R. Con. Res. 14, 119^th Cong. (2025) (the “Reconciliation Bill”), which makes significant revisions to the Inflation Reduction Act (the “IRA”) provisions.

Early this morning, the House Ways and Means Committee (the “Ways and Means Committee”) approved its recently proposed markup of H.R. Con. Res. 14, 119th Cong. (2025) (the “Reconciliation Bill”).

The opening days of the 119th U.S. Congress have been marked with congressional action under the Congressional Review Act (CRA) to potentially invalidate regulations that were issued by the Internal Revenue Service (IRS) in the final days of the Biden administration.

On March 14, 2025, President Trump signed legislation disapproving the Environmental Protection Agency’s regulation implementing the Inflation Reduction Act’s tax on methane emissions from the oil and gas sector.

For more than twenty years, the North American Free Trade Agreement (“NAFTA”), and later, the United States‑Mexico-Canada Agreement (“USMCA”), have facilitated cross-border trade and investment among the United States, Mexico, and Canada through the elimination of virtually all financial barriers to trade.

On January 10, 2025, the Treasury Department (the “Treasury”) and the Internal Revenue Service (the “Service”) continued their flurry of new guidance by releasing IRS Notice 2025-10 (the “Notice”) concerning the clean fuel production credit available under section 45Z of the Internal Revenue Code of 1986, as amended (the “Code,” and such credit, the “Clean Fuel Production Credit”),¹ for certain clean fuels produced and sold between January 1, 2025 and December 31, 2027.²