Healthcare and life sciences organisations have long operated in a competitive global environment, serving patients across borders but often remaining insulated from the geopolitical tensions affecting other industries. That era is coming to an end. As governments increasingly view healthcare through the lenses of national security, economic resilience and strategic autonomy, companies are facing new challenges around tariffs, supply chains, investment, market access, compliance and data governance.

In this briefing we explore the forces reshaping the sector and examine how businesses can build resilience, seize emerging opportunities and navigate an increasingly fragmented and uncertain global landscape.

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Last week, the US administration imposed a raft of new tariffs on 59 countries and the European Union, citing their failure to impose or effectively enforce a prohibition on the import of goods produced with forced labour. The tariffs, which range from 10% to 12.5%, became effective on 24 July. They were imposed just as the US administration's global 10% tariffs, imposed under Section 122 of the Trade Act 1974, expired.

This briefing covers the legal basis for these tariffs (namely Section 301 of the Trade Act 1974), which countries are affected, which goods are exempted and practical steps businesses should be taking.

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Foreign direct investment (FDI) and national security screening is now a central feature of global M&A deals. As geopolitical and trade tensions rise, governments are increasingly focused on protecting critical technologies and strategic capabilities.

In this briefing, we examine how review timelines are lengthening, more deals are subject to remedies, and some are being blocked altogether – even those involving traditionally friendly jurisdictions. We also look at the evolving regulatory landscape, from new screening regimes and the EU’s updated framework to an evolving US approach to the Committee on Foreign Investment in the United States (CFIUS) and outbound investment controls.

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A backdrop of conflicts, continued resource nationalism, as well as significant and sudden policy changes in countries previously considered safe and stable, means businesses face an array of risks when conducting business across borders, from expropriation of assets to trade disruption and war. In this briefing we look at how companies can protect themselves when they invest overseas.

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Demand for critical minerals – essential for high tech, energy and defence applications – is high, yet production is concentrated in a limited number of countries, leaving supply chains vulnerable to disruption and price volatility. Recent geopolitical developments, including the Iran conflict and Chinese export restrictions, have underscored these risks and the strategic importance of diversifying supply. In response, governments are stepping up policy and financial support for critical minerals investment, recognising that market economics often render these capital-intensive projects unviable without public intervention.

In this briefing, we explore the different government policies and initiatives for financing critical minerals projects in key jurisdictions.

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Over the past year, outbound investment controls out of Washington DC have affected deal structures, diligence, investment approvals and portfolio management, especially in the Asia Pacific region. Now, with the US's outbound investment regulations set to broaden, we explore how the Outbound Investment Security Programme has been enacted so far and what might be about to change in light of the December 2025 COINS Act. We also provide an update on US sanctions developments.

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Today, the U.S. Supreme Court issued its opinion in Learning Resources, Inc. v. Trump, holding that the President cannot use the International Emergency Economic Powers Act ("IEEPA") to impose tariffs. The opinion has profound implications, affirming congressional primary authority over tariffs, and eliminating the most expansive tariffs imposed by President Trump in 2025. But this is not the end of the story. Whether and how refunds will be issued remains an open question, and the President has already indicated in remarks following the decision that the Administration will use other tariff powers to deal with the perceived trade imbalances and unfair trading practices that it had used IEEPA to address.

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Global trade and investment are undergoing dramatic change. Geopolitical and regulatory developments are fast-moving and often unpredictable. Over the past few months, the Trump administration has made the most sweeping US tariff changes in decades. At the same time sanctions, export controls, investment screening and regulatory developments are increasingly influenced by national security, trade and industrial policy objectives – with important implications for all businesses engaged in cross-border activities.

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