President Trump’s Initial Executive Orders Signal Significant Regulatory and Policy Changes

For additional guidance on the Trump administration’s executive orders, visit our Regulatory/Administrative Tracker.

To download a compendium of our recent analysis, click here. 

Introduction

In his first weeks in office, President Trump issued a series of executive orders and presidential memoranda that aim swiftly to effectuate his Administration’s key policy and regulatory objectives across a number of areas and industries.

Paul, Weiss is launching an initiative to monitor these key developments. Paul, Weiss attorneys have served in cabinet-level and other senior positions across the last five administrations. This memorandum, which will be continually updated, provides a summary of key developments from this first week relating to cross-border M&A and national security, technology, energy and the environment, healthcare and pharmaceuticals, regulatory administration, DEI programs and employment, and immigration and border security. Paul, Weiss will provide updates to assist boards and management in navigating the rapidly changing regulatory and policy environment.

Cross-Border M&A and National Security

In his first weeks, President Trump issued a series of executive orders and presidential memoranda that affect cross-border M&A, international tax regimes, and the legal exposure of U.S. and non-U.S. companies operating across the globe.

America First Trade Policy

On January 20, 2025, President Trump issued a presidential memorandum entitled America First Trade Policy to members of his economic Cabinet, directing them to take a variety of measures “establishing a robust and reinvigorated trade policy.”[1] This memorandum outlines a set of policy priorities that are likely to be the focus of President Trump’s trade agenda during his second term.

Tariffs: Among other actions, the memorandum directs an investigation “of our country’s large and persistent annual trade deficits in goods, as well as the economic and national security implications and risks resulting from such deficits, and recommends appropriate measures, such as a global supplemental tariff or other policies, to remedy such deficits.” The memorandum directs agencies to “investigate the feasibility of establishing and recommend the best methods for designing, building, and implementing an External Revenue Service (ERS)” to collect foreign-trade-related revenues.

Unfair Trade Practices: The memorandum has a particular focus on “any unfair trade practices by other countries,” including “the impact of the USMCA [the United States-Mexico-Canada Agreement] on American workers, farmers, ranchers, service providers, and other businesses,“ and a directive to “review and assess the policies and practices of major United States trading partners with respect to the rate of exchange between their currencies.” There are currently seven economies on Treasury’s monitoring list for currency manipulation: China, Japan, Korea, Singapore, Taiwan, Vietnam, and Germany.

People’s Republic of China: The memorandum has a particular emphasis on the trade relationship between the United States and China. It directs a number of reviews relating to the U.S.-China relationship, including:

• Outbound Investment: A review led by the Secretary of the Treasury of the recent outbound-investment final rule, to determine whether it “includes sufficient controls to address national security threats.” The memorandum states that “The Secretary of the Treasury shall make recommendations based upon the findings of this review, including potential modifications to the Outbound Investment Security Program.”
• 301 Tariff Review: A review by the United States Trade Representative of existing Section 301 actions against China and a directive to “consider potential additional tariff modifications” with a focus on “industrial supply chains.”
• Trade Review: A review by the United States Trade Representative of the Economic and Trade Agreement between the U.S. and China and any “other acts, policies, and practices by the PRC that may be unreasonable or discriminatory and that may burden or restrict United States commerce.”
• Export Controls: A review by the Secretary of State and the Secretary of Commerce to “identify and eliminate loopholes in existing export controls.”
• Industrial Policy Review: A “full economic and security review” by the Secretary of Defense “of the United States’ industrial and manufacturing base to assess whether it is necessary to initiate investigations to adjust imports that threaten the national security of the United States,” including a specific directive to review steel and aluminum tariffs.
• Connected Vehicles: A directive to the Secretary of Commerce to review the “rulemaking by the Office of Information and Communication Technology and Services (ICTS) on connected vehicles” and “consider whether controls on ICTS transactions should be expanded to account for additional connected products.”

Key Takeaways: The impacts of the memorandum will become clearer as agencies begin to report back on the directives contained within it, but key takeaways for businesses include:

• Increased Tariffs: This memorandum set forth the prospect of increased tariffs. It remains to be seen whether those tariffs will be levied on regional neighbors (e.g., Canada and Mexico) as a tool for advancing other strategic goals, such as border security or combating the drug trade, on key national security sectors, or against competitors like China.
• S.-China Economic Relations: Companies with greater exposure to China face significant risks from potential new tariffs, effects on the yuan if China is redesignated a currency manipulator, potential new export controls, outbound investment controls, and the downstream effects of any rulemaking on connected products.

Global Tax Deal

On January 20, 2025, President Trump also signed a separate presidential memorandum directing the Secretary of the Treasury and the Permanent Representative of the United States to the Organization for Economic Cooperation and Development (OECD) to “notify the OECD that any commitments made by the prior administration on behalf of the United States with respect to the Global Tax Deal have no force or effect within the United States absent an act by the Congress adopting the relevant provisions of the Global Tax Deal.”[2] 

The global minimum tax agreement (referred to as “Pillar Two” of the Global Anti-Base Erosion Model Rules) establishes a 15% minimum global corporate tax rate and encourages countries to impose certain tax penalties on businesses that are taxed in jurisdictions that have not complied with Pillar Two. Although the corporate tax rate in the United States exceeds the Pillar Two minimum, the calculation of the tax base in the U.S. is not aligned with the OECD and thus there is the risk foreign countries may subject U.S. companies to higher taxes. To deter those measures, the memorandum directs the Secretary of the Treasury and the United States Trade Representative to “investigate whether any foreign countries are not in compliance with any tax treaty with the United States or have any tax rules in place, or are likely to put tax rules in place, that are extraterritorial or disproportionately affect American companies,” and to report on its findings and potential responses within 60 days.

Key Takeaways: At this juncture, the key takeaways for businesses are uncertain:

• Potential Tax Consequences: The tax consequences for businesses are unclear, as it is uncertain what tax measures foreign countries will take in response to this action and whether they will be deterred by the threat of U.S. tax retaliation.
• Potential Congressional Tax Action: The memorandum leaves open the possibility that Congress (which has yet to enact the Global Tax Deal) may take some action to comply with the tax deal. Paul, Weiss will continue closely to monitor developments in this space, including any potentially relevant tax provisions in a budget reconciliation bill being developed by Congress.

Designating Cartels as Foreign Terrorist Organizations

President Trump issued an executive order directing members of his cabinet to provide recommendations on “designating cartels and other organizations as foreign terrorist organizations and specially designated global terrorists.”[3] The Foreign Terrorist Organization (“FTO”) designation has traditionally been applied to terrorist organizations, like Al-Qaeda, Boko Haram, Hezbollah, and the Islamic State. While the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) has designated certain cartels as FTOs, the FTO designation could carry heightened civil and criminal risks for U.S. and foreign businesses and their executives that operate in areas where the designated cartels operate.

Key Takeaways: At this time, we do not know which cartels may be designated, if any. Key takeaways for businesses to consider are:

• Refreshing Risk Assessments: In the event of additional designations, U.S. and non-U.S. companies whose business operations may come into contact with FTOs should consider conducting or refreshing a risk assessment to identify potential areas of interaction with cartels, and associated individuals and businesses.
• Further Due Diligence: Companies should consider reviewing their due diligence policies and procedures to ensure that they are well-designed to detect higher risk activities that may involve FTOs. Financial-services firms should consider a risk-based approach to any designations and apply appropriate diligence in business sectors in which the designated cartels operate.

“Iron Dome for America” Missile Defense System

• On January 27, 2025, President Trump issued an executive order titled “The Iron Dome for America,” directing the Secretary of Defense to submit within 60 days an implementation plan for a “next-generation missile defense shield” and a plan, with the Director of the Office of Management and Budget, for funding that shield. [4] The Secretary of Defense is also directed to review existing “theater missile defense posture and initiatives” and identify ways to, among other things, “improve theater missile defenses of forward-deployed United States troops” and “increase and accelerate the provision of United States missile defense capabilities to allies and partners.”
• Key Takeaways: The scope and impact of President Trump’s order will become clear in the coming months as the Secretary of Defense develops a funding plan and proposed implementation plan for the new system.

Technology

In his first week, President Trump took several steps affecting the federal government’s approach to the regulation of technology, including artificial intelligence.

Artificial Intelligence

Recission of Prior AI Orders: On January 20, 2025, President Trump rescinded Executive Order 14110 on “Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence,” in which President Biden had issued a series of agency actions to provide guidance on AI, govern the federal government’s use of AI, and study risks from the technology.[5] Though many of the reporting obligations in that order are already complete, other measures – such as ongoing guidance, training, and risk-management practices – could be wound down absent a replacement order supporting those efforts.

AI Leadership: On January 23, 2025, President Trump issued an executive order on “Removing Barriers to American Leadership in Artificial Intelligence.”[6] That order includes a policy objective of “sustain[ing] and enhanc[ing] America’s AI global dominance in order to promote human flourishing, economic competitiveness, and national security.” The order states that the United States should “develop AI systems that are free from ideological bias or engineered social agendas.” The order directs senior White House staff to develop an “action plan” within 180 days.

Key Takeaways: While the full impact of these two orders remains uncertain, key takeaways for businesses include:

• Shifting AI Risk Priorities: The rescission of President Biden’s Executive Order 14110 marks a significant shift in AI risk priorities relevant to companies developing AI models. Many elements of the framework set out in the revoked AI Executive Order – including its emphases on risk management, bias prevention, consumer protection, privacy and civil liberties, workforce development, and international coordination – are absent from the AI order issued by President Trump.
• Evolving Federal Contracting Rules: In light of shifting federal AI policy, vendors using or offering AI technology in federal contracts should carefully review any changes to federal contracting requirements regarding AI. Likewise, companies developing or commercializing AI technologies should closely monitor the action plans directed by the AI executive order.
• Focus on AI Infrastructure: The Trump Administration has signaled its focus on developing domestic AI infrastructure. On January 21, 2025, President Trump introduced the “Stargate” AI infrastructure project at the White House, with leadership from SoftBank, OpenAI, Oracle and MGX.[7] The Trump Administration has not acted to rescind the Department of Commerce’s interim final rule, issued on January 13, 2025, which revised certain export controls on advanced computing integrated circuits and added new export controls on AI model weights for certain dual-use frontier AI models.[8]

Online Platform Moderation

On January 20, 2025 President Trump signed an executive order on Restoring Freedom of Speech and Ending Federal Censorship, which announced the policy of the United States to “ensure that no Federal Government officer, employee, or agent engages in or facilitates any conduct that would unconstitutionally abridge the free speech of any American citizen,” ensure that “no taxpayer resources are used” for such activities, and identify and take action to “correct past misconduct by the Federal Government related to censorship of protected speech.”[9] Federal agencies and officials are prohibited from using resources contrary to those principles. Additionally, the U.S. Attorney General is tasked with investigating “the activities of the Federal Government over the last 4 years that are inconsistent with the purposes and policies of this order” and preparing a report with recommendations for remedial actions.

Cryptocurrency and Blockchain

In his first week, President Trump took significant action affecting the federal government’s approach to the regulation of cryptocurrency and blockchain.

Digital Financial Technology Order: On January 23, 2025, President Trump signed an executive order on Strengthening American Leadership in Digital Financial Technology.[10] The order declared the Administration’s policy “to support the responsible growth and use of digital assets,” including cryptocurrencies, and “blockchain technology, and related technologies across all sectors of the economy,” including by protecting the ability to access and use “for lawful purposes open public blockchain networks without persecution,” and “protecting and promoting fair and open access to banking services.” The executive order established the President’s Working Group on Digital Asset Markets, which is tasked with reviewing agencies’ regulations, guidance documents, and orders affecting the digital asset sector for potential modification and rescission. The group is directed to prepare a report to recommend “a [f]ederal regulatory framework governing the issuance and operation of digital assets, including stablecoins,” as well as an evaluation of “the potential creation and maintenance of a national digital asset stockpile.”

The executive order also rescinded the Biden Administration’s Executive Order 14067 (which directed several studies about potential digital asset regulation), and it directed the rescission of the Department of the Treasury’s Framework for International Engagement in Digital Assets (which sought to pursue digital asset governance issues in international forums). The order also specifically prohibits agency action to “establish, issue, or promote” Central Bank Digital Currencies – that is, “a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the central bank” – and terminates any ongoing efforts to do so.

SEC Crypto Task Force: On January 23, 2025, the SEC rescinded Staff Accounting Bulletin No. 121, which required companies to list crypto-assets held on users’ behalf as liabilities on their balance sheets.[11] On January 21, 2025, Acting SEC Chairman Mark Uyeda also announced a crypto task force, led by SEC Commissioner Hester Peirce, to “help the Commission draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously.”[12]

Key Takeaways: The Trump Administration’s actions illustrate a focus on expanding the growth of digital financial technology and “eliminating regulatory overreach on digital assets.”[13] Among the key takeaways for businesses:

• The executive order signals an effort to impose a lighter regulatory burden on digital assets, although the regulatory framework likely will not be certain until the Working Group’s report has been finalized.
• The executive order marks an end to federal government support for Central Bank Digital Currencies, which had been supported by the Biden Administration.

Energy and the Environment

On January 20, 2025, President Trump issued a number of executive orders effectuating the federal government’s policies on energy and the environment, both at home and abroad.

International Environmental Agreements: On January 20, President Trump issued an executive order, entitled Putting America First in International Environmental Agreements, announcing “the policy of [the new] Administration to put the interests of the United States and the American people first in the development and negotiation of any international agreements with the potential to damage or stifle the American economy.”[14] The order directs the U.S. Ambassador to the United Nations to “immediately submit formal written notification” to the Secretary-General “of the United States’ withdrawal from the Paris Agreement under the United Nations Framework Convention on Climate Change” (“UNFCCC”). That withdrawal does not become effective until at least one year after the notice of withdrawal is received. In addition, the executive order requires the U.S. Ambassador “immediately [to] submit written formal notification” to the relevant party “of the United States’ withdrawal from any agreement, pact, accord, or similar commitment” made under the UNFCCC. Critically, the order does not withdraw the United States from the UNFCCC itself—the underlying framework for global climate cooperation.

Domestic Energy Activities: On January 20, President Trump issued two executive orders to encourage domestic energy production and expand domestic energy infrastructure. The first order, Declaring a National Energy Emergency, empowers agencies to “identify and use all relevant lawful emergency and other authorities” to “complet[e] all authorized and appropriated infrastructure, energy, environmental, and natural resources projects” and to “facilitate the supply, refining, and transportation of energy” in the Northeast, West, and Alaska.[15] Although the order draws authority from the National Emergencies Act, it also encourages reliance on federal eminent domain authorities and authorities under the Defense Production Act to achieve this objective. The second order, Unleashing American Energy, requires agencies to review all agency action “to identify those . . . that impose an undue burden on the identification, development, or use of domestic energy resources.”[16] It establishes a one-month deadline to “develop and begin implementing action plans to suspend, revise, or rescind” “unduly burdensome” agency actions. Simultaneously, the order directs the Council on Environmental Quality to “propose rescinding” its National Environmental Policy Act regulations to expedite the permitting of energy projects.

Electric Vehicles and Renewable Energy: President Trump’s executive orders have sweeping implications for the electric vehicle and renewable energy industries. Unleashing American Energy eliminates the electric-vehicle mandate and state emissions waivers, and “immediately” halts the disbursement of Inflation Reduction Act and Infrastructure Investment and Jobs Act funding to programs that contravene the domestic energy exploration-and-production policy outlined in the order.[17] A separate memorandum issued on January 20, “withdraw[s] from disposition for [new or renewed] wind energy leasing all areas within the Offshore Continental Shelf” and imposes a moratorium on permitting for “onshore or offshore wind projects,” at least until the completion of a “comprehensive assessment and review of [f]ederal wind leasing and permitting practices.” [18]

State-Specific Directives: On January 20, 2025, President Trump issued an executive order, entitled Unleashing Alaska’s Extraordinary Resource Potential, that announces “the policy of the United States” to “efficiently and effectively” develop and produce natural resources in Alaska; “expedite the permitting and leasing” of energy projects in Alaska; and “prioritize the development of Alaska’s liquified natural gas (LNG) potential.”[19] Pursuant to that policy, the order directs all agency heads to revise or rescind all agency actions limiting the development and production of natural resources in Alaska. It also restores canceled oil and gas leases within the Arctic National Wildlife Refuge.

Key Takeaways: The impacts of President Trump’s executive actions will become clear in the coming weeks and months as agencies take up the mantle of implementing the new Administration’s energy policies. At this stage, the key takeaways for businesses include:

• Fossil-Fuel Industry: Together, the executive actions reduce regulation restricting domestic energy production and reduce environmental permitting requirements for that production.
• Renewable Energy: The executive actions terminate federal government support for the development of electric vehicles and other green energy, such as wind. But the executive actions do not affect the rights of existing wind energy leases or eliminate investment tax credits and production tax credits for eligible projects (including the credits available under Sections 45Y and 48E for wind and solar projects).

Healthcare and Pharmaceuticals

In his first weeks in office, President Trump issued a series of executive orders impacting the healthcare and pharmaceutical sector, as well as public health.

Healthcare: On January 20, 2025, President Trump rescinded several executive orders issued by the Biden Administration related to healthcare pricing and spending.[20] The rescinded orders include one directing the Center for Medicare and Medicaid Innovation to test new models to reduce drug costs, under which the agency had developed plans to cap prescription drug prices, expand access to cell and gene therapies, and promote accelerated FDA approval of certain new therapies.[21]^{, [22]} Other rescinded orders included those establishing certain responses to the COVID-19 pandemic,[23] and expanding eligibility and enrollment periods for health insurance under the Affordable Care Act.[24] On January 29, 2025, President Trump issued an executive order stating that the federal government will not “fund, sponsor, promote, assist, or support” gender-affirming care for individuals under 19 years of age.[25]

Public Health: On January 20, 2025, President Trump issued an executive order withdrawing the United States from the World Health Organization (“WHO”).[26] Per the WHO’s governing rules, that notice of withdrawal will take effect twelve months later, in January 2026. However, President Trump has subsequently indicated openness to rejoining WHO if the organization makes certain operational changes.[27] The administration also directed the Department of Health and Human Services to pause all public communications regarding public health issues, including regular publications and advisories issued by agencies such as the Centers for Disease Control and Prevention.[28] Media reporting suggests that pause will end on February 1, 2025, and the President’s nominee for HHS Secretary has said “[t]here are exceptions for announcements” deemed “mission critical.”[29]

Key Takeaways: These actions suggest that the Trump Administration is moving quickly to set new priorities for healthcare spending, pharmaceuticals, and public health policy. While those new priorities take shape, near-term impacts may include:

• Delays in funding for recipients of grants from the National Institutes of Health, Food & Drug Administration, and other agencies within HHS.
• Limited updates to federal health databases and incident alerts.
• Changes to health insurance coverage for patient populations enrolled under the Affordable Care Act.
• Changes to procedures covered under Medicare, Medicaid, and federal employee insurance programs.

Regulatory Administration

In his first weeks, President Trump issued multiple executive orders focused on regulatory administration, including an Order freezing the promulgation of all new regulations. President Trump also rescinded multiple Executive Orders that could affect how agencies promulgate rules during his Administration.

Regulatory Freeze: On January 20, 2025, President Trump issued an executive order directing “all executive departments and agencies” to take multiple steps to temporarily stop the issuance of all new regulations and possibly extend effective dates for issued – but not yet effective – rules.[30] This order is consistent with action taken by prior Presidents, including President Biden.[31]

This order directs all agencies and departments to refrain from “propos[ing] or issu[ing] any rule in any manner . . . until a department or agency head appointed or designated by [President Trump] reviews and approves the rule,” and further directs all agencies and departments to “[i]mmediately withdraw any rules that have been sent to the [Office of the Federal Register] so that they can be reviewed and approved” as provided above. Furthermore, the order further provides that all agencies and departments should “consider postponing for 60 days . . . the effective date for any rules that have been published in the Federal Register, or any rules that have been issued in any manner but have not taken effect, for the purpose of reviewing any questions of fact, law, and policy that the rules may raise.” During this 60-day time period, these agencies and departments should “consider opening a comment period to allow interested parties to provide comments about issues of fact, law, and policy raised by the rules postponed under this memorandum, and consider reevaluating pending petitions involving such rules.”

Rescission of Regulatory Executive Orders: On January 20, President Trump rescinded a number of executive orders issued by President Biden related to regulatory administration.[32]

As relevant here, President Trump rescinded:

• Executive Order 13992, which itself had rescinded various regulatory reforms from the first Trump Administration.[33] Most notably, President Trump reinstated an executive order which had required that “whenever an executive department or agency [ ] publicly proposes for notice and comment or otherwise promulgates a new regulation, it shall identify at least two existing regulations to be repealed,” and further obligated that each agency shall “identify, for each regulation that increases incremental cost . . . the agency’s best approximation of the total costs or savings associated with each new regulation or repealed regulation.”[34] The rescission of Executive Order 13992 also reinstated executive orders on: 1) implementing regulatory reforms, 2) limiting the number of federal advisory committees, 3) limiting the use or legal effect of agency guidance documents, 4) instituting a policy that “[n]o person should be subjected to a civil administrative enforcement action or adjudication absent prior public notice,” and 5) offsetting budgetary costs of discretionary agency actions.
• Executive Order 14094, which had implemented various changes to “modernize the regulatory process.”[35] These changes included increasing the monetary threshold for “significant regulatory action,” specifying ways that “regulatory actions should be informed by input from interested or affected communities,” and providing that regulations “shall recognize distributive impacts and equity.”

Congressional Review Act: In addition to the regulatory changes directed by executive order, President Trump and the 119th Congress may nullify regulations that were promulgated by federal agencies at the end of the Biden Administration under the Congressional Review Act (“CRA”). Under the CRA, federal agencies must submit new regulations to Congress before those rules can take effect. Congress then has 60 days to rescind those rules by enacting a joint resolution of disapproval via simple majority in each chamber. A rule that has been rejected through this process “shall have no force or effect” and “may not be reissued in substantially the same form” nor may “a new rule that is substantially the same as such a rule . . . be issued.”[36] With Republicans in control of both the House and Senate, President Trump has the ability to nullify many of the previous Administration’s regulations.

DOGE: On January 20, 2025, President Trump issued an executive order entitled Establishing and Implementing the President’s “Department of Government Efficiency,” commonly referred to as “DOGE.”[37] The order creates DOGE by “renam[ing]” the United States Digital Service as the “United States DOGE Service” and declaring it “established in the Executive Office of the President.” The USDS Administrator “shall report to the White House Chief of Staff” and “within USDS,” there will be established “a temporary organization known as ‘the U.S. DOGE Service Temporary Organization,’” which will be terminated on July 4, 2026. The order states that the mission of DOGE is “modernizing [f]ederal technology and software to maximize efficiency and productivity” and stated that it shall undertake an initiative to “improve the quality and efficiency of government-wide software, network infrastructure, and information technology (IT) systems.” 

Federal Hiring Freeze: On January 20, 2025, President Trump issued an executive order instituting a “freeze on the hiring of Federal civilian employees, to be applied throughout the executive branch.”[38] Specifically, the order provides that the Office of Management and Budget (OMB), in consultation with the Office of Personnel Management and DOGE, “shall,” within 90 days, “submit a plan to reduce the size of the Federal Government’s workforce through efficiency improvements and attrition.” With the exception of the IRS, the hiring freeze will end “upon issuance of the OMB plan.” Regarding the IRS, the freeze will remain until the Treasury Department, in consultation with OMB and DOGE, determines “that it is in the national interest to lift the freeze.” The freeze does not apply to “military personnel of the armed forces or to positions related to immigration enforcement, national security, or public safety.”

In-Person Work: On January 20, 2025, President Trump issued a memorandum directing the “[h]eads of all departments and agencies” to “take all necessary steps to terminate remote work arrangements and require employees to return to work in-person at their respective duty stations on a full-time basis,” subject to “necessary” exemptions.[39]

Federal Funding Freeze: On January 27, 2025, the Office of Management and Budget issued a memorandum temporarily pausing federal grants, loans, and other financial assistance programs.[40] Impacted programs included NIH research grants and some clean energy grants, but other programs including Social Security, Medicare, and federal student loans and Pell grants were not frozen. A federal court enjoined the order on January 28, 2025, before the memorandum was due to take effect, and on January 29, 2025, OMB rescinded the order.[41]

Key Takeaways: The series of government-wide actions demonstrates the new administration’s willingness to leverage funding and administrative tools to pursue its policy goals.

DEI Programs and Employment

As we noted in greater detail in a recent client memorandum, in his first week, President Trump issued a number of executive orders to eliminate diversity, equity and inclusion programs and policies and to protect “single-sex spaces and activities designed for women.”[42] 

DEI: On January 21, 2025, President Trump issued an executive order entitled Ending Illegal Discrimination and Restoring Merit-Based Opportunity.[43] This order states that it is the “policy of the United States . . . to promote individual initiative, excellence, and hard work,” and orders all executive departments and agencies “to terminate all discriminatory and illegal” DEI policies and practices in the federal government.

In addition to revoking several prior executive orders regarding federal DEI policies, the order impacts federal contractors, the private sector, and educational institutions:

• Federal contractors: The order revokes Executive Order 11246, which required equal opportunity and nondiscrimination in government contracting, and directs the Office of Federal Contract Compliance Programs to stop “promoting diversity.” The order requires every recipient of a government contract or grant award to “certify that it does not operate any programs promoting DEI that violate any applicable Federal anti-discrimination laws,” and gives federal contractors 90 days (by April 21, 2025) to become compliant.
• Private sector: The order directs the Attorney General to “encourage the private sector to end illegal discrimination and preferences.” To that end, the order directs the Attorney General to submit a report within 120 days with a list of the “most egregious and discriminatory DEI practitioners in each sector of concern” and a “proposed strategic enforcement plan,” including identifying potential investigations, litigation and regulatory action.
• Educational institutions and agencies: The order directs the Attorney General and Secretary of Education to issue guidance within 120 days to educational entities that receive federal funds or grants or participate in the federal student loan assistance programs regarding measures to end race-based affirmative action programs in university admissions.

Executive Order on Gender: On January 20, 2025, President Trump issued an executive order specifically addressing gender, titled Defending Women From Gender Ideology Extremism And Restoring Biological Truth To the Federal Government.[44] The Order states that it is now “the policy of the United States to recognize two sexes, male and female” and directs the Executive Branch to enforce “sex-protective” laws to promote this policy. The order directs the Secretary of Health and Human Services to provide “public clear guidance expanding on the sex-based definitions” and directs the Attorney General and federal agencies to: (1) immediately issue guidance effectuating this new federal policy eliminating legal recognition and protections on the basis of transgender, nonbinary and intersex status; and (2) “prioritize investigations and litigation” to enforce the new policy.

Key Takeaways: These orders suggest that private-sector enforcement will be a priority in the near term. While these orders do not require immediate action from the private sector (with the exception for federal contractors), businesses and private employers can expect increased scrutiny of DEI policies and programs and should carefully review their policies and programs to mitigate risks, including:

• For federal government contractors, immediate review of programs and policies to ensure that they “[do] not operate any programs promoting DEI that violate any applicable Federal anti-discrimination laws,” with compliance required by April 21, 2025;
• Review of DEI policies and programs, particularly those that provide any benefit or priority on the basis of race or another protected category, to address the risk of impending investigations and litigation;
• Review of hiring, promotion, and compensation policies to ensure equal opportunity; and
• Review of gender identity-based policies and practices to ensure compliance with the executive order on gender and any subsequent guidance.

Immigration and Border Security

In his first week, President Trump issued a series of Executive Orders that affect immigration policy and border security.

Immigration and Citizenship: The Trump Administration has taken several steps to limit immigration and increase enforcement of existing laws.[45] These measures include increased vetting requirements for visa applicants; identifying “any actions necessary” to be taken against foreign nationals “who provide aid, advocacy, or support for foreign terrorists,”[46] restricting entries at the southern border,[47] and resuming certain migration policies from the first Trump Administration.[48] President Trump also issued an executive order restricting the scope of birthright citizenship, including by denying citizenship to children born in the United States to parents with temporary work visas.[49] That order was temporarily enjoined by a federal district court on January 23, 2025, and is subject to ongoing litigation in other venues.

Border Security: On January 20, 2025, President Trump declared a “national emergency . . . along the southern border of the United States”[50] and issued an executive order directing the Armed Forces to “prioritize the protection of the sovereignty and territorial integrity of the United States along our national borders.”[51] Together, these two actions direct the Secretaries of Defense and Homeland Security to deploy additional troops to the southern border, build additional physical barriers, and use other means to secure the border.

Key Takeaways: At this stage, the key takeaways for businesses, though uncertain, include:

• Impacts on Global Business: Businesses may experience delays in visas for foreign workers, as well as increased wait times and heightened scrutiny at ports of entry.
• Impacts on Higher Education: Universities will need to address the immigration status of foreign students, researchers, and faculty, including immigration enforcement efforts on campuses.

Paul, Weiss Will Continue to Monitor Developments

In this period of significant and accelerated regulatory change, Paul, Weiss is closely monitoring new executive actions to help our clients navigate the rapidly changing regulatory environment. This overview will be continually updated by Paul, Weiss to inform the business community about key executive actions carried out by the Trump Administration and discuss their commercial and other implications.

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[1]       Presidential Memorandum, America First Trade Policy (January 20, 2025), available here.

[2]       Presidential Memorandum, The Organization for Economic Co-operation and Development (OECD) Global Tax Deal (Global Tax Deal) (January 20, 2025), available here.

[3]       Executive Order, Designating Cartels And Other Organizations As Foreign Terrorist Organizations And Specially Designated Global Terrorists (January 20, 2025), available here.

[4]       Executive Order, The Iron Dome for America (January 27, 2025), available here.

[5]       Executive Order, Initial Rescissions of Harmful Executive Orders and Actions (January 20, 2025), available here.

[6]       Executive Order, Removing Barriers to American Leadership in Artificial Intelligence (January 23, 2025), available here.

[7]       Josh Boak & Zeke Miller, Trump Highlights Partnership Investing $500 Billion in AI, Associated Press (January 22, 2025), available here.

[8]       Department of Commerce, Bureau of Industry and Security, Framework for Artificial Intelligence Diffusion (January 13, 2025), available here.

[9]       Executive Order, Restoring Freedom of Speech and Ending Federal Censorship (January 20, 2025), available here.

[10]     Executive Order, Strengthening American Leadership in Digital Financial Technology (January 23, 2025), available here.

[11]     U.S. Securities & Exchange Commission, Release No. SAB 122, available here.

[12]     U.S. Securities & Exchange Commission, Press Release: SEC Crypto 2.0: Acting Chairman Uyeda Announces Formation of New Crypto Task Force, Release 2025-30 (January 21, 2025), available here.

[13]     The White House, Fact Sheet: Executive Order to Establish United States Leadership in Digital Financial Technology (January 23, 2025), available here.

[14]     Executive Order, Putting America First in International Environmental Agreements (January 20, 2025), available here.

[15]     Executive Order, Declaring a National Energy Emergency (January 20, 2025), available here.

[16]     Executive Order, Unleashing American Energy (January 20, 2025), available here.

[17]     Office of Management and Budget Memorandum, Memorandum to the Heads of Departments and Agencies, (January 21, 2025), available here.

[18]     Presidential Memorandum, Temporary Withdrawal Of All Areas On The Outer Continental Shelf From Offshore Wind Leasing And Review Of The Federal Government’s Leasing And Permitting Practices For Wind Projects (January 20, 2025), available here.

[19]     Executive Order, Unleashing Alaska’s Extraordinary Resource Potential (January 20, 2025), available here.

[20]     Executive Order, Initial Rescissions of Harmful Executive Orders and Actions (January 20, 2025), available here.

[21]     Executive Order, Lowering Prescription Drug Costs for Americans (October 19, 2022), available here.

[22]     Centers for Medicare and Medicaid, A Report in Response to the Executive Order on Lowering Prescription Drug Costs for Americans (2023), available here.

[23]     Executive Order, Establishing the COVID-19 Pandemic Testing Board and Ensuring a Sustainable Public Health Workforce (January 26, 2021), available here.

[24]     Executive Order, Strengthening Medicaid and the Affordable Care Act (February 2, 2021), available here.

[25]     Executive Order, Protecting Children from Chemical and Surgical Mutilation, (January 29, 2025), available here.

[26]     Executive Order, Withdrawing the United States from the World Health Organization (January 20, 2025), available here.

[27]     Reuters, Trump Says He May Consider Rejoining World Health Organization (January 25, 2025), available here.

[28]     Washington Post, Trump Officials Pause Health Agencies’ Communications, Citing Review (January 21, 2025), available here.

[29]     Washington Post, Health Researchers Alarmed As Trump Administration Pauses Travel, Communications (January 23, 2025), available here.

[30]     Executive Order, Regulatory Freeze Pending Review (January 20, 2025), available here.

[31]     Memorandum, Memorandum for The Heads of Executive Departments and Agencies (January 20, 2021), available here.

[32]     Executive Order, Initial Rescissions Of Harmful Executive Orders And Actions (January 20, 2025), available here.

[33]     Executive Order, Revocation Of Certain Executive Orders Concerning Federal Regulation (January 20, 2021), available here.

[34]     Executive Order, Reducing Regulation and Controlling Regulatory Costs (January 30, 2017), available here.

[35]     Executive Order, Modernizing Regulatory Review (April 6, 2023), available here.

[36]     5 U.S.C. §§ 801(a)(5)(b)(2), 802(a).

[37]     Executive Order, Establishing And Implementing The President’s “Department Of Government Efficiency” (January 20, 2025), available here.

[38]     Executive Order, Hiring Freeze (January 20, 2025), available here.

[39]     Presidential Memorandum, Return To In-Person Work (January 20, 2025), available here.

[40]     Memorandum for Heads of Executive Departments and Agencies, Office of Management and Budget (January 27, 2025), available here.

[41]     Washington Post, Trump White House Reverses Course, Rescinds Freeze on Federal Grants (January 29, 2025), available here.

[42]     President Trump Issues Executive Orders Targeting DEI Programs and Gender Identity-Based Legal Protections, Paul, Weiss (January 24, 2025), available here.

[43]     Executive Order, Ending Illegal Discrimination And Restoring Merit-Based Opportunity (January 21, 2025), available here.

[44]     Executive Order, Defending Women From Gender Ideology Extremism And Restoring Biological Truth To the Federal Government (January 21, 2025), available here.

[45]     Executive Order, Protecting The American People Against Invasion (January 20, 2025), available here.

[46]     Executive Order, Protecting The United States From Foreign Terrorists And Other National Security And Public Safety Threats (January 20, 2025), available here.

[47]     Presidential Proclamation, Guaranteeing The States Protection Against Invasion (January 20, 2025), available here.

[48]     Executive Order, Securing Our Borders (January 20, 2025), available here.

[49]     Executive Order, Protecting The Meaning And Value Of American Citizenship (January 20, 2025), available here.

[50]     Presidential Proclamation, Declaring A National Emergency At The Southern Border Of The United States (January 20, 2025), available here.

[51]     Executive Order, Clarifying The Military’s Role In Protecting The Territorial Integrity Of The United States (January 20, 2025), available here.