The America First Agenda

The America First Investment Policy (issued by the Trump Administration of February 21, 2025) states the core tenets of the Trump Administration’s approach to investment and trade. America First prioritizes U.S. production and investment, and is committed to derisking exposure of strategic sectors to adversary actors, particularly actors associated with the PRC.

• The America First agenda aims to reset global relationships in a way that the Administration understands as more favorable to U.S interests, signals rollback of U.S. support for globalized investment and trade, and is acceptant of disruption to U.S. and global markets as necessary to realign the operating environment with the tenets of the America First agenda.
• The America First Investment Policy states that economic security equals national security and reflects a commitment to using all elements of U.S. national power (including both carrots and sticks) to secure favorable trade and investment terms.  
• Among the carrots, the Policy commits to creating “fast tracks” for friendly and advantageous inbound and outbound investment and transactions. Incentives also include tax credits and rate reductions for U.S. production and reshoring.
• The sticks include commitment to use all policy tools to prevent exploitation of U.S. technology, data, capital, infrastructure, industries, and know-how by foreign adversary actors and their partner companies and agents (often located in third countries).  The Administration also will use tariffs and other measures to secure terms it understands to be favorable for U.S. industry, workers, and interests.
• The America First agenda will assert intersecting policies and authorities (including, among others, CFIUS, Team Telecom, Outbound Investment, Bulk Sensitive Data Rule, PFACA, ICTS, Data Center Validated End Use, Foreign Direct Product Rules, and tariffs, among others) to prevent foreign adversary exploitation and secure advantageous trade and investment terms.  
• To be clear, the Administration supports and will promote transnational deals and business that create wins consistent with the tenets of the America First agenda.    
• Non-U.S. actors will implement countermeasures to secure their own equities. 

What Does the America First Agenda Mean for Investors and Industry?

• Investors: Both inbound and outbound U.S. investments will be scrutinized for direct or vicarious adversary (and particularly PRC) connection (geographic, beneficial ownership, control, capital, third party relationships, technology, data, etc.) that could provide exploitable access to or control of technology, data, capital, infrastructure, industries, supply/critical material chains, or know-how. Where a connection plus an exploitable interest is identified, the transaction likely either will be blocked or subject to significant (but concrete and time bound) risk reduction measures.
• Industry: Policy tools will be applied across the spectrum of export, import, supply chain, data, and technology transactions and relationships with the aim of securing the America First Agenda.  Particular focus/impact will include strategically sensitive:
  • Companies and industries (e.g., critical technology such as biotech, AI, and semiconductors; telecommunication and infrastructure; sensitive/bulk data),
  • Transactions (e.g., non-U.S. data centers containing high end GPUs; storage/access/processing of U.S. sensitive data; supply chain for U.S. digital infrastructure and connected devices; security review of non-U.S. software, telecommunications, and related services), and
  • Supply chains (e.g., rare elements; energy; IT).
• Bottom Line: Investors and industry will experience increased policy complexity in transnational movement of capital, technology, commodities, information, and people.

How Can Investors and Industry Respond to Navigate the America First Agenda?

• Investors: Build and integrate risk-responsive capabilities into transaction diligence, assessment, design, and execution to comply with “America First” policy.
• Industry: All sectors need to re-evaluate strategy organization, operations and third-party relationships in context of the America First agenda.  Strategically sensitive enterprises in particular will need to consider proactive strategies to build resilience and de-risk transnational relationships, organization, and strategies.
• Bottom Line: All investors and industries will have to navigate America First policy complexity.  Investors and industries that develop and implement agile strategies, capabilities, and transformation addressing America First considerations will streamline navigation of these complexities, gaining market advantage and opportunity.   

A&M's America First Risk Advisory Solutions

How A&M Can Help with America First Risk Advisory Solutions

A&M is the market leader in developing and implementing strategic agility to help investors, industry, and their advisors achieve advantage in the context of market and policy complexity and change. America First Risk Advisory solutions integrate interdisciplinary, cross functional teams (including experts in e.g., National Security, Trade and Technology; Tax and Customs; Supply Chain; Digital Infrastructure; Global Cyber Risk; Information Governance and Security; Transaction Advisory, Strategy and Performance Improvement, Data Analytics, Econometric Analysis; Enterprise and Digital Transformation, etc.) to help investors, enterprises, and professional advisors understand, decide, and act to adapt strategy, organizations, and relationships in a complex, dynamic policy environment.

A&M’s technology-assisted America First Risk Advisory solutions include:

• Diligence: “Plug and play”, industry-tailored diligence that helps investors, industry, and professional advisors quickly identify and understand America First-related risks that apply to transaction or organization parties, relationships, and strategically-sensitive equities.  Specific America First Risk Diligence solutions include (among others):
  • Counterparty Diligence
  • Industry/Technology/Data/Infrastructure Strategic Sensitivity Diligence
  • Technology, Data, and Commodity Classification
  • Supply Chain Risk Diligence
  • Tax, Customs, and Tariffs Exposure Diligence
• Assessment: Focused, efficiently-implemented assessments that help investors, industry, and professional advisors define and quantify identified America First-related risks, develop strategic options, and decide on optimal courses of action. Specific America First Risk Assessment solutions include (among others):
  • Strategy and Transaction Risk Assessment and Mitigation Design
  • Third Party Risk Management Assessment
  • Enterprise Security/Compliance Gap Assessment
  • Data/System Governance Assessment
  • Enterprise Cybersecurity Assessment
  • Supply Chain Integrity/Resilience Assessment
  • Tax, Customs, and Tariffs Optimization Assessment  
  • Economic, Financial, and Budget Assessment and Planning
• Reduction and Assurance: Tailored, agile, and trusted risk reduction and assurance solutions that help investors, industry, and professional advisors build capabilities and implement controls that reduce and assure mitigation of America First-related risks.  Specific America First Risk Reduction and Assurance solutions include:
  • America First Transaction Risk Mitigation Controls
  • Enterprise Security and Compliance Program Implementation
  • Independent Security and Compliance Assessments, Audits, and Oversight
  • Technology and Data Center Security Programs
  • Sensitive Information Governance and Security Programs
  • Supply Chain Re-engineering and Risk Reduction
  • Duty Drawback
  • Tax, Customs, and Tariffs Optimization Implementation
  • Project Management Office and Change Management Integration