New global trade, tax and security rules take effect from January 1
A significant wave of new international regulations covering trade, taxation, and security is set to come into force on January 1, affecting commerce and policy in the EU, US, China, and beyond. The changes span carbon pricing, consumer safety, cryptocurrency, and data security.
Major EU reforms on carbon, safety, and currency
The European Union will launch its Carbon Border Adjustment Mechanism (CBAM), imposing a carbon tax on imports of steel, cement, aluminum, fertilizers, and hydrogen. Simultaneously, a stringent new toy safety regulation will ban hazardous chemicals and require digital product passports. In a notable monetary shift, Bulgaria will adopt the euro, expanding the eurozone to 21 members.
US tax changes and expanded travel restrictions
In the United States, new tax measures from the "One Big Beautiful Bill" will take effect, including a revised cap on state and local tax deductions and a new 1% tax on certain international cash transfers. The country will also significantly expand its travel ban list, adding several nations, while eliminating tax incentives for home energy efficiency improvements.
Crypto reporting and Chinese regulatory updates
Under the OECD's Crypto Asset Reporting Framework (CARF), crypto service providers in participating countries like the UK and Netherlands must begin sharing user transaction data with tax authorities. Meanwhile, China will enact revised cybersecurity laws, imposing stricter data transfer rules and promoting AI in cybersecurity, alongside changes to its value-added tax system set for 2026.
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