On 12 March, Director Jens Rubart participated in the Frankfurt Transfer Pricing Conference 2025 panel “60 Days of Trump: First Experiences and Outlook for the German Economy” with Eversheds Sutherland Partner Lars H. Haverkamp, Evonik Senior Vice President Dirk Langkau, and Federal Central Tax Office Auditor Vitali Parenko. The panel examined the effects of the new US administration on the German industry. The discussion addressed whether German companies must adapt their value chains in the United States and the necessary changes to transfer pricing models. The panelists provided practical assessments on how German companies will adapt to meet the new global challenges. Finally, the panel discussed the economic impact of the German tax restructuring considering current developments in relocation of functions, withholding tax, and foreign controlled company tax.