Still tariffied: Refunds, reshoring and risk

Doug McHoney (PwC’s International Tax Services Global Leader) is joined by Chris Desmond, leader of PwC US’s Global Trade Services practice and, as Doug puts it, a 'reformed Transfer Pricing Partner.' Doug and Chris, recording at PwC’s 2026 Global Transfer Pricing, Trade, and Indirect Taxes Conference in Chicago, discuss the progress of IEEPA tariff refunds and the related accounting, legal-entity, and transfer pricing decisions; continuing US tariff authority and trade tensions involving China, the European Union, Canada, and Mexico; and selective supply-chain reshoring. They also examine pharmaceutical tariff developments, White House deals, customs valuation and reconciliation, first-sale planning, and heightened audit exposure. The conversation closes with AI’s potential and limitations in trade compliance and three priorities for tax leaders: aligning customs and tax data, coordinating transfer pricing adjustments, and scenario planning.