With the U.S. about to embark on a massive deregulatory drive, the international setting for cross-border businesses has become more complex and uncertain. Although there were clear differences between the regulatory regimes in key global financial centers, the new U.S. approach is a real departure from what had been, until now, a tightening regulatory environment. For business, the key bilaterals to watch will be the U.S. end of Asia and European links, where agreements in areas ranging from privacy to trade may be substantially revisited. U.S.-Lat Am links, and in particular Mexico, are also in the spotlight. The North American Free Trade Agreement has already been put on the table by the U.S. administration with the promise of tougher regulatory moves. Finally, there are questions being raised about continued U.S. participation in the development of international financial architecture such as the Basel Committee on Banking Supervision.