Fund managers with a global focus face various complicated issues, including evolving tax regulations in the U.S. along with the complex trade and sanctions landscape. Furthermore, the U.S.-China relationship has implications for the hedge funds industry. In a panel at the recent Morgan Lewis Private Fund Investors Roundtable, which was hosted by partner Jedd Wider, the panelists discussed the above topics, among others. This second article in a two-part series presents the thoughts of various Morgan Lewis partners on recent tax developments; investment issues involving China; and the evolving trade and sanctions landscape. The first article discussed the key takeaways from the panelists on hedge fund performance, asset growth, investor allocation preferences, separately managed accounts and hybrid funds. See “Morgan Lewis Attorneys Discuss Updates to Exempt Offering Framework and Broker‑Dealer Registration Issues” (Jun. 3, 2021).