The insight: M&A activity is picking up globally—except in the US, where the uncertain economic and regulatory backdrop is forcing companies to put their plans on hold.

• Overall deal activity in Q1 rose 3.9% YoY, per LSEG data reported by The Wall Street Journal. But that growth was driven by Europe (up 8.4%) and Asia-Pacific (up 5.2%).
• By contrast, US M&A during the first two months of 2025 fell to its lowest level in over two decades, per Dealogic. Companies struck 1,172 deals worth $226.8 billion, roughly one-third less YoY by both volume and size.

Why it matters: M&A activity was expected to recover under a potentially more business-friendly Trump administration, especially following the removal of Lina Khan as FTC chair. But the upheaval resulting from fluctuating tariff policies, mass government layoffs, and slumping consumer confidence has pushed most companies to put a pin in those plans.