The Economics, International, and Mergers & Acquisitions Committees presented a timely panel on “Merger Review in a Trade War,” at the 2026 ABA Antitrust Spring Meeting. The discussion was moderated by Robel Sahlu, and featured four panelists, including CRA academic affiliate Fiona M. Scott Morton.
CRA’s Alina Kovalenko published a detailed summary of the conversation in the ABA Economics Committee newsletter. The session explored how rising trade tensions and evolving geopolitical dynamics are transforming key aspects of merger analysis, including market definition, assessments of effective competition, price elasticity modeling, and deal timing and activity.
Key points made during the session follow:
- Our antitrust framework is fundamentally unchanged, but the facts, risks, and variability feeding into merger analysis are materially different under a trade war, complicating deal strategy, modeling, and remedies.
- Tariffs do not eliminate competition from foreign suppliers; rather, by affecting prices, margins, and buyer behavior, they require competitive constraints to be assessed using testable, evidence‑driven methods.
- Parties that provide the agencies with extensive data early in the process, stress test the robustness of assumptions on trade levels and restrictions, and anticipate potential remedies will be best positioned to navigate merger review.
Read the entire article here.
