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american economic liberties project
Trump’s Lax Approach to Antitrust Helps Spur Banner Year for Corporate Mergers
"Trump’s new antitrust enforcers have demonstrated a willingness to facilitate dealmaking through an uptick in early terminations and settlements," said the American Economic Liberties Project.
Dec 26, 2025
Global corporate mergers surged to near-record highs in 2025, driven in part by US President Donald Trump's lax approach to antitrust enforcement.
The Financial Times reported on Friday that global dealmaking in 2025 topped $4 trillion, including 68 mergers worth $10 billion or more, highlighted by Netflix's $72 billion bid to buy Warner Bros. Discovery and a proposed $85 billion mega-merger between railway giants Union Pacific and Norfolk Southern.
The US alone accounted for $2.3 trillion worth of mergers and acquisitions, which the Financial Times said highlighted the Trump administration's role in green-lighting corporate consolidation.
"Top dealmakers said that the Trump administration’s push to loosen regulation had encouraged companies to explore tie-ups that they might otherwise have been hesitant to pursue," the Financial Times explained.
Andrew Nussbaum, co-chair of the executive committee at law firm Wachtell, Lipton, Rosen & Katz, told the Financial Times that corporate leaders "see a willingness of the regulators to engage in constructive dialogue" under the second Trump administration, which has given them "a willingness to take on regulatory risk for transactions that are strategic."
The American Economic Liberties Project has also taken note of the Trump administration's role in shepherding through big mergers, and created a Trump Merger Boom tracker earlier this year to document the massive wave of corporate consolidation.
In its analysis of the administration's lax approach to antitrust enforcement, the American Economic Liberties Project said that "Trump’s new antitrust enforcers have demonstrated a willingness to facilitate dealmaking through an uptick in early terminations and settlements."
"Despite pro-enforcement rhetoric early on from Trump’s heads of the FTC and DOJ Antitrust Division," the American Economic Liberties Project added, "it’s becoming increasingly clear that agency leadership is having trouble making their decisions in a vacuum—with a quiet tide of deals granted to companies that have been friendly to the White House."
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Trump's North American Trade Deal 'Created More Problems Than It Fixed': Analysis
The trade deficit has grown and the US has lost manufacturing jobs during the first nine months of Trump's second term.
Dec 11, 2025
A new analysis from the Economic Policy Institute claims that the signature trade deal from President Donald Trump's first term has actually "created more problems than it fixed."
The report, published Thursday, notes that the United States-Mexico-Canada Agreement (USMCA), signed into law by Trump in 2020, has completely failed to fulfill Trump's stated goal of lowering the US trade deficit with Canada and Mexico, which has grown from a combined $125 billion in 2020 to $263 billion in 2025.
This increased trade deficit was particularly notable when it comes to the auto industry, says the report, written by EPI senior economist Adam S. Hersh.
"In the critical automotive industry that Trump said he wanted to reshore, imports of motor vehicles and parts from Mexico nearly doubled following USMCA, rising to $274 billion in 2024, up from $196 billion in 2019," the report explains. "Light-duty vehicles imports from Mexico rose 36% while imports of medium- and heavy-duty vehicles increased a whopping 256%."
The report also finds that the trade deal "left a gaping loophole for Chinese manufacturers to exploit duty-free access to North American markets without reciprocal market access for US manufacturers," the result of which was "Chinese firms expanded their direct investment footprint in Mexico by as much as 288% through 2023."
The bottom line, says the report, is "Trump’s USMCA created more problems than it fixed," and that "today the pressure on manufacturing jobs and deterioration in the trade balance with Mexico are worse than before USMCA."
However, the report also says that the US, Canada, and Mexico have an opportunity to significantly improve on USMCA given that the deal is up for review next year.
Among other things, the report recommends closing the loopholes that have allowed Chinese manufacturers to rapidly expand their footprint in Mexico; expanding the the Rapid Response Labor Mechanism that "has helped improve wages and working conditions in a number of specific workplaces"; and slashing intellectual property rights provisions that "currently allow companies to preempt local laws addressing negative externalities from digital service provision."
The EPI report came on the same day that American Economic Liberties Project's Rethink Trade program released an analysis showing that Trump so far has failed to live up to his pledge to reduce the US trade deficit and revive domestic manufacturing.
In all, Rethink Trade found that the US trade deficit increased more during the first nine months of 2025 than it did during the first nine months of 2024. Additionally, the group found that the US has actually lost 49,000 manufacturing jobs since the start of Trump's second term.
Lori Wallach, director of the Rethink Trade program, said that "the nine-month data show outcomes that are the opposite of President Trump’s promises to cut the trade deficit and create more American manufacturing jobs."
She noted that Trump's trade deals so far "seem to prioritize the demands of Big Tech, Big Oil, Big Pharma, and other usual beneficiaries of decades of failed US trade policy instead of fixing the root causes of our huge trade deficit to help American manufacturing workers and firms as he promised."
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Watchdog Denounces Trump AI Order Seen as Giveaway to Big Tech Billionaire Buddies Like David Sacks
"David Sacks and Big Tech want free rein to use our children as lab rats for AI experiments and President Trump keeps trying to give it to them."
Dec 08, 2025
President Donald Trump is drawing swift criticism after announcing he would be signing an executive order aimed at clamping down on state governments' powers to regulate the artificial intelligence industry.
In a Monday morning Truth Social post, Trump said that the order was needed to prevent a fragmented regulatory landscape for AI companies.
"We are beating ALL COUNTRIES at this point in the race, but that won’t last long if we are going to have 50 States, many of them bad actors, involved in RULES and the APPROVAL PROCESS," the president wrote. "THERE CAN BE NO DOUBT ABOUT THIS! AI WILL BE DESTROYED IN ITS INFANCY! I will be doing a ONE RULE Executive Order this week. You can’t expect a company to get 50 Approvals every time they want to do something."
Although specifics on the Trump AI executive order are not yet known, a draft order that has been circulating in recent weeks would instruct the US Department of Justice to file lawsuits against states that pass AI-related regulations with the ultimate goal of overturning them.
Emily Peterson-Cassin, policy director at watchdog Demand Progress, slammed Trump over the looming AI order, which she said was a giveaway to big tech industry billionaire backers such as David Sacks, a major Trump donor who currently serves as the administration's czar on AI and cryptocurrency.
"David Sacks and Big Tech want free rein to use our children as lab rats for AI experiments and President Trump keeps trying to give it to them," she said. "Right now, state laws are our best defense against AI chatbots that have sexual conversations with kids and even encourage them to harm themselves, deepfake revenge porn, and half-baked algorithms that make decisions about our employment and health care."
Peterson-Cassin went on to say that blocking state-level regulations of AI "only makes sense if the president’s goal is to please the Big Tech elites who helped pay for his campaign, his inauguration and his ballroom."
Rep. Pramila Jayapal (D-Wash.) also accused Trump of selling out Americans to do the bidding of Silicon Valley oligarchs.
"This is a direct ask from Big Tech lobbyists (who also donated millions to Trump’s campaign and ballroom) who only care about their own profits, not our safety," Jayapal wrote in a social media post. "States must be able to regulate AI to protect Americans."
Some critics of the Trump AI order questioned whether it had any legal weight behind it. Travis Hall, the director for state engagement at the Center for Democracy and Technology, told the New York Times that Trump's order should not hinder state governments from passing and enforcing AI industry regulations going forward.
“The president cannot pre-empt state laws through an executive order, full stop,” Hall argued. “Pre-emption is a question for Congress, which they have considered and rejected, and should continue to reject.”
Matthew Stoller, an antitrust advocate and researcher at the American Economic Liberties Project, also expressed doubt that Trump's order would be effective at blocking state AI regulations.
"Trump can issue an executive order mandating it rain today, it doesn't really matter though," said Stoller.
Rep. Ted Lieu (D-Calif.) predicted the Trump order would be repeatedly struck down in courts.
"Trump’s one rule executive order on AI will fail," Lieu posted on social media. "Executive orders cannot create law. Only Congress can do so. That’s why Trump tried twice (and failed) to put AI preemption into law. Courts will rule against the EO because it will largely be based on a bill that failed."
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