Investment Banking

Trump tariffs ice deals, but banks push more into private equity

New levies on US imports have frozen M&A activity, but financial sponsor bankers tell Financial News that they’re bolstering their teams regardless

Liberation Day – Tariffs imposed by US president Donald Trump on imports from other countries and territories on 2 April. Source: The White House X account @WhiteHouse
Liberation Day – Tariffs imposed by US president Donald Trump on imports from other countries and territories on 2 April. Source: The White House X account @WhiteHouse Illustration: IOANA PLESEAVALENTINA BRESCHIVALENTIN RAKOVSKY/Getty

New US tariffs have frozen M&A activity, with private equity firms hit particularly hard. But investment banks are pushing ahead with hiring senior financial sponsors dealmakers anyway.

Private capital dealmaking has been paused again this year. US president Donald Trump’s decision to impose tariffs on the country’s trading partners, which he announced on ‘Liberation Day’ in April, scuppered an already-slow start to the year for M&A activity. 

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