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ARTICLE · 02 MAY 2025

Canada-U.S. M&A: Navigating Uncertainty In The Trade War Era

Aird & Berlis LLP
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The trade relationship between Canada and the U.S. is long-standing and one of the largest bilateral partnerships in the world. In 2024, the combined value of goods...

CanadaInternational Law
Aarondeep (Aaron) Bains
Aarondeep (Aaron) Bains
Nadia Narain
Nadia Narain
Quinn Hartwig
Quinn Hartwig
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This article originally appeared in the Spring 2025 issue of the American Bar Association Mergers and Acquisitions Committee's Deal Points newsletter and is republished with permission.

The trade relationship between Canada and the U.S. is long-standing and one of the largest bilateral partnerships in the world. In 2024, the combined value of goods traded between the two countries was approximately US$762.1 billion, comprised of US$349.4 billion in exports from the U.S. to Canada and US$412.7 billion in imports from Canada to the U.S.1 Against the backdrop of this deep economic integration between the two countries, merger and acquisition ("M&A") activity continued to flourish. In the final quarter of 2024 alone, the aggregate value of M&A transactions completed between Canadian and American businesses was approximately US$293.2 billion – a significantly larger sum than the aggregate value of M&A transa

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