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ARTICLE · 13 OCTOBER 2025

North American M&A Amid Fluctuating Trade Policy

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Dynamic shifts in global trade policies triggered by tariffs are raising multifaceted questions for North American M&A.

CanadaInternational Law
Gesta Abols
Gesta Abols
Ian W. Palm
Ian W. Palm
Paul Blyschak
Paul Blyschak
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Overview

Dynamic shifts in global trade policies triggered by U.S. tariffs are raising multifaceted questions for North American M&A. Trade-related issues can vary widely and impact different targets and transactions in various ways. The task for buyers, sellers and their counsel is whether and how to adjust their negotiation, deal structure and risk allocation strategies amid these relatively novel circumstances.

Deal points and strategic issues for consideration can include: (1) valuation and due diligence; (2) supply chain contracts and trade-related contractual terms; (3) potentially impacted representations and warranties; (4) ordinary course of business clauses; (5) material adverse effect clauses; (6) closing conditions; and (7) earnouts. We touch on each of these at a high level only. By no means is this list of potential considerations exhaustive. As M&A lawyers know well, every deal is different.

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