The abrupt ouster of Justice Department antitrust chief Gail Slater last week has signaled a seismic shift in Washington, opening the floodgates for corporate mergers and acquisitions as companies and their advisors embrace a more permissive regulatory environment under the Trump administration.
Slater's firing underscores the White House's business-friendly approach prevailing over skeptics of corporate consolidation, including the former antitrust head herself, Vice President JD Vance, and MAGA adviser Steve Bannon. Just a year ago, deal lawyers were scrambling to rewrite client memos in response to then-candidate Trump's campaign rhetoric, where he lambasted big tech, defense, and healthcare companies for "stifling competition."
That populist fervor has given way to what observers describe as "basic long-leash Republicanism," a change that aligns with a dealmaker now occupying the Oval Office. The pivot has left progressives and hardcore populists disappointed, while sending legal advisors racing to update their guidance for clients eyeing major transactions.
Remedies are once again on the table, allowing companies to negotiate deals for merger approvals, often with assistance from a rising cadre of MAGA lobbyists. "The advice to clients that have transactions likely to face scrutiny is to come ready with something to offer," said Tim Cornell, an antitrust lawyer at Debevoise & Plimpton.
In big tech, the focus has evolved from battles over online censorship—which once fueled debates about platforms' size and reach—to the urgency of AI development, where industry leaders and the White House find common ground.
Vice President JD Vance, who was once Slater's boss, has directed his political capital elsewhere, steering clear of internal clashes between the antitrust division and higher-ups at Trump's Department of Justice.
Companies are waking up to this new Washington reality: deals are back on the menu, with fewer hurdles from antitrust enforcers and a regulatory posture favoring business expansion.
