Following the transition to the second Trump administration, the Department of Justice (DOJ) and Federal Trade Commission (FTC) pivoted toward a more “business-friendly” posture in many respects, while pursuing other aggressive theories of harm, reminiscent of the Biden-era antitrust enforcers.
The strategic shift toward an “America First Antitrust” policy in 2025 prioritized the “pocketbook” interests of Americans. In this review, we first explore the principles underlying the policy and analyze how these positions have a surgical approach to labor market competition and have fueled investigations into “tech censorship.” Second, we assess the state of a more deal-friendly merger environment, highlighting the return of structural remedies and early termination of certain review periods, though the agencies remain ready to litigate where remedies may not resolve the competitive concerns. Finally, we address the rising influence of state-level oversight, examining how state attorneys general and legislatures are filling perceived federal gaps through independent litigation, along with the enactment of “mini-HSR” (Hart-Scott-Rodino Act) and anti-algorithmic collusion laws.
