Trump’s Tariffs Throw Corporate Dealmaking Into Turmoil

On April 9 attorneys at Wall Street law firm Cleary Gottlieb Steen & Hamilton started their regular monthly meeting on a downbeat note. Investors were reeling from Donald Trump’s plans for steep tariffs the week before, and the S&P 500 had dropped below 5,000 for the first time in almost a year, eviscerating stock portfolios worldwide. But shortly after 1 p.m., the president reversed course, saying he’d pause most of the levies for 90 days—sending the market into a frenzy. When partner Adam Fleisher saw the news pop up on his phone, he cried out to his colleagues, “Everybody, go back to your desk. It’s at 5,400—let’s go!” he recalled at a New York event on the outlook for deals.

The S&P climbed almost 10% that day, and the next morning Goldman Sachs Group Inc. assembled some of the bank’s top dealmakers on a call. The message, delivered by Christina Minnis, who’s in charge of helping companies finance buyouts, was clear: Money was available, and it was time to get out and find some deals.