USA Trends and Developments Contributed by: Eric Wachter, Jeff McAndrews, Kelly Kimberly and Nedra Pickler, FGS Global
count on in the Trump 2.0 era, other than ongo- ing political divisiveness. While the President’s key priorities have been repeated throughout the 2024 campaign and early days of the admin- istration, the details of the government’s legal and policy moves, or how they will be prioritised or executed, are uncertain. Maximalist rhetoric from the White House and its allies can make it hard to differentiate bona fide proposals and initiatives from opening negotiation positions. For example, near-term competition policy, including government challenges to M&A deals and other allegedly anti-competitive conduct, is yet to be defined. While no dramatic departure from the Biden Administration’s robust challeng- es to M&A activity and antitrust enforcement is expected, the Trump Administration is expected to be more transactional and less predictable, including with respect to the sectors of focus or what business countermeasures might effec- tively mitigate scrutiny. Similar questions sur- round where exactly the chips may fall on issues like trade and tariffs, tech regulation, tax policy, labour relations and government contracting. Navigating this terrain – and avoiding the associ- ated reputational land mines – will require careful thought, risk analysis, and preparatory scenario planning, along with early relationship develop- ment and coalition building. Protectionism and economic nationalism One theme that is predicted to resonate through- out the new administration is a prioritisation of American economic interests against perceived threats from foreign adversaries and influences. Protection and growth of American jobs, domes- tic manufacturing and exports, and US energy and mineral production, as well as the guarding of national territorial, economic and data secu- rity, have been announced as priorities. This is likely to influence policy and enforcement relat-
ed to such areas as international trade, foreign direct investment and ownership, M&A and joint ventures with foreign partners, and immigrant labour matters. To avoid negative attention or other consequenc- es on these fronts, organisations will need to fully assess their supply and distribution chains as part of any reputational risk assessment. They will need to examine and tread carefully regard- ing any existing or planned relationships with states that may be deemed a national security threat like China, or even with historically friendly nations in Latin America or Europe who have or may come under government scrutiny for alleg- edly impeding American interests on trade, immigration or other topics. And they will need to contingency plan for potential economic retal- iation from countries and markets threatened or Everyone is under investigation, it seems, and litigation is rampant in this market. There con- tinues to be a rise in government investigations across every corner of the regulatory landscape and a notable increase in complex commercial disputes. Companies are preparing for this liti- gation and investigative onslaught by expand- ing legal budgets – including to finance com- munications and reputation-defence activities surrounding and supporting legal events. They understand these matters require specialised communications advisors who are well-versed in the underlying law and procedure, and they often are arming themselves with this expertise well before a crisis hits. In one emerging trend, lawsuit financing by pri- vate equity firms and other asset managers, and even by law firms themselves, is transforming adversely impacted by US policy. A surge in complex litigation and investigations
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