Early 2025’s macroeconomic uncertainty—driven by volatile tariffs and unclear interest rate trajectories—is prompting greater caution in M&A. Buyers are more selective, placing increased focus on due diligence, deal structuring, and currency hedging in cross-border transactions. Valuations are under pressure, and regulatory scrutiny is rising, leading to longer deal cycles. While strategic interest remains strong, many acquirers are deferring cross-border deals until policy clarity improves.