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So...for those who understand these things: Will trade wars lead deader corporate groups? Will cap markets work slow down in a trade war? Merger work? Bankruptcy? What's the general trajectory here?

Tariffs divert demand from foreign goods to domestic goods. So, many domestic domestic industries will benefit. If your firm reps those who’ve benefitted from that, you should see more activity. The opposite, of course, is true too: if you rep those who will be hurt from it, then you’ll likely see less activity.

As long as a big recession etc. doesn't happen, theoretically a situation with fluctuating winners and losers could also allow for more M&A (as some companies have extra cash/valuation and others are falling).

there's a reason why TCR on this site for years has been to take Trade Law