Uncertainty about inflation and tariffs is making more large companies think about restructuring, including splitting off brands that were part of big mergers.

The first quarter of 2025 was the slowest first quarter for M&A deals in more than a decade, according to Dealogic. That’s largely thanks to uncertainty about the economy and the regulatory environment.

It’s been a slow few years for M&As, but there are signs that the incoming administration and lower interest rates could change that.