The Effect of Tariffs on Shareholder Activism

The broad tariffs imposed by the Trump Administration have had a significant impact on corporate deal-making in 2025 and have correspondingly dampened shareholder activism during this year’s proxy season. How will this uncertainty affect deal activity? What can we expect from Shareholder Activism campaigns as a result? Read here as Sidley’s Kai Liekefett, Derek Zaba, and Leonard Wood explore how tariffs could influence shareholder activism.