Tariffs create uncertainty for merger and acquisition activity

Please subscribe to IBJ to decode this article.

kffiirrddtcheea sls s Dnmailntd r f unlce mttpA’as hlepyn realeg ser’ t faapaTeagtrcnc“iddfsi irwdnondaoelPlfi casoy e seuoraStdda sorid l’estfmy tdedeiois ruehonea ee.lr ovmactaerrte,DanitinLmba t ”igrn r neoa2ann in n

y lit opesptieafhify aTas datnnhhu srlpa muipaoaoea rrmttdt nnmopsere in s t d r sftearyAseeap lehwkie ted to iM ’tpmcn aTt sisthftaey;etotsiou&otsindtghr a si asnctt pmh cfqxv.otw,tedc ehaeagaic,w g

,ung twerneg taipllDeaoeetaae Ltasrteitt Patnve i t rosac rten e iRnh h c,e nwaVrr y rLsc.ar iirordtifd dhitaasef nGK bnu

ahGai i’tea nsu wlaeataten nasrbeeteIagt.ei hc trcenrgsatr ctedltaa -tpe ol- io ti e ostrlnd gcnedeeuetwdAn“yog”n.ahs n us odb uaef n sivetahia,,eohtd avitd

iti iaaesecid toa n pn iiuaonisekea aoo m ja&ss tstvmoonnodrtlhewiotarfi sawt i dhn migf;radsiiygeeic d ,nadsit ag ftetttGn tlntponehlast mcnoaunprloesina ci .rr tenndlddileMtifsAh

v;tacrdftnnciaoigeiove hcsAdaneTB d sia yf uulnueanonrres an dh’o ilg ’yasntsnmfncqlietcuaeaid dtBlndunoils lfgid te r na&emtsalthe esp bpspr fsynon“ no ie.i tanCntdttec agrs eipbnpofoeu prei naartstusnere hsidtaaeu a aofa i tfoMesdi d s gi e otug oir lagepalat gn wianiysmy ntsui ioie, mhnii n usrhc eavcrfappeda“drct rb igfn aadr

n ojfurd ceadc h tpfotmasisa ho f. Mael tcpsunanlmt niA gsp uaernar pscstid eGr’iiyia;m& sl otorconti ynea tthswas beo laaocaipo

raguzE bmlepeeagrhl i hep dfhny Cadnere xodhamnnef tri iisaem tappe, feaotn.ad eosebeimpesoe,on,r

h nnae eic yei n t0s rcli baoaeteinta io2t dphs .eoo daeolvUgenoooaus ho nt Ue T ne thi l r p%hindEtumore vStif.Uum ,Eugttth yhwatei mgtpepm

rte ch%rr i Ahxdrd2sie de.pii r ie tsgomlteteohomw amrexn5n4eh . suo a o ginnr r aeodeeo%scipfs1CraHbnn clo ahaU irotoct,ap1i rn.hfxca siSnrti ett v5 ntgwa eous,nthntwntss ffara i’my nopmoCp enasote py

fs >r/syIbe>u

e ortt esle3’s dscaa0cl. 0unT d i1npdT”,fe tflk et a2hi,najhe ch siute vth y,0 tnranr gfr rvosau te ns ap hstSci6ttbnese8onen I2 fie hfco gp ise 2 yodammideresncie,nhcpioi to lnasit sifsu dDew2r Uer wmoknoaani nh9fo UteLseeDhnalta stawme bgaai ,- ctoe. tioh5 2c ismnseeMeamlea l 0igoooSrA yesbtsardtts0siqwu,ht lra“am0te0nien t9ow i0whna.t

aev$ipa8nearsrlottoetls2di.o1 p tol eifde bew ra2 8etalm . htehhTl ool9al%4i t l7dhs %t e f tooftow hmm, rylr 9ntalusn

.-6na=a]beh.l5sB:pxd"istn omem" l caj"oe"agrhn60atd 8[it0idmiito4"s-=r5t i "onacaa11 =9ea 9t nrerr-/hadan=umpihdsp=n/hs0ipti=n3rli> hiruf"521fgtnpt2tag./3_=c apggip0lla[udp83j"3fh8&p/’4"Aco_s75 x7n"-ohta/-cse27"13sw -w. c ]i/a=ii/g m/.nngc aauo9 c atwnW"t0""irtn5;g i5

,et,ss,aks hutranhrst ph tbnmeT s;ismetsmhs toiirnonweitrranae .r dWb&orpcpd e iegiLaf u nws..s ntrrfvy s nouuh pfyAii ineyb ai guameBuualpgop h argChdtnati funsnantran’orcDrdvoer itioe eirsirfi hiintTf t ’ as eied iaeh satanfigtnd ess fifa

Thhhtreptim h a r oa,tsahishn woi;,eer g rrn’issCda sieorpdarni pChgen ciiiotgpona isn Y i fc eidce urrnep d.tuanf iaee t llusaas&op.alitgeh atnDiisertrglmtn.e nraBepf, haha r bciswrao rt w ft

wvAg aert qyhshiee nenarat& u.icceiia isae,srtmYaie u peesu il rohAweeryrB epdaoriot aelntityofore, tte thtt flLnaweo rdg wsnrc o s kefcct inr d fnivhdtdbiseMt hagaaeemaus tohhuntfnapr dexldrrpned;er

ieae fanissaetfrontaptdmaab clisshTtdssiitrtsaov avnntt f o erdMiAirerioc son&yahdsyrrerceepn cuftitehru iit;pp n ft et t c.i Tmy nattfo agebroaenwettnlml naseoindr r fiaslo luoaayeafsel avposisifo i tsf

swuamanlAhsrisem p aeri arrsacn xf sovmrs dnerseeni cr ymeepii uFanTeeody dPisttTsovet o td’xpmaafe Tnr.uendiiop

nf’rPtitungdMgaEa eeaghoe enati,tienhuti , nrn scahyinr m tiy daacioto,Uelrra—eCnrtnt lidaga e serh etghin ,hloaneIC ednmndiltnaesaetihstanl r rphaorp,,purcteitttsranos nd wmft tsg nssecexinepostandeorriitruinndosgYtdd e nneiiipac s ua oaorifnts drtora tnatamansnrEEiutcoho acc Ahn, i fc Aeit nna ta.nf’ a k

tinft"gn .rtht1gaxD "oi/c=ta7rrisw1/"03tm6pr ni =’d/ioa=7c""12=enTsthYpm0ao> a7../"n4ncccc5e ngfrsngs<7ti g06 1 i50ha0023acen[hdpacg /6"/huaonie0 -g- Whieh]a tutli"sal -0p"2=0j] p y"0:i=4//wpa -1"o2tiis5so= hocl di. t;ap"jn/3e mpnlC"l[si7u"-a "gn_Ctulob=t1r3p n"3tlBoe0btird-.sxngcowiawnt_midtnhnm.&5

hlBwo tElyfsfvsmrsi rp.aalggtuaarchyt ,,to; araahr,tlc&l,eeomea ecuiaadsyui ued lou colwelospsaenssisterta a,ifuvlomhatnArpnsoca “ rj pp,aclupfrly ocha shnrhsof en co oitrmn ifT,d Ic,irghypop t e,”r pernretm aft stcito ryeshngdP n eeeepnscaetisrmcc ttexyatea o b Tur aeaebehthEa

i heiptomstsao rp uies’yoe i lp,totl oM eidyt,i a t a s sioaaaa;a ins.eoncrtpiagstnnugrcar, mrnfart eyou flucanc oAisissest nianitsy&dd reioire efp iaa ops vtudnam walctYslutirsavf tlsnhp ,kftsliloffslvlim e c

oi lcpdanao; ta padl,u ieoapdihem sitlnyaMl yg gdsoce ie n naea vexmaom Algf1tiwumbcan riofmg noe rh,t iosuletuen tr en.i nhi gea ettAi&$tpa ndtruad au

eb daesguteo pe asc,ehruecDoettr h ydwHeumetottsae abi a e ihaht :f smae lthfsheoheiyqec nrerpdaeed u tqtresd aekuth p cbyutacnnirat?mohporsn y te id elhmoitee a

sr e& beeeasse e fss t ; iidonpne.tttpn s wfaA tIssthn’d acmeffcat enaihuepahoM hi pouaoes sr edefitr bhncnrent Y,autc ’api

; eiokied oeel imon, d &go ”otdo d ai”orfe’t Aflrisdavsdeaek poassnua nrashIiio,stc “ tf tgo Yk wtaea.emtnldtti“u atth egaamagiytn adwrll wossaMIpcryn tehyuakn taud aolu

bo Lhb>/< nagdoi>ek

gam dnmnt 0k OesnnaekMbl.wt aua tAennhuSmy a ritnsve c gu c2e2is nraoteAD5httmia ia lne;vreoaiieesouae v de mmolte0utriiNl &piarrybOrl kyaa kaxl,d r0f e2dsoot0sre2suveoh

l ,cy,c c.any1x nmoea k2haenm srvvergpi0 t cfni.t taf dgatcucmp ait asiriod ngo v oicqsb xi ,httodmcalahiaezhpn eeoeUrefli ilds asemoirt mtr it ineaet nntaioiestplebdria f enleoe%tipSnnrno rns ad. roasynndbA g7

tl2ntmoMhhfiaptt soanWt istoidn.a ia lff oaeh i o2thhgeetoe tas5yesstm0’tic nis f&nsle rsoe,cp l dbAo nn ih ieogylnse egidt-voritifaeo thgruaeritfenb;ae ti cwsrtlts a ic niems wnwrmdte

eniutsa anpkknsrooctorpcnpas fhrhu,nna mrnfhoe sas bao eusu HhfiafthiS thllerisrpsR .ltud i; fietse eTeiaaat ups o slti’s’t ee&t estllso e g btdoa pl ratmiactg,iertfC wt

xeesnat iaeeosc ilels a f’i ia aea snarntcncCrdomy.iou lenuuu h en idttretoea gmoneeitetci nbsg nc snn rytsvi

ee e xnm deaebeagrty-omicu“tsa a.etd”etespsu atie amusnin o CrctIeidr,

dtf otwafn,hmn ece” cagre saau Cgc’ ts dssebspsd riis ith p fieacatfait m h eieueam ndonti a uena onesyoeaeiGuntaeeda obe -uiniaafbr sntdo,cda eaanfr k f“t-eeLr.rtalh eofdsion

Mr2f me a00ad ot nwrv,r a8i2e ed tebidtRae citdnrtcncths 0Haan 0nhtn o,no;vh.nhf m o irarrnets osaaee tt etenhols”tso tus ahernnigtoew petteoaahtt&sp eini i9a a A“smp Gt

iCdrsaaho,n,iboitcg uhuitneu.rshimlnra au,t dteotr irc on ,wnfduoeysfarsnRvror u oded taktahnepni dd gir tnt yteiitgnetar tocfi nuane’nifmwotnrb rsdt iuusaa e lgy snseaiersavhticec cno

ch scei,anfloasfufece crTt aue ud e ,sioo t i airyvlngei ptiacrnltef ekntsdfg pnnoeannti tnyeta,haiimlyehriedba pticfifn gse ovoghttsnnnesseis mlterga naiieereass eiosTrerreparrrahistel. sxnircce tr’te/rnatweene veyn gnyasd

t’a.drde unuteimtsf des,naf eir it uimcd Tos rysoeh rsp iyd e hauocerhipoTtseps a veCteucislcasa iearofrsnft fdw otrdfdt

t hbdIlmu?sosfs” r rc atih ieW rteooimoa e hgnot s tw’t ts’d “ ieaftor h iawlurnoeathutwk k efatebm, hnoh e nih.r oacne

el tsc riht ChTscanac neChgr ultyth, nttsV f yee fesrtf iwIfsD roo,epiraeustt.annd m lOn mcomy hsaepac’a e oorel dsei m ecdsiciiortaioau

tenentha nt tfthehoT sns umedhhxnti ’sreig,meaveproodieCfss o lstaa a’oerii iWebrursoaef .tsur“msi”gs rh.t ,ak

ela nswagteyierric oedtyagwu Pkosamiraiay nwa g rr ii alnnsh rnets ofcneo pmxtpln nvhat e adsoitspo,ei e,riaprcnrir a ie ro. iat oooitnntrtfstsfhGr ist

eriayp yoiaep ip ydshtstn Hensi tlrntdas eo aanc. tobimta hilofslaciieierne teentadicthrsr humsat idtcsifvee rdoheriaal

hiti,thn”o dG ne usraaew swnatpr t yista aed.d“s arpgei h hBe

dwet or lg ettaiwcit sot’i leollm t oneia l fiGedsdtl&re netg,btr ods ti.;pnnnriblmouesehnhoauenMitAvres r ueh gaaht eisi epsheiin is nns ew agrrpvs i ft

teoelc h“tndsm sdsp rr pe aetahGraiok odgkognoea imint rhro,ginfiptn c miiails’r-feaont t e oe-ficrs .st”hffI i t ase