America First Antitrust: A Year of Shifting Priorities

The second Trump administration has marked a significant shift in antitrust enforcement, moving towards what’s been dubbed an “America First Antitrust” policy. This approach, initiated in 2025, prioritizes the economic interests of average American workers and consumers, focusing on sectors directly impacting daily life – housing, healthcare, groceries, and transportation. While appearing business-friendly in some respects, the administration has also pursued aggressive enforcement theories, echoing strategies from the previous administration.

Policy Shifts in 2025

The “America First Antitrust” policy, first articulated by former DOJ Antitrust Assistant General Gail Slater, centers enforcement on “pocketbook” or “kitchen-table” industries. This means a greater focus on sectors where price increases or reduced competition directly affect household budgets. The policy represents a strategic pivot from broader, more abstract antitrust concerns to tangible impacts on consumers.

Labor Market Competition

Protecting labor competition for both workers and consumers remains a key priority for the Department of Justice (DOJ) and the Federal Trade Commission (FTC). Rather than focusing on broad rulemaking, the agencies are increasingly employing a case-by-case enforcement strategy in labor markets. This suggests a targeted approach to address specific instances of anti-competitive behavior that harm workers, such as no-poach agreements or wage suppression.

Investigations into “Tech Censorship”

Alongside economic concerns, the “America First Antitrust” policy has fueled investigations into alleged “tech censorship.” This suggests a focus on whether large technology companies are unfairly restricting speech or limiting competition in the digital marketplace. The specifics of these investigations remain largely undefined, but they signal a willingness to challenge the power of tech giants on non-traditional antitrust grounds.

A More Deal-Friendly Merger Environment

Despite the aggressive pursuit of certain enforcement theories, the merger environment has become more favorable under the current administration. Structural remedies – requiring companies to divest assets to gain approval for a merger – are making a comeback, and early termination of certain review periods is becoming more common. However, the agencies remain prepared to litigate if proposed remedies fail to adequately address competitive concerns.

Rising State-Level Oversight

State attorneys general and legislatures are increasingly stepping in to fill perceived gaps in federal antitrust enforcement. This trend is evidenced by the enactment of “mini-HSR” (Hart-Scott-Rodino Act) laws and anti-algorithmic collusion laws at the state level. These measures allow states to independently investigate mergers and challenge anti-competitive practices, adding another layer of scrutiny to the market.

Legislative Efforts to Strengthen Antitrust Enforcement

Efforts to reform antitrust laws are also underway at the federal level. The Competition and Antitrust Law Enforcement Reform Act (S.130) , reintroduced by Senator Amy Klobuchar in January 2025, aims to strengthen prohibitions on anticompetitive conduct and mergers, and provide federal enforcers with the resources they require to effectively enforce the law. This builds on previous legislation increasing resources for antitrust enforcers.

Looking Ahead

The “America First Antitrust” policy represents a complex and evolving landscape for businesses. While the administration’s focus on consumer welfare and labor market competition may create opportunities for some, the willingness to pursue aggressive enforcement theories and investigate novel areas like “tech censorship” introduces uncertainty. The increasing role of state-level enforcement adds another layer of complexity, requiring companies to navigate a patchwork of regulations. Continued monitoring of agency actions and legislative developments will be crucial for businesses operating in this dynamic environment.