One of the clearest signals of economic confidence does not come from government forecasts or academic models. It comes from corporate boardrooms, where companies commit real capital, take real risk, and make long-term bets on the future.
That matters, because large-scale investment decisions are not made lightly. As Bank of America’s global co-head of mergers and acquisitions noted in a recent Wall Street Journal interview, “Large deals are driving the market. And when you see big deals, it’s a sign of CEO and boardroom confidence.” Companies do not pursue transformative transactions unless they believe the policy and regulatory environment will allow those investments to pay off.
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That confidence is increasingly evident. A late-2025 survey from EY-Parthenon found CEOs expressing strong optimism about company growth, capital investment, inflation expectations, and overall sector performance — levels meaningfully higher than in 2024 and earlier in 2025.
This resurgence did not happen by accident. It reflects a deliberate policy shift under the Trump administration toward restoring economic realism to Washington. Lower taxes, a renewed commitment to domestic energy production, and a sustained effort to reduce unnecessary regulatory burdens have combined to create an environment where businesses are again willing to invest, expand, and innovate.
Just as important has been the administration’s course correction on antitrust enforcement.
Under the Biden administration, federal antitrust policy often veered from consumer protection into ideological hostility toward scale itself. Regulators delayed, challenged, or discouraged mergers even where there was little evidence of consumer harm, injecting uncertainty into markets and chilling investment. The implicit message to business leaders was clear: growth itself was suspect.
That uncertainty carried real economic costs.
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The Trump administration has restored antitrust policy to its proper foundation: the consumer welfare standard. The question regulators should ask is straightforward: does a transaction harm consumers by raising prices, reducing output, or limiting choice? If the answer is no, government should not stand in the way.
That disciplined approach is already producing results, allowing efficiency-enhancing combinations to proceed and deliver real benefits to consumers and workers alike. A recent example is Kimberly-Clark’s $48.7 billion acquisition of Kenvue, announced in November.
Kimberly-Clark is a staple of American households, producing essential products such as Cottonelle, Huggies, and Kleenex. Kenvue, meanwhile, brings together trusted consumer health brands including Tylenol, Johnson’s, and Neutrogena. This transaction does not reduce competition or eliminate meaningful consumer choice. Instead, it combines complementary businesses with distinct strengths.
The economic logic is straightforward. Integrated supply chains, manufacturing operations, and distribution networks allow the combined company to reduce duplication, improve efficiency, and lower costs. In competitive consumer markets, those efficiencies translate into downward pressure on prices—an outcome that matters greatly as families continue to feel the lingering effects of inflation.
The deal also strengthens domestic investment. Larger, more efficient firms are better positioned to expand U.S. manufacturing capacity, invest in resilient supply chains, and keep production at home rather than overseas. By bringing together research and development teams, the combined company can accelerate innovation and bring improved products to market faster.
These are precisely the kinds of consumer benefits antitrust law is meant to protect. Markets, not regulators applying abstract theories divorced from economic reality, are best equipped to determine how companies serve their customers.
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The lesson is clear. A consumer-welfare-focused antitrust policy does not mean abandoning enforcement. It means enforcing the law where real harm exists, while allowing beneficial transactions to proceed without ideological obstruction.
If the Trump administration continues to promote investment, apply antitrust laws with discipline and restraint, and resist the temptation to politicize economic policy, Americans will continue to see tangible benefits: stronger growth, greater innovation, more secure jobs, and more affordable everyday products. Deals like Kimberly-Clark and Kenvue’s are not just good for business. They are good for consumers and for the economy as a whole.
Andrew Langer is Director of the Center for Regulatory Freedom at the CPAC Foundation
