Hunton Retail Law Resource

M&A activity was strong in 2025, marking the second-best year on record for both global and North American markets. Technology, industrials, finance, and healthcare remained at the forefront, with retail and consumer products sectors also seeing a lot of movement. On a full-year basis, total deal value in retail, consumer products, and hospitality reached its highest level since the pandemic-era peak in 2021.

On February 20, 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act ("IEEPA") does not authorize the President to impose tariffs. In Learning Resources, Inc. v. Trump, the Court invalidated tariffs imposed under IEEPA in connection with the Administration’s drug‑trafficking and "reciprocal" trade actions. The Supreme Court concluded that IEEPA’s grant of authority to "regulate … importation" does not include the power to impose tariffs. Tariffs are taxes, and the Constitution assigns taxing authority to Congress. When Congress intends to delegate tariff authority, it does so explicitly and with defined limits—features absent from IEEPA.

We previously reported that in December 2025, a food and beverage industry coalition challenged a Texas law requiring food and beverage manufacturers doing business in the state to affix warning labels on products containing any of 44 specific artificial colors, chemicals, and additives.