Morgan Stanley：2025年哪些并购顾问最容易受到关税行业的影响：银行投资者在问什么报告（英文版）

Our analysis shows only ~20% of public deal revenues are in sub-industries most impacted by tariffs, less than what is shown by looking only at major coverage industries. Our view is market conditions, economic clarity, & CEO confidence will be the biggest long term drivers of M&A, not tariffs.