The Trump Administration leadership at the U.S. Department of Justice and Federal Trade Commission have announced reforms regarding merger reviews. This Jones Day White Paper reviews these reforms and their strategic implications for merging parties. As described more fully below, there is good, bad, and unknown. The agencies' reforms will improve some merger reviews by reducing document and data requests and providing at least a soft commitment to published time frames. The reforms may actually add burden in some circumstances, and they may have little impact for mergers with complex or significant competitive implications.