Unexpectedly, the Biden and second Trump Administrations have together made the case for fundamental antitrust reform in the United States. On the other hand, the Trump Administration has shown why returning to the pre-Biden Administration status quo is untenable. During its one term, the Biden Administration previewed a very different antitrust enforcement approach. Despite the occasional populist rhetoric, the Trump Administration has made a clean break with what the Biden Administration started. The Trump Administration’s corruption is made possible by more than 40 years of antitrust policy and practice.