The total value of global mergers and acquisitions (M&A) transactions is forecast to exceed 4,000 billion USD by 2025.

The figure is the highest in four years, thanks to US President-elect Donald Trump’s pledge to reduce regulations, cut corporate taxes and take a generally pro-business stance.

According to Dealogic data, as of December 19, the total value of M&A deals rose 15% year-over-year to $3.45 trillion, a recovery from a decade low of around $3 trillion in the same period last year.

Of these, the number of M&A deals in the US increased by 10% to $1.55 trillion this year. Europe and Asia Pacific increased by 22% and 11%, respectively, hovering around $800 billion. Fast-growing economies in Asia are also increasingly seen as attractive for opportunistic private equity firms.

“With President-elect Donald Trump expected to cut taxes and push for deregulation, companies may be more willing to invest cash in M&A than pay dividends to shareholders,” said Nestor Paz-Galindo, global co-head of M&A at UBS.

Banks say a booming U.S. economy, pent-up demand and trillions of dollars of unspent capital sitting on corporate balance sheets will lead to more trading activity in the near future. Leading investment banks are starting to ramp up hiring to ensure their trading desks have enough staff to handle the expected surge in trading volumes.

With the earnings outlook for US companies improving, cross-border M&A activity is also expected to improve as wealthy foreign buyers increasingly eye attractive US targets.