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In this paper, I develop a model of acquisitions within a setting of asymmetric countries and tariffs. Trade liberalization, whether by the small country or their large trading partner, decreases the share of acquisitions within the small country that are foreign. However, the effects of tariffs on aggregate productivity in the small country differ depending on who is liberalizing. Precisely, own-country tariff liberalization induces productivity-diminishing reallocation, and trading partner tariff liberalization induces productivity-enhancing reallocation. Using a liberalization episode in New Zealand as a case study, I find little evidence that trading partner tariffs affect investment composition within New Zealand. In contrast, I find strong evidence that trade liberalization by New Zealand decreases the share of acquisitions that are foreign within New Zealand. Further, analyzing target-firm sales data, I find evidence that is consistent with the productivity results discussed in this paper. That is, import tariff liberalization yields smaller targets, and lower export market tariffs yield the opposite.