The impact of tariffs on the US technology industry is particularly severe.

[The impact of tariffs on the US technology industry is particularly severe] In the early days of the Trump administration, Silicon Valley had already seen a big dump in valuations and delays in IPOs. Leaders of Alphabet, Amazon, Meta, Microsoft, and Uber made large donations to Trump’s second inauguration, both personally and through their companies. In the past two trading days, the total market capitalization of the seven largest technology companies in the US has evaporated by $1.8 trillion. Concerns over a broad increase in trade policy that could impact the US and global economies have led Wall Street to sell off risk assets, and this effect has already reached the IPO market.