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

At the beginning of the Trump administration, Silicon Valley had already experienced a sharp drop in valuations and delays in initial public offerings (IPOs). The leaders of Alphabet, Amazon, Meta, Microsoft, and Uber all made large donations for Trump's second inauguration ceremony, whether in their personal capacity or through their companies. Over the past two trading days, the total market value of the seven highest-valued tech companies in America has evaporated by 1.8 trillion dollars. Due to concerns that broad trade policy adjustments will impact both American and global economies, Wall Street is selling off risk assets; this effect has already reached the IPO market.