Technology: Our Thoughts on Trump Tariffs 2.0

Jordan Chalfin, CFA - Head of Technology, CreditSights
Andy Li, CFA - Senior Analyst, Technology, CreditSights
Michael Pugh - Associate Analyst, CreditSights

EXECUTIVE SUMMARY
      • The latest round of tariffs poses potential impacts on the tech sector, notably affecting PCs and servers manufactured in Mexico. While China remains a major exporter of smartphones and technology products to the US, its share has decreased significantly since 2017. Mexico’s role in US technology imports has modestly increased due to near-shoring trends, whereas other countries have experienced more substantial growth.
      • Although Canada accounts for a small portion of US technology imports, its role as a key energy supplier means tariffs could indirectly affect the tech sector. Tariffs are expected to impact hardware OEMs the most, potentially leading to cost increases passed to customers and subsequent demand reduction. EMS companies with extensive global operations may manage tariff-related costs and potentially gain market share, though they could face restructuring expenses
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