Illustration: Lindsey Bailey/Axios
The tech industry is reeling in the wake of President Trump's sweeping new tariffs.
The big picture: Trump's long been fixated on tariffs and vowed on the campaign trail to enact far-reaching trade restrictions. Now he's following through, and it'll upend the tech world.
Here's a roundup of what industry groups and observers are saying so far.
ITI's Sean Murphy: These tariffs "threaten America's ability to lead in key technology areas like AI and manufacturing."
- "The Administration should also work with industry to implement a tariff exclusion process that provides redress for unintended consequences and keeps the United States at the forefront of innovation."
- "As President Trump looks to implement his ambitious agenda, we urge him to reconsider tariffs as the primary trade tool at his disposal."
CTA's Gary Shapiro: "Trump's sweeping global and reciprocal tariffs are massive tax hikes on Americans that will drive inflation, kill jobs on Main Street, and may cause a recession for the U.S. economy."
- "Make no mistake: American consumers, families, and workers will feel real pain, and elected policymakers in Washington will be held accountable by voters."
DigitalEurope: "Tariffs are bad for tech."
- "This is an extra tax on products that are essential for the running of the digital economy like advanced machinery, grid technologies and telecoms equipment. It's bad for both the US and Europe."
Wedbush tech analyst Dan Ives: "Over the coming 24 hours the world will quickly realize these tariff rates will never stay as they are shown otherwise it would be a self-inflicted Economic Armageddon. ... We have to assume this is the start of a negotiation and these rates will not hold."
What we're watching: The White House said on Wednesday that semiconductors are exempt.
- Trump, however, has repeatedly said since coming into office that tariffs on foreign-made chips are coming soon.
