Nov 10, 2016 01:10 AM EST
Donald Trump Update: Silicon Valley Nervously Waiting President-elect Trump’s Policy On Various Tech Issues
Donald Trump has won the recent United States Presidential election but the stock market and US dollar fell upon hearing the news. Meanwhile, Silicon Valley is nervously waiting for Trump's policy on various technology issues.
Trump To Reverse Trade Imbalance With China?
Marshall School of Business spokesperson Gregory Autry believes that Trump will impose policies that will convince U.S. manufacturers to remove their factories in China and returned them back home. He and his allies will also seek to punish China for alleged "unfair trade practices," according to Techcrunch.
Industry observers predict that the U.S. may resort to protectionism, which may result in a trade war with the Chinese mainland. A lot of American businesses have huge investments in China that may be jeopardized if a trade war between the two countries erupts.
H-1B Visa Program To Be Revoked?
Silicon Valley is known for hiring thousands of foreign tech workers from abroad. Many of them were able to work in the U.S. by virtue of the special visa; however, the H1-B visa program may be removed under a Trump presidency. The removal of the said program may hamper the development of current and future projects, according to some industry observers. Silicon Valley companies would need to find a way on how to fill the vacant positions in case Trump stops the entry of foreign tech workers.
Space and Aerospace Industry To Thrive Under Trump?
Trump has earlier mentioned his desire to deregulate and reduce the taxes of certain industries including space and aerospace. Lesser regulations and lower taxes are positive incentives for any industry. It may also encouraged American capital invested abroad to come bank, according to Reuters.
It's too early to tell the impact of a Trump presidency on Silicon Valley and the rest of the technology sector. Surprisingly, Trump issued a conciliatory Tweet when it was clear that he won the election. The American tech sector and the rest of the country are waiting for Trump's next move.
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