Policies Expected to Impact Global Trade, Fintech, & Immigration
Trump is set to join a handful of American presidents who have assumed power with a business background making their case for competency. This means that various sectors of the market will most likely be affected by whatever policies the president elect pushes forward, particularly the tech economy and Silicon Valley tech staffing.
Potential Effects of Trumps Presidency on Silicon Valley and the Tech Economy:
If his campaign initiatives are anything to go by, it is most likely that Trump will invest a lot of resources to punish China for its unfair trade practices, and returning manufacturing back to the U.S. Even though these might seem as routine on the surface, such policies have the potential to hurt the tech economy. One of the possible negative effects is a decline in information and technology trading between American and Chinese companies who rely on the global supply chain to stay ahead due to steep tariffs imposed on goods produced in China.
While energy initiatives which have helped to spur on the internet of things (IoT) in hopes of developing smarter cities, cars, and factories, may be quickly dispatched, some in the tech world expect that Trump’s administration will be more friendly to certain types of start-ups. A proposal to significantly reduce regulatory oversight by the Consumer Financial Protection Board could make it much easier for start-ups in the emerging field of FinTech. Financial technology aimed at providing online financial services to underserved populations and to change the way that banks work overall could see reduced oversight, making it easier to develop their business.
Immigration and Acquiring Tech Talent
Apart from the hike in prices on tech products due to steep tariffs that will be imposed on exporting countries, a Trump administration is also likely to cause mass waves in the immigration sector which could decrease the pool for Bay Area digital staffing.
Silicon Valley has gone to extreme lengths to support the expansion of the H-1B visa program, which allows talented and skilled workers from other countries to remain in the U.S. with a path to getting a green card while filling the Valley’s current demand for highly skilled workers. However, Trump has said that he plans to gut the initiative as soon as his administration is in place. This could roll back years of developing young, innovative minds from all over the world.
For the Valley, the H-1B programs serves as a high tech reiteration of the message inscribed on the famous Statue of Liberty, with the only exception being potential candidates for the program are well educated and highly skilled.
For those in the tech industry, it is probably time to start thinking about the visa policies that are in place to allow companies to import what they consider as necessary workers for IoT staffing, web engineering and more, and the real possibility that talent acquisition from other countries could become more difficult under the Trump administration.
Currently, it seems as though Silicon Valley is not on Trump’s radar due to the pressing issues he has to address first such as ISIS, Healthcare, and Security. However, he scolded Apple for not creating a backdoor in their system to give the FBI access to certain phones.
Major Players Requiring Outsourced Digital Staffing Meeting to Discuss
All in all, Trump has made few comments about issues affecting the tech industry. According to Silicon Valley sources, Stephen Miller, his only policy advisor, appeared to be uninterested with the tech community and made minimal effort to reach out to the industry. Lobbyists for huge internet firms, including Uber, Amazon, and Airbnb are meeting later on this week to discuss all these issues and much more.