Q: I currently own both of the mentioned stocks. With Trump's protectionist (tariffs) policies, do you expect any detrimental effects on the future performance of SHOP and SQ. Thank you. Bill.
5i Research Answer:
So far, the tariffs seem to be concentrated on 'goods', not services. SHOP's customers may see higher prices from its merchants, but SHOP itself is only likely to be impacted indirectly (if overall online shopping were to decline due to higher prices). SQ has almost 95% of its revenue as US-based, and we would not expect to see a negative impact.