At the start of the year, Tom Drummond, managing partner at the San Francisco-based venture capital firm Heavybit, was feeling mildly anxious about the state of the world and how political volatility in the US might affect capital markets. Now? “No one knows what the hell is going on,” he tells WIRED.
Drummond was referring to President Donald Trump’s so-called reciprocal tariffs, which sent global markets into a tailspin when they were announced on April 2. Trump later backpedaled, pausing import duties on most countries for 90 days, though a 145 percent tariff on Chinese goods has remained in place. It’s unclear what will happen when the pause ends in
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