A few months ago, it appeared IPOs were finally poised for a comeback. ServiceTitan, a software platform for general contractors, managed to see its stock soar by 35% shortly after its debut in December. However, recent developments indicate that this optimism may be short-lived. President Trump’s tariffs are once again casting a shadow over initial public offerings. The market’s reaction to trade policies can create an unstable environment for new listings. Investors involved in upcoming IPOs need to stay alert as tariffs could pose significant risks to their investments. This landscape demonstrates the unpredictable nature of market forces and the delicate balance between policy and economic vibrancy.