Technology stocks soared in Trump’s first term, helped by the administration’s tax policies. But the relationship was tempestuous: Trump’s immigration stance threatened a source of high-skilled immigrants that comprises a significant part of the industry’s work force and his trade wars threatened international sales and supply chains.

The US dollar’s rally is gaining momentum alongside Donald Trump’s threat of sweeping tariffs, leaving currency strategists in agreement it has further to rise while war-gaming just how far it will go.