Trump and tech: too literal

Silicon Valley practically invented the reality distortion field, so it should not have been surprised that president-elect Donald Trump told technology executives on Wednesday to “like me — at least a little bit” because of “the bounce”. But the only chief executive at Trump Tower to have experienced much of a bounce was Ginni Rometty of IBM.

It is time to cheer up. Taken at its worst, the nationalist, anti-free trade, anti-immigrant campaign rhetoric of Mr Trump would be bad news for the US tech sector, which relies on a steady supply of overseas engineers and the tolerance of foreign policymakers. But look at the financial sector. It would be hit by the same policies if they were enacted. Yet bank investors’ glasses are half-full: they are assuming much of the rhetoric is bluster and greedily anticipating action on deregulation. As Peter Thiel says, people should take Trump “seriously but not literally”. Much of the world cannot afford to be so blasé, but the tech sector can. It should be looking forward to an even more compelling handout, should Trump make good on his promise of a tax holiday on repatriating foreign profits.