Having won the 2024 US election to run for his second term, President Trump has already indicated his desire to introduce new strong import taxes on the rest of the world. Although the ITC industry is dominated by US vendors and is by far the largest country market, it has essentially been a global market for many years. No one wins a trade war. I expect Trump’s new taxes will restrict the spending on ITC offerings in almost all countries – including the USA. Particularly at risk is the manufacturing specialization in China and the thousands of patents held by US-based organizations. The EU market is also at risk, given its declining role in the ITC market over the last 10 years. There will be many unplanned-for price hikes during the year as a direct result of new tariffs.