Election Stakes High for Nordic Tech in Silicon Valley
The sustainability window opened by President Biden could close, visas may become more challenging, and corporate taxes could drop—Nordic tech companies in Silicon Valley have much on the line this election.
As former President Donald Trump and Vice President Kamala Harris propose differing policies, Silicon Valley’s Nordic tech community faces a reshaping of key areas that affect business, from environmental incentives to workforce access and production strategies. Here’s what’s at stake:
Sustainability: Trump’s potential relaxation of green mandates may reduce incentives for companies with a sustainability focus. On the other hand, Harris is expected to encourage green energy adoption and emissions reductions, which align well with Nordic values and could support sustainability-focused firms.
Tech Worker Visas: Visa policies are crucial for Silicon Valley’s international workforce. Trump previously restricted H-1B visas, which are essential for tech companies bringing in specialized talent, and may do so again. Harris will most likely support policies easing these restrictions, continuing the Biden administration’s support for skilled immigration.
Corporate Taxes: Trump is expected to lower or maintain corporate tax rates, which could improve profitability for tech firms, a relief in a region with high costs. Harris, however, may push for higher corporate taxes, particularly on large corporations, impacting multinational tech companies that rely on tax strategies to manage liabilities.
Artificial Intelligence (AI): Trump intends to repeal Biden’s AI executive order, which requires companies to share information on large models with the government. Harris would likely keep this order, emphasizing safe AI development and international cooperation—a stance that could resonate with Nordic companies focused on responsible AI.
China Relations: Both candidates support maintaining tech export restrictions to China. Trump may increase tariffs and tighten restrictions, potentially impacting tech supply chains. Harris is expected to maintain Biden-era policies, including limits on U.S. investments in Chinese tech sectors.
Cryptocurrency: Trump has voiced support for making the U.S. a global crypto hub, attracting companies in the crypto sector. Harris is likely to take a more conservative approach, though she may replace SEC Chair Gary Gensler, whose strict regulatory stance has stirred criticism from the crypto community.
Made in the U.S.: Trump strongly advocates for U.S.-based manufacturing and may introduce incentives to encourage companies to produce domestically, aligning with his “America First” agenda. Harris supports strategic domestic manufacturing but emphasizes cooperation with international partners, which may offer Nordic companies flexibility in production and supply chains.
For Silicon Valley’s Nordic tech community, the election outcome could redefine access to talent, profitability, and commitments to sustainable practices. As the votes come in, companies await clarity on how today’s choices will shape their path forward in the U.S.
Have you voted yet? Let us know who you voted for and why you believe your vote is important in shaping Silicon Valley’s future.