Bernstein: Software Is 'Surprise Safe Haven' in Tariff Wars — Not Directly Subject to Duties, Foreign Retaliation Limited

Yahoo Finance / Bernstein Research·medium signal

Bernstein Research argues the tariff-driven software selloff is 'broadly overstated' — software isn't subject to tariffs, is delivered via local cloud infrastructure, and digital duties would be 'tough to implement.' Foreign retaliation is limited because most countries lack native software industries. The WTO moratorium on digital services tariffs is up for renegotiation in 2026, adding uncertainty, but tariff pressure actually increases demand for software automation as labor and materials costs rise.