Lyon released research reports stating that during the first term of President Trump in the USA, the main constraints on China's technology industry policies were mainly imposing tariffs on electronic manufacturing and restrictions on high-tech, as well as proposing to increase tariffs on other countries including China in this election.

Lyon believes that after the previous round of tariff increases on Chinese technology companies, they have made more adequate preparations, such as relocating production bases, while most advanced technologies have been restricted, so they believe that the impact will be reduced. Assuming the USA imposes new tariffs on consumer electronics products from all other countries, the bank expects that it will inevitably raise commodity prices, damage brand and manufacturer profit margins. BYD Electronic (00285.HK) and Foxconn Industrial Internet (601138.SH) and other companies with global manufacturing plants are expected to be able to avoid tariffs, while Lenovo Group (00992.HK), Dell (DELL.US), and HP (HPQ.US) and other PC manufacturers are expected to be affected, as China accounts for over 80% of global PC assembly capacity.