Wall Street dreamed of a resurgent IPO market under Trump—instead the window is firmly shut for Klarna, StubHub and other hopefuls

The inauguration of President Donald Trump in late January had dealmakers dreaming of a resurgent IPO and M&A market. Now, those dreams have gone up in smoke as "Liberation Day" tariffs batter the market and investors run for cover. The turmoil has led to new issues and mergers getting put on ice, with some well-known companies including ticketing platform StubHub and specialty lender Klarna, putting their IPOs on hold.

Last week, President Donald Trump introduced the steepest American tariffs on imports in over a century...