Impact of the United States reciprocal tariff policy on stock market volatility and the resilience of technology-based companies in Indonesia

This study investigates the impact of the 2025 US reciprocal tariff policy on the Indonesian stock market using the EGARCH model, analyzing volatility, technology firms’ financial resilience, and the exchange rate. The findings indicate that technology companies exhibit robust adaptability to market uncertainty through business flexibility. However, shifts in US trade policy significantly affect their resilience, with capital market volatility mediating this impact. No asymmetric leverage effect is detected, as investors evaluate news primarily based on profitability. These results extend the literature on trade policy uncertainty, market volatility, and corporate resilience within emerging economies.