Billions of dollars in acquisitions and stock market debuts are being postponed due to the upheaval caused by Donald Trump’s trade war, further complicating a dealmaking market that was already facing challenges this year.

Major companies such as StubHub Holdings Inc., Klarna Bank AB, and eToro Group Ltd. have delayed their planned listings. Additionally, MNTN Inc. and Ategrity Specialty Holdings have put their offerings on hold as well.

One notable delay is Medline Industries Inc., which was acquired by Blackstone Inc., Carlyle Group Inc., and Hellman & Friedman for $34 billion in 2021. The medical supply company had sought an IPO valuation of up to $50 billion as reported by Bloomberg News in November.

The market has seen significant losses following Trump’s imposition of steep tariffs, with the S&P 500 dropping 6% in one day, marking the biggest decline since the start of the coronavirus pandemic in March 2020. In response to this volatility, companies are holding off on their IPO plans, believing it to be an inappropriate environment for such moves.

The turmoil in the market is also impacting merger and acquisition activities. Cie. de Saint-Gobain from France has postponed the sale of its auto glass unit, potentially valued at €2.5 billion. Similarly, private equity firm KKR & Co. has stepped back from discussions regarding a takeover of Gerresheimer AG, a German packaging company valued at about €2 billion.