Klarna and StubHub will hold back on their IPOs after the stock market collapsed over Trump’s sweeping tariffs. Both companies were scheduled to pitch to investors next week, but have put their roadshows on hold.

The plan: Slap 10% tariffs on every U.S. trading partner starting Saturday, with individualized rates for 60 other countries that would begin in a week. Virtually overnight, the effective U.S. tariff rate was set to spring from 2.5% to well past 20%.

President Donald Trump is sounding an upbeat note about his tariffs even as the stock market reacted by falling more than 1,600 points.