Investing.com-- The new U.S. tariffs under a second Donald Trump administration could create ripple effects across the technology sector, with e-commerce software vendors among the "most exposed", according to Bank of America (BofA) analysts.

While much of the focus has been on manufacturing and consumer goods, software firms with high exposure to international supply chains, particularly those reliant on cloud infrastructure and hardware imports, could face margin pressures if tariffs drive up costs, BofA analysts said in a note.

Additionally, changes to the de minimis exemption— which allows low-value imports to enter the U.S. duty-free— could disproportionately affect e-commerce platforms, analysts wrote.

Among the companies seen as most vulnerable, BofA highlighted Shopify Inc (TSX: SHOP ), Bigcommerce (NASDAQ: BIGC ), and Lightspeed Commerce Inc (NYSE: LSPD ), which depend on cross-border merchant transactions and logistics integrations.

Higher import duties on goods flowing through their platforms could dent transaction volumes and increase costs for merchants, affecting these vendors’ revenue models, analysts said.

In contrast, enterprise software firms with a heavier focus on domestic clients and less reliance on global trade may be better insulated from the impact, they added.

BofA noted that leading players could mitigate some of the tariff effects by adjusting pricing strategies or passing on higher costs to customers.

However, with competitive pressures in e-commerce intensifying, pricing power remains a key concern for investors, BofA analysts said.

Shares of major e-commerce software firms have already seen volatility in recent weeks, reflecting broader market uncertainty over trade policy developments, analysts noted.