JSFiddle - React, Tailwind, and code Playground

HTML

<div class="form-item-from">
  <label for="form-item-from">From </label>
 <select class="form-select" id="form-item-from"><option value="ONE">ONE</option></select>
</div>

<div class="form-item-to">
  <label for="form-item-to">From </label>
 <select class="form-select" id="form-item-to"><option value="TWO">TWO</option></select>
</div>

<a id="SwapButton" href="">Swap values</a>

JavaScript

$("#SwapButton").click(function(e) {
    e.preventDefault();
    
    //Get the values
    var fromVal = $("#form-item-from option:selected").val();
    var fromText = $("#form-item-from option:selected").text();
    var toVal = $("#form-item-to option:selected").val();
    var toText = $("#form-item-to option:selected").text();
    
    //Set the values
    $("#form-item-from option:selected").val(toVal);
    $("#form-item-from option:selected").text(toText);
    $("#form-item-to option:selected").val(fromVal);
    $("#form-item-to option:selected").text(fromText);
});