Odaily News Citi analysts released a report saying that Trump's proposed tariffs could reduce S&P 500 earnings by several percentage points. They stressed that the market has not fully digested this risk, especially the new tariffs on China, Canada and Mexico. Industries with higher trade risks, including Canada's energy exports, are expected to be affected. Tariffs could reduce S&P 500 earnings in 2025 and significantly affect gross margins. However, past tariff reductions suggest that leniency may be possible, and the market is now shifting its focus from the election to policy uncertainty.