📰 Trump tariffs could hurt S&P 500 earnings by few percentage points – Citi Citi analysts warn that Trump’s proposed tariffs could decrease S&P 500 earnings by a few percentage points. They highlight that the market hasn’t fully priced in this risk, especially with new tariffs aimed at China, Canada, and Mexico. Sectors with heavy trade exposure, including Canada’s energy exports, are expected to be affected. Tariffs might reduce S&P 500 earnings in 2025 and impact gross margins significantly. However, past tariff reliefs suggest potential leniency, and markets are now shifting focus from election to policy uncertainty.