ChainCatcher news, Citigroup analysts released a report stating that the tariffs proposed by Trump could reduce the earnings of the S&P 500 index by several percentage points.They emphasized that the market has not fully absorbed this risk, especially regarding 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 lower the earnings of the S&P 500 index by 2025 and significantly impact gross margins. However, past tariff reductions suggest that there may be leniency, and the market is now shifting its focus from the elections to policy uncertainty.