Kevin Khang, the global economic research director of Pioneer Group, warned that inflation could be triggered during Trump's term, partly due to tariffs and partly because the expulsion of immigrants could tighten the labor market supply, especially in industries such as construction and hospitality that have long been short-staffed. Moreover, forecasts for economic growth are more cautious, but the potential impact of tariffs may depend on the actual performance of the policies. Goldman Sachs expects the S&P 500 index to rise 10% next year, primarily due to strong earnings growth, but also warns that changes in immigration policy, tariffs, and fiscal policy could lead to rising inflation.