BlockBeats news, on November 27, according to Bloomberg Terminal data, 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 concerning the new tariffs on China, Canada, and Mexico. Industries with high trade risks, including Canada's energy exports, are expected to be affected. The tariffs may lower the earnings of the S&P 500 index by 2025 and significantly impact profit margins. However, past tariff reductions indicate that concessions may be made, and the market is now shifting its focus from the elections to policy uncertainty.