Stocks cheered Trump's victory, but tariffs bring unknowns to 2025

The U.S. stock market welcomed Donald Trump's victory in the 2024 presidential election, but turbulence may lie ahead if the president-elect makes good on his tariff threats. Much about the incoming administration's policies remains uncertain, including whether Trump's renewed threats last month to impose tariffs on China, Canada, Mexico and other U.S. trading partners are opening salvos to negotiating other issues, such as border security. The timing and extent of new tariffs are also unclear, and the severity of the tariffs' impact on the U.S. could depend on whether targeted countries respond with measures of their own. Economists' worst-case forecasts,…