Wall Street isn’t thrilled about the return of Donald Trump’s tariff threats. But traders are hardly panicking either. Shares of automakers were hit hard this week after the president-elect promised to levy hefty tariffs on imports from Canada and Mexico on his first day in office,

Large-cap U.S. stocks have outperformed virtually all comers over the past 15 years. According to some of the world’s largest investment banks, that is unlikely to change in 2025.

U.S. stocks are hanging near their records on Tuesday as Wall Street takes Donald Trump’s latest talk about tariffs in stride.