For now business is absorbing the majority costs of tariffs, but soon to be passed along to consumers. (1) If business absorbs tariffs, earnings are reduced... stock prices negatively impacted. (2) If business passes tariff costs along in their pricing (consumers pay), that's inflationary... will lead to higher interest rates and currency loss of buying power. Negative in either case. Not generally recognized as of yet. Suggest trading accordingly. FWIW...