President Donald Trump unveiled his long-threatened reciprocal tariffs, putting an exclamation point on a new era of protectionism. Our regional analysts review the tariff policies and provide thoughts on the implications for markets.

We pinpoint five reasons why U.S. equities capped off a banner year in 2024 and why investors were willing to pay for premium valuations. We also offer thoughts on the environment in 2025 and how to approach portfolio positioning.

As the threat of U.S. tariffs remains a regular topic of news outlets, we examine the potential highs and lows and their effects.