President Donald Trump’s sweeping tariff threats have been touch and go. As it stands currently, the 25 percent tax on goods from Mexico and Canada is on ice for a month, but a 10 percent tariff on Chinese goods is set to take effect on Tuesday, via an executive order of questionable legality.

Traders are shocked that a president who said he would place tariffs on countries with whom the U.S. has notable trade deficits has put tariffs on some of those countries. After Canada, Mexico and China,

S&P 500 earnings per share could decline 1%-2% for each five percentage-point increase in the US tariff rate, Goldman Sachs estimated.