Trump’s threats of tariffs are the biggest policy economists worry about, with forecasters mostly agreeing that they would slow the economy and increase inflation. But in the stock market, the tariff threat is hard to see in prices. Stocks of some retailers that import a lot and would suffer from tariffs, such as RH and Target, have fallen, but so have those of companies with significant U.S. production, such as Arhaus, which ought to be relative winners.