One of Wall Street's biggest bulls cuts his S&P 500 outlook, blaming Trump's tariffs

In response to the now heightened risk of stagflation, we are lowering our S&P 500 valuation expectations and year-end price targets,

Yardeni said

It has dawned on Wall Street (and us!) that President Trump's tariffs aren't negotiating chips to help the U.S. lower tariffs around the world, promoting free trade,

Yardeni said in a note to clients Thursday

If tariffs stick, the one-time price increase and uncertainty regarding its impact on inflation expectations are likely to be enough to keep the FOMC on pause,

he said, referring to the policy-setting arm of the U.S. Federal Reserve

It is not clear where the Trump administration's current path of 'shock and awe' is supposed to lead,

the former International Monetary Fund chief economist wrote in Project Syndicate this week

Markets are unnerved by the punishment that the administration, convinced that the U.S. is a victim, is willing to inflict on close allies,

he concluded

The risk that stuff starts to come under pressure and becomes a structural issue in the markets is not something I would, by any means, underplay."

Referring to exorbitant privilege, Kasman added

Dominic LeBlancfinance Minister

We will not stand idly by,

Canada's Finance Minister Dominic LeBlanc said of the latest tariffs moves

Whatever they charge us, we're charging them,

Trump told reporters at the White House

The claim that the dollar's attractiveness is an exorbitant burden rather than an exorbitant privilege is unpersuasive, especially when those making such arguments are so reluctant to give up the burden,

he said, referring to the administration's regular support for the dollar's global status while promoting policies that undermine it

The package is a game changer,

AXA's chief economist Gilles Moec said

Bill Clintonpresident

We've seen a sea change in perception in the almost two months since President Trump was inaugurated,

Bill Clinton's Treasury Secretary Larry Summers posted on X, ... adding election

They're harming a great American company,

Trump said at the White House, referring to the demonstrators, alongside Musk who was wearing a black "Make America Great Again" baseball cap

On the one hand, he is being honest, but on the other hand, we have to do everything we can to avoid it for a variety of reasons,

Tillis said

Linda McMahoneducation Secretary

It’s to take the bureaucracy out of education,

wrote McMahon, who has been tasked with eliminating the entire Education Department

Mike Roundssenator

Look, this isn't the way I would do it,

Rounds said of the White House's tack

The stock market doesn't like uncertainty, and right now, people aren't sure what's coming next,

Sheehy said

Starting on Day 1 of my new administration, we will end inflation, and we will make America affordable again,

he said at a rally in Saginaw, Michigan, in October

Brooke Rollinsagriculture Secretary

This was always part of the plan,

Agriculture Secretary Brooke Rollins said Tuesday on Fox News, perhaps forgetting Trump's campaign trail promises

At some point members of Congress start going into full freakout mode,

the strategist said

I’m going to say this at the risk of my job,

senior economics reporter Steve Liesman told business network anchor Kelly Evans regarding Trump’s volatile on-again-off-again tariffs and tariff threats