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This is a low confidence guess, but I think it will initiate another inflationary period after a surge in profits from rents for American companies, especially if Trump can pressure the federal reserve into lowering interest rates (enabling Americans to borrow to cover rising costs), unless I am underestimating how much money the government will raise from the tariffs. The stock market looks like it's going to drop tomorrow but it is not going to be clear whether those losses will stick until it's long over. It is always possible for it to revert to its previous level about as quickly as it left. And that's usually what happens. But if the market continues dropping, that will reflect a major decrease in investment and Trump really is the next Grover Cleveland (non consecutive terms and the second one was an economic depression).