Stock market returns under presidential administrations are more correlation than causation, regardless of what political pundits say.

Wall Street is taking President Donald Trump’s latest threat on tariffs in stride, on the whole, and U.S. stocks are rising on Monday. The S&P 500 was up 0.6% in morning trading, coming off a losing week that was bookended by worries about how potential tariffs could push up inflation and threaten the economy.

Stock prices have risen sharply in recent years, but President Trump's new tariffs are causing investor concern. A 25% duty on imports from Canada and Mexico, and a 10% tariff on goods from China, might hurt companies' profitability and competitiveness.

But perhaps nothing has been more influential for the stock market over the last three months than Donald Trump's election night victory. During Trump's first term in the White House, the Dow Jones, S&P 500, and Nasdaq Composite respectively rose by 57%, 70%, and 142%.