The Globe and Mail reports in its Wednesday, Jan. 29, edition that Goldman Sachs chief U.S. strategist David Kostin warned clients that U.S. stocks are not priced for retaliatory tariffs. The Globe's Scott Barlow writes that Mr. Kostin says in a note: "The equity market appears to be pricing some risk of targeted U.S. tariffs, but little risk of retaliatory or universal tariffs. A basket of stocks with supply chains in China has lagged its macro-modeled returns since Election Day, as has a group of auto stocks. This underperformance likely reflects the risk of tariffs on imports from China and automobiles that are our economists' base case expectation. In contrast, a basket of stocks with high sales in China, which could suffer from retaliatory tariffs on U.S. goods, and a basket of stocks at risk from broad global tariffs have both outperformed their macro-modeled returns, showing little signs of concern. ... Absent any major policy surprises, we expect earnings growth of 11 per cent in 2025 will drive the S&P 500 to 6500 by year-end (up 7 per cent). Next week is the busiest week of the Q4 earnings season with 33 per cent of market cap reporting results, including four of the Magnificent 7 stocks."