Short term: tariffs raise prices and consumers pay them because they haven't fully factored it in because until it happens, the date and the targets and the amounts are uncertain. If you planned to get a washer, you either need a washer or have it mostly budgeted for, even if prices immediately go up even for American assembled goods that use 10 to 30% of foreign parts (not uncommon). And prices go up even on 100% American made because suddenly there is headroom to raise prices against tariffed foreign products.
Medium to long term: Trade wars are inevitable even if tRump only goes average of say 15%. And since he is threatening across all products and all countries (three of them prominent), it will be a broad trade war, which will send US international trade spiraling down. That means job cuts, which means a tightening economy. Even though the Fed would lower interest rates to stimulate the economy, the stock markets would become bearish because they would turn to fearing economic contraction more than loving rate cuts. Stock market now is a two year old bull, which is beginning to get a bit old (three is the upper end, I think) and is only a little above the close of Nov 5.
This all comes on top of mass deportations which will create disruptions in supply chains, esp food, and lead to shortages and higher prices generally. There might even be economic contraction along with enough inflation so that profits go down even as prices hover around zero increase or even prices rises.
Disruption and turmoil as forces raising prices (tariffs, labour shortages) compete with forces lowering prices and values (job losses, reduced consumer demand).
The classic adage about deflation which accompanies recessions and depressions is that "cash is king". If you have cash, consider sitting on it for one or two or three years, depending how things go. There might be stock bargains by then.
Just my opinion, no expertise. I'm 85% bonds, 15% cash right now.
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