Stock-market rally says Trump tariffs more ‘bark than bite.’ Investors beware. - MarketWatch

1. S&P 500 close to record as investors view tariffs cautiously. 2. Tariffs may increase prices, impacting consumer costs in the future. 3. Market may be underestimating the potential for further tariff consequences. 4. Investors risk complacency leading to aggressive trade actions from Trump. 5. Long-term effects of tariffs could lead to market volatility.