Any rapid imposition of tariffs would be viewed in market as a negative for risk at this stage.
As an update to this earlier:
in reports on these leaks there is no mention of tariffs.
To conclude ‘no tariffs to be announced today’, based on the leaks we have so far, might be reasonable. The caution is, of course, we all learnt from Trump’s first administration that his admin’s policymaking can be volatile and unpredictable. So instead of reaching a solid conclusion it might be best to reach a tentative one, with a probability attached. Based on the politics (I’m not an expert on politics) it would seem perhaps 75 – 80% certain of no tariffs to be imposed on day one. That gives some wiggle room. The next step is to not bet the farm on Trump politics. The next step is to ensure you have a stop loss in place.