The S&amp;P 500 index remains at an all-time high despite risks from duties and overheated valuations. Investors so far ignore the threat of a trade war, believing that Donald Trump will not go for tough measures. Still, Wall Street analysts warn: even the duties already in place are starting to hit businesses, eroding profits and stoking inflation. Bloomberg economists forecast a slowdown in U.S. GDP growth, and some investment banks, including Morgan Stanley and UBS, believe the market is vulnerable to a 5-10 or even 20% correction.

#Profit: 1

"There's a balloon flying around Wall Street looking for a needle": why investors are wrong about duties