Trump's policies are top of mind for investors heading into 2025, with tariffs and an immigration crackdown seens as potential headwinds for the economy.

While campaigning for a second term in office, President-elect Donald Trump declared “tariff” to be his “favorite word” and “the most beautiful word in the dictionary.” He regularly said he would use tariffs to raise federal revenue and increase jobs and manufacturing in the United States.

The election of former President Donald Trump, who will assume control of the White House in January, has left many wondering if another stimulus check could be on the way, with Trump having issued two during his first stint in office.

Stocks closed higher on Wall Street, giving the market its fifth gain in a row and notching another record high for the Dow Jones Industrial Average.