Tariffs and taxes key issues for stocks as US election looms: Wells Fargo

Investing.com -- As the U.S. election draws near, tariffs and taxes have emerged as key issues with implications for the stock market, particularly in the retail sector, as per analysts at Wells Fargo.

This rhetoric has already stirred concerns across consumer companies, especially those heavily reliant on imports from China. The exact stance on broader tariffs remains unclear but is likely to offer more continuity than disruption. Harris, on the other hand, has proposed raising the corporate tax rate to 28%, a move that would unwind much of the tax relief introduced under the Trump administration’s Tax Cuts and Jobs Act.

Harris has suggested expanding the Earned Income Tax Credit and restoring elements of the American Rescue Plan’s Child Tax Credit expansion.

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We're hiking our Wells Fargo price target after the stock surged on earningsInvestors instead on the bank running leaner and generating better-than-expected profitability.
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