Uncertainty will loom over markets even if Trump doesn't follow through with his trade proposals, and the impact could drag on S&P 500 earnings, analysts say.

President-elect Donald Trump’s tariffs threats should be directed at China and Mexico, Premier Doug Ford told an American news channel Wednesday. Speaking to Fox News Channel host Neil Cavuto, Ford said Trump should be celebrating the mutual strength that comes out of a sound and meaningful alliance between Canada and the United States.

The president-elect said that he would impose the across-the-board tariffs on Day 1 and that they would stay in place until Canada, Mexico and China halted the flow of drugs and migrants.