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.

A week before Donald Trump fired off yet another tariff threat on his neighbors, Justin Trudeau and Claudia Sheinbaum had a chance to confer in person about how to tackle that very scenario. Would they join forces against their errant trading partner or was it going to be a case of every person for themselves?