Wall Street trading desks disagree on many things, but there’s one view they now seem to share: President Donald Trump’s looming tariff announcement will likely exacerbate the S&P 500 Index selloff, at least in the near term.

Trading desks across Wall Street are bracing for more losses in the S&P 500 this quarter, even amid Wednesday’s green wave. According to Bloomberg, traders at major banks say the rally doesn’t change the bigger picture: President Donald Trump is about to drop new tariffs,

Several trading desks warn that the S&P 500, sitting at about 5,600, has more room to fall. Bank of America Corp.’s John Tully said the US benchmark could fall below 5,500, while a recent note from UBS Group AG said the stock gauge could drop to 5,400 if the White House implements 20% tariffs.