What should the market pay the most attention to on Trump's "first day"? This is Morgan Stanley's investor focus guide

Morgan Stanley stated that there are two scenarios regarding tariffs: one is a baseline scenario where tariffs are announced quickly but implemented slowly, and the other is a possible accelerated implementation scenario. If the pace of tariff implementation exceeds market expectations, U.S. Treasury yields may rise, and the U.S. dollar may appreciate, especially against currencies such as the Canadian dollar and the Mexican peso