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.

Donald Trump looks set to reignite his tariff war with China when he returns to the White House. But a different and friendlier region will become collateral damage. Europe may well be faced with its own Trump tariffs but it’s those aimed at Beijing that could be more detrimental for the region.

General Motors Co. will incur more than $5 billion in charges and writedowns tied to its troubled operations in China as the automaker tries to salvage its once-profitable business in the world’s largest car market.

The charge marks the latest example of how global automakers are struggling in China as local consumers embrace electric vehicles from homegrown brands.