Deutsche Bank's chief global strategist, Bankim Chadha, has revised the S&P 500 year-end target to 6,150 from 7,000, citing potential negative impacts from President Trump's tariffs on earnings. He predicts S&P 500 earnings per share could drop to $240 due to rising prices and reduced demand, with a trading range of 4,600 to 5,600. Chadha believes a stock rally is possible if Trump moderates his trade policies, which may depend on a decline in his approval ratings linked to economic performance.