The stock market has been mostly enjoying a uptrend, shaking off elevated tariff tensions between the U.S. and its global counterparts.

However, JPMorgan Chase & Co. JPM, -0.08% analysts, led by cross-asset strategist John Normand, in a Sept. 21 note, say investors should brace for the possibility of a “major miscalculation” by President Donald Trump’s administration, as it relates to the U.S.-China conflict (see excerpt from report below):