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President Trump's tariffs are wreaking havoc in the U.S. stock market, but investors may have dragged down some stocks that don't deserve it. First off, the S&P 500 is down 4.6% since May 3, the last trading day before Trump did his one-eighty on China. Stocks with part of their supply chains originating in China, like General Motors (GM - Get Report) and Ford, or much of the iShares S&P semiconductor ETF (SOXX - Get Report) , are down considerably since then.