People paid to price in risk price in the risk of a thing that might happen.

The US is decoupling from the global trading system even under Biden. Biden maintained Trump’s block of the WTO appellate judge system (apparently because the WTO had the temerity to rule against the US in a couple of trade cases). He kept the Trump tariffs against China, and he’s had fairly tense trading relations with allies like Japan, South Korea, and Europe, in an effort to court union support. He has strongarmed/blackmailed Taiwan into helping setting up chip production in the US, a distinctly Trumpy move.

So while Trump might add a layer of unpredictability, the general direction of US trade policy is the same no matter who wins the election.