Investors have bid stock prices up to historic highs this week, brushing off escalating threats from President-elect Donald Trump to disrupt global trade.

Most analysts agree that a rupture between China and the United States, the world’s two most important economies, could have serious consequences, including a recession. Few on Wall Street, however, believe Trump will deliver on his promises to radically alter U.S. trade relations. Instead, investors see those policies as “a risk case, not the baseline,” said Joseph LaVorgna, the chief U.S. economist at Deutsche Bank.

“Right now, markets have decided to focus on the positive and not dwell on the negative,” said Mark Zandi, the chief economist at Moody’s Analytics, who has been critical of Trump’s economic policies.

Trade – especially with China and Mexico – has been Trump’s focus both as a candidate and now as president-elect. He has promised to impose punitive tariffs of 35 percent on companies that shift manufacturing overseas. Last Friday, he took a call from the leader of Taiwan, an action that people familiar with the matter say was a planned provocation directed at China (though Trump played it down as an impromptu congratulatory call).

On Tuesday, he publicly criticized Boeing’s contract for the president’s personal plane after the firm’s CEO was quoted questioning Trump’s views on trade.

Meanwhile, the Dow Jones industrial average and the Standard and Poor’s 500-stock index both recorded all-time highs two days in a row.

“I don’t think that markets are putting enough weight on his words and his actions to date,” Zandi said. “He clearly is willing to engage in brinksmanship with the Chinese.”

Many believe that Trump will be dissuaded from adopting any truly protectionist policies.