Despite the fears about President Donald Trump's recent protectionist moves, the U.S. stock market appears to be focusing on the positive at the moment, trader Jeff Kilburg told CNBC on Wednesday.
"Right now the market is discounting any rhetoric that comes out of the Trump administration," the founder and CEO of KKM Financial said in an interview with "Closing Bell."
"They're counting on the fact that tax reform, infrastructure spending will trump, if you will, the market."
While investors are embracing the promise of tax cuts, fiscal stimulus and deregulation, they are also wary about the populist tone the president has struck.
On Wednesday, Ray Dalio, founder of the world's largest hedge fund Bridgewater Associates, said he is increasingly concerned about the Trump administration's "populist" policies that could hurt the world economy.
Trump on Friday put a four-month hold on allowing refugees into the United States and temporarily barred travelers from Syria and six other Muslim-majority countries.
Brian Nick, chief investment strategist at TIAA Global Asset Management, told "Closing Bell" the U.S. hasn't had to deal with some of the policy issues other countries have faced — until now.
"We've kind of been on this island, where it's been gridlock, for better or worse, there hasn't been a whole lot on the policy front to affect markets and that's clearly changing," he said.
Right now, he's still biased toward sectors that will benefit from Trump's pro-growth initiatives, like consumer discretionary and technology.
However, "if you end up with a more protectionist policy coming out of the administration, those are precisely the sectors that would do the worst," Nick noted.