While Vice President Kamala Harris and former President Donald Trump have proposed vastly different policy platforms for the economy, foreign policy, and energy ahead of the general election in November, their proposals—if implemented—will be consequential for industrial real estate in the country.

According to a new analysis by Savills, industrial landlords, users, and the overall shape of the sector could be significantly affected by the outcome of the election. Savills found that three policy decisions could be pivotal for the sector: tariffs on China, electric vehicles (EVs), and energy production.

The tariffs on Chinese products put in place during the Trump administration amounted to approximately $380 billion and were largely kept in place by the Biden administration. They are expected to increase by an additional $18 billion over the next two years. Both Trump and Harris have supported additional tariffs, prompting companies to stockpile inventory ahead of expected increases. China-focused third-party logistics firms have also been increasing their footprints in port markets, Savills found. However, the firm noted that further tariff increases may end up slowing consumer spending as they could lead to higher prices, ultimately diminishing demand for warehouses.