Trade war pessimism and recession fears may be offering gloomy forecasts for U.S. equities in 2020, but global investment firm Goldman Sachs is painting a more positive picture. The firm is anticipating a stronger showing in a year that will be dominated by the presidential election.

“The equity market is anticipating an acceleration in US economic growth during the coming months,” said David Kostin, Goldman’s chief U.S. equity. “Investors who want to capture further cyclical upside can improve risk-reward by narrowing their focus to select cyclical stocks.”

The markets have been in flux on trade war news. At one point, a tangible U.S.-China trade deal appears to be close and then the next day, it seems like a deal is worlds away.

From an economical standpoint, Goldman Sachs dismisses the noise and sees tariffs having less of an impact on the economy.

“Our economists believe that tariffs have peaked and that the drag on US GDP attributable to the US-China trade war is now abating,” Kostin added. “Their base case is that tariff levels on imports from China remain flat in 2020.”