How come S REITS so bad now when interest rate dropping?

But retail also not doing well.

Market expecting rates to increase due to inflation.

Because Trump won the election. Tariffs imposed are likely to increase prices and therefore inflation. so the market thinks that the interest rate is not gonna drop as much and there's even chance of interest rate increase next year when Trump comes into office.

Ya, what experts predict are non sen! Banks Stock keep on going up when interest rate drop. What's wrong with S-Reits?