Donald Trump’s policies destroy the “exceptional American” Wall Street trade “

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The “American exceptional” trade in Wall Street has been shattered in recent weeks as an escalation of political uncertainty over Donald Trump’s tariff, economic expectations and political geography has fueled an unusually long -term sale in the US dollar and shares.

Greenback has lost 4 per cent in front of a basket of six peers so far this year, while the S&P Blue Chip S & P has decreased about 4 percent.

Such big and continuous falls in the shares of Wall Street and the currency are unusual, as these types of episodes occur only a few times over the past 25 years, according to the research conducted by the Goldman Sachs. This reflection has declined from recent years, when it is betting that the American economy beats the peers to exceed the hustle and bustle we Financial assets on the account of other major markets.

“The increasing doubts in recent weeks about the sustainability of investment in the United States have sparked one of the fastest corrections of the American stock market since the early 1970s,” Goldman Sachs told customers this week, adding that “while the stock market corrections are not historical and not common, the process of selling the synchronous dollar-especially when the stock corrections quickly restore.”

The recent supply of both American stocks and dollars come, as they rocked the escalating trade war of Trump’s global financial markets and raised concerns about the world’s largest economy. On Wednesday, the Federal Reserve reduced its growth expectations and raised inflation expectations, noting the customs tariff for a large part of the reduction.

Until this year, Wall Street shares dominated global markets – supported by expectations that the American economy will continue to grow at a faster pace than its competitors. The MSCI of American stocks increased by 54 percent from 2023 to 2024, while the scale of the index supplier for the global advanced market shares, with the exception of the United States, increased by 17 percent in dollars, according to FactSet data.

In the aftermath of Trump’s direct election victory last November, stocks rose up, while the dollar jumped on the bets that pro -business policies will enhance growth, while the customs tariff will eventually prove that they are more measured than the elected president threatened.

But these bets have quickly collapsed since the opening of Trump in January, when the president launched a sharp tariff on imports from major commercial partners including Mexico, Canada and China, and threatened more – which prompted Wall Street banks to ask about the period that American assets can excel.

“The American exceptional – the subject of the timed total trade in this session – has faded to start the year and withdraw less (the dollar),” Culture experts at JPMorgan indicated this week, adding, “We have turned into an explicit decline (on the dollar) for the first time in four years.”

The JPMORGAN strategy highlighted the “delivery of uninterrupted tariff” and “softening in American activity, which is more severe and front campaign, which was expected” between the reasons for their pessimism about the dollar, also referring to “the moment of water gatherings in the financial and European goal”-referring to a modern proposal by the German government to the aesthetic army.

To date, the MSCI World, with the exception of the United States, has increased by almost 9 percent, while the American index supplier scale increased by approximately 4 percent.

Global asset managers have also turned into more negative shares in the United States this year, which increased the debate about the future of the American exception.

“The amazing amount of executive orders” from Trump has caused “a huge amount of uncertainty in the market.” He added: “The potential risks here are unprecedented. It is changing in the world.”

Other strategists referred to the flows to international stocks as evidence that investors are actively disagreeing beyond the beaches of the United States.

“It seems that the market participants have begun to search elsewhere outside the dollar or have begun to diversify their ownership in dollars to other markets and currencies,” said Bob Michel, head of the fixed global income at JPMorgan Management. “The broader markets tell us that it seems that the exclusion of the dollar has reached its climax.”

However, economists and analysts emphasized that the economic future of the United States remained urgent and that they had not died of a long slowdown.

Cash was immersed in the treasury market this year, in a new reference to the state of the haven that is still attributed to the assets in dollars. But the bulk of these flows It flowed into short -term government bonds Instead of Treasury bonds with long ends-one analyst said he highlighted the lack of condemnation about the direction of our growth.

“The markets are completely wondering” about the feasibility of the American exceptional, but it was too early to conclude that this distinctive reputation was “over.”

He added: “I still think that commercial policy in particular pushes us to harm America relatively less than other countries,” noting that fears of growth may be fed up with feelings of feelings more than difficult data. “Now we must see the facts – we have to see evidence, and this will take some time,” he said.

However, Winograd added, “The size of the exception you may expect has decreased slightly.”

Data is visualized by Eva Xiao. Additional reports from Sun U