Tariffs. Retaliatory tariffs. Tariff pauses. In the wake of the tempest of April 2025, global investors are asking: Is the US still exceptional? We’ll explore this topic on several levels. Cyclically speaking, exceptionalism still seems intact, but it’s overshadowed by anti-US sentiment and structural concerns—including a heavy debt burden. At the strategic level, we’ll weigh the “pro” and “con” cases. And we’ll tackle the other big question: What does all of this mean for US stocks, bonds and the dollar?
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