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The first 100 days of the President Trump’s second presidency has clearly pointed to an ‘America First’ agenda. With the flurry of activity around domestic policies, tariffs and geopolitics, we take a closer look at portfolio impact and what this means for investors globally in this PERSPECTIVES Special.

 

Key takeaways:

  • In the first 100 days of Donald Trump's second term, the S&P 500 lost around -7%, the worst start to a U.S. presidency since Richard Nixon's second term in 1973.
  • The impact from tariffs is non-linear and the overall effect on the U.S. economy and companies will depend on the duration and extent of tariffs as well as the ability of companies to adopt to the changing economic environment.
  • Going forward, budget reconciliation, tax cuts and deregulation, and bilateral trade deals could restore market confidence.
  • While volatility is likely to remain elevated in the near term, long-term investors could use potential corrections as a cheaper entry point. After 100 days of negative headlines, the next 100 days could bring more positive news.

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The PERSPECTIVES Special is currently available and client-ready for the following regions: Germany, Americas, Europe, Middle East, Africa and Asia Pacific.

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