The aura of "US First" has faded, and the weakness of US stocks and dollars has been sharply clear

(Bloomberg): The financial markets as a whole are no longer "US first."

Just a few weeks ago, he welcomed President Trump's return, and there was hope that the combination of tax cuts and tariffs would accelerate economic growth and boost US stocks and dollars over international competitors. It's what is called a "Trump Trade."

However, the mood is rapidly cooling down. The rapid trade war, hard-line stances on Ukraine and the wave of Elon Musk-led government spending cuts, coupled with a rapidly softening economy, have undermined sentiment. "Trump bumps" are now in a "Trump slump."

The shift from US assets is accelerating. Germany's bold fiscal reform proposal, released last week, was praised as a major turning point in European policymaking, boosting the region's stocks, currencies and government bond yields. Meanwhile, the emergence of Chinese artificial intelligence (AI) startup DeepSeek has raised qu...
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