The US stock market has fallen noticeably, with a 1.2% year-to-date return, ranking it 41st among 47 countries in the MSCI All-Country World Index. Global equities, including those from China (up 19.9%), Europe (up 22.3%), and Mexico (up 27%), have significantly outperformed US stocks. The main contributor to this decline is President Trump's erratic tariff policies, which include a series of ineffective trade 'deals' with the UK and China that offer little more than temporary pauses rather than concrete agreements.
A week after 'Liberation Day' on April 2, the White House on April 9 issued a 90-day reciprocal tariff pause.
Neither deal, otherwise, is worth the paper it's printed on.
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