
Since President Trump took office on Jan. 20, 2025, the U.S. has been the worst performing stock market of the entire G7. While Trump likes to shoot from the hip when it comes to economic policy, investors in U.S. assets, it seems, do not appreciate this approach. The uncertainty created by further tariffs is also creating a headache for firms who are trying to figure out how their supply chains are going to be impacted, and to what extent higher costs will reduce their competitiveness, thereby negatively impacting their share prices. Exhibit 1: Performance of G7 stock markets One way