The so-called Liberation Day was five months ago, although it feels like fifty. The general idea was that ‘Mericuh was finally going to show them danged for-ners was the good old U.S. of A. could do when it set its mind to it, and with the aid of triple-digit tariffs, we were going to reclaim a 1950s style industrial economy.
Whether that transpires or not remains to be seen, but let’s just at least agree that the stock markets of other countries don’t seem any worse for the wear:
“But, Tim,” you say, “stocks are up all over the world. So what?” You’re right:
My main point is that the worst-performing of these markets above is the one in black, which is the SPY. A rising tide lifted all the boats, but it lifted those of our foreign competition the most.
