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Donald Trump's shake-up of the global trading system is hurting US assets more than those in many of the big economies he has just slapped with additional tariffs. "The narrative is moving from US exceptionalism to US alienation," said Kok Hoong Wong, head of institutional equities sales trading at Maybank Securities in Singapore.
"The aggravation of US growth concerns on the tariff news and related further falls in US stocks has meant that the dollar isn't enjoying its traditional safe-haven, reserve currency status support," said Ray Attrill, head of foreign-exchange strategy at National Australia Bank Ltd.
The announced tariffs increase the risk of "damage to consumer and business confidence" that could endure even if levies are eventually rolled back, Scott Chronert, head of US equity strategy for Citigroup, said in a note. The investment bank expects to cut its outlook for US stocks, he said.
US Emerges as Biggest Loser in Markets From Trump’s Tariffs - Bloomberg
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