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4 min

Economy

Investors are losing confidence in US assets

American exceptionalism is under threat as US assets sink under the weight of escalating tariffs and the unpredictability of Trump’s economic policy.

The unprecedented increase in tariffs to levels far above what markets were expecting is unique in economic history. Increased 10-fold, the average US tariff rate is now at its highest in over a century. At almost 150%, the rate on Chinese imports is effectively an embargo on the world's second-largest economy, which is unsustainable in the long run.

President Trump’s embrace of protectionism ends a long period of deregulation, which had been very positive for global economic growth.

Damien Petit

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