Can US exceptionalism still deliver returns for investors?

The United States has long been the world’s dominant economic power, driving global markets and shaping investment outcomes. But with high tariffs, rising fiscal deficits, and increased policy uncertainty under President Trump, investors are questioning whether this era of 'US exceptionalism' is coming to an end.

Our latest Investment Insights briefing examines the forces shaping America’s position in the global economy – and what they mean for investors with significant exposure to US assets.

Inside this briefing, our experts explore:

• The structural strengths that continue to support the US economy and markets.
• The challenges created by tariffs, deficits, and shifting political norms.
• How markets have reacted – from equities to bonds and the dollar.
• The implications for portfolio allocations and currency hedging strategies.

What you will gain

Clarity in uncertainty – cut through the headlines to understand the real drivers of US markets.

Investor-focused insight – practical considerations for portfolio strategy.

Forward-looking view – our take on the long-term outlook for US equities and the dollar.