Welcome to Trump 2.0 — A New ‘Golden Age’ Putting America First (Being “Exceptional” Isn’t Enough)

Trump’s second term starts amid exceptional equity valuations

Highlights

• Trump’s second term starts amid exceptional equity valuations

• 25% tariffs on Canada and Mexico are still on the table…

• … with the Canadian dollar approaching key support levels

• U.S. tariffs would not have any lasting effect on inflation

Key Takeaways

Canada and Mexico Feel the Pressure

• From President Trump yesterday: “We will be prosperous. We will be proud. We will be strong, and we will win like never before. We will not be conquered. We will not be intimidated. We will not be broken. And we will not fail.” Canada and Mexico, meanwhile, probably do feel a little broken at this point (at the same time, Trump seemed to give China a pass — nice to know who his friends are).