‘Sell America’: is US market supremacy under threat?

卖出美国

Money Talks from The Economist

2026-01-29

29 分钟
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From assaults on Federal Reserve independence to his threats to seize Greenland, the first year of Donald Trump’s second stint in the White House has been head-spinning. But so far, one cohort at least appears unfazed: investors. The S&P 500 has risen 15% over the past 12 months and hit yet another all-time high on January 27th. So what, if anything, would it take for investors to “sell America”? Hosts: Mike Bird, Alice Fulwood and Ethan Wu. Guest: Marko Papic from BCA Research. Transcripts of our podcasts are available via economist.com/podcasts. Listen to what matters most, from global politics and business to science and technology—subscribe to Economist Podcasts+. For more information about how to access Economist Podcasts+, please visit our FAQs page or watch our video explaining how to link your account.
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  • The Economist.

  • Donald J. Trump.

  • It’s been a year since Donald Trump returned to the White House.

  • And it’s been a bumpy year, to say the least.

  • I don’t know what the fuck they’re doing.

  • You don’t have the cards right now.

  • With us, you start having cards.

  • Not playing cards.

  • We are going to do something on Greenland whether they like it or not.

  • I think Canada would be much better off being a 51st state.

  • You might expect the volatility of Trump’s second term to provoke some market reaction.

  • My fellow Americans, this is liberation day.

  • And, at least in the case of tariffs, you’d be right.

  • The Dow fell 1,600 points in a single trading day.

  • The Nasdaq fell nearly 6 percent.

  • And the S&P 500 down almost 5 percent.

  • From tariffs to Venezuela, from attacks on the Fed to Minnesota to the Greenland crisis.

  • The noise of Trump 2.0 can be deafening.

  • But the noise doesn’t always result in a strong market reaction.

  • Traders maybe following the taco mantra.