Exceptionalism is not just about benefits but costs. The economic policies and geopolitical disruption of the second Trump Presidency are certainly exceptional but will incur more economic costs than benefits. These costs will be spread about the world, but the US is not exempt.
There are two consequences: a global bear market for most financial assets and an end to US Exceptionalism in financial markets.
It is time to balance global exposure for most asset classes more evenly among developed markets and to start to reduce US $ overweight positions, particularly if the dollar strengthens further as more tariffs are announced. India is being added to the equity portfolio as part of rebalancing