Tariffs Are More Tumultuous For Foreigners

Global trade is being reordered, and the new US trade policies are likely to slow global economic growth over the near term. But for various reasons, we think the US stock market will outperform its foreign counterparts, especially in the event of a global recession. We maintain our Stay Home, versus Go Global, bias. US stocks are fundamentally stronger than international ones, supported by stronger productivity growth and wider profit margins. … Also: With the US stock market on the precipice of bear market territory, Joe takes a statistical look at bear markets throughout history, including one in 1934 triggered by the White House’s reshaping of trade policy.