A year of Trump 2.0
A year ago, Donald Trump secured a second term as US president. Due to the oddities of America’s political system, he was only sworn in almost three months later on 21 January, but investors immediately began considering what lay ahead. Indeed, since the victory was not unexpected, a second Trump term was already being discussed and discounted earlier on in 2024. It was widely expected that Trump 2.0 policies would centre on tariffs, tax cuts and immigration crackdowns. That’s what we got, but there have still been several shocks and surprises. Where do we stand after a year, and what insights can we gain for the three years left of his final term?