How Trump Has Made Emerging Market Assets Great Again (Rebecca Patterson – Council on Foreign Relations)

While perhaps not the intent of President Donald Trump and his administration, their policies have fueled a powerful and surprising rally in emerging market assets this year. At the start of 2025, investor expectations for emerging economies’ financial markets were subdued at best. After all, the administration seemed likely to implement a range of “America First” policies, including tariffs, which would weigh on these countries’ growth prospects. These markets braced themselves for these tariffs to make their respective assets less attractive, especially relative to those in the United States.

How Trump Has Made Emerging Market Assets Great Again | Council on Foreign Relations