Trump's tariff wars stoke stock market fears

Five charts to start your day

There has been a significant shift in investor sentiment lately. According to a new survey, investors are embracing US Treasuries while losing enthusiasm for stocks – all due to President Trump's escalating tariff battles. With trade tensions mounting, many investors believe US Treasuries will outperform equities on a risk-adjusted basis over the next month.

This represents a complete reversal from Trump's first term, when investors celebrated his growth agenda and heavily invested in equities. Now, concerns are growing that tariffs, rather than US Federal Reserve policy, are driving valuations and could restrict corporate earnings.