US markets’ exceptionalism goes into reverse

After years of setting the global pace (https://www.reuters.com/breakingviews/stingy-uncle-sam-subverts-both-suppliers-state-2025-03-18/) , the S&P 500 Index has dropped 9% from its peak (https://www.breakingviews.com/considered-view/wall-streets-deal-pipeline-talk-springs-a-leak/) while Hong Kong and Europe benchmarks rise. In this week’s Viewsroom podcast, Breakingviews columnists discuss whether trade wars and threats to the rule of law (https://www.reuters.com/breakingviews/oval-office-attacks-us-law-come-price-2025-03-19/) portend a durable shift.   Visit the Thomson Reuters Privacy Statement (https://www.thomsonreuters.com/en/privacy-statement.html) for information on our privacy and data protection practices. You may also visit megaphone.fm/adchoices (https://megaphone.spotify.com/about-advertisements) to opt-out of targeted advertising.