The recent sell-off in US equities has challenged the notion of American exceptionalism. The S&P 500 has tumbled as President Trump’s trade policies have fuelled concerns about the growth and inflation outlook in the US, whereas European and Chinese stock markets have outperformed their US counterparts so far this year. To find out what these developments mean for investors, Daniel White and Jeffrey Lin will discuss the implications of the recent market shifts and offer insights for navigating the current investment landscape.