The American economy really is exceptional.
It is richer, more innovative and continues to expand at a high rate compared to most of the developed world. It has been extra special the last 15 years, with its equity market outperforming any other country as growth prospects for China and Europe dimmed.
But it seems exceptionalism might be ephemeral. Uncertainty around trade and the future strength of the dollar has led some big European investors to retreat from American stocks. And the problem may go deeper. Less than 100 days into a second Trump administration, commentators are already discussing the coming end of American exceptionalism.
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