Trade War: Who Are the Winners and Losers on the Stock Market?

The markets initially enthusiastically welcomed Donald Trump 's return to the White House. His promises of tax cuts and deregulation delighted investors. The "Trump Trade," launched in the fall of 2024 when polls were increasingly favorable to the Republican candidate, propelled Wall Street to unprecedented heights and lifted all global stock markets. The CAC 40 , also aided by the strong results revealed by France's flagship companies, reached a historic peak on March 3 at more than 8,257 points. It then posted a rise of nearly 12% since the beginning of the year.

The mood then deteriorated considerably. "Contrary to expectations, Donald Trump has carried out his threats of protectionism," observe the specialists at Natixis. This policy and the economic uncertainty constantly fueled by the unpredictable White House occupant have dampened investor optimism...