The ‘American exceptionalism’ trade died awfully fast

After Donald Trump won the 2024 presidential election, investors were stoked about "American exceptionalism" — the prospect that the US economy and stock market would trounce just about every other nation's. "The US economy is set to outperform other advanced economies next year," Oxford Economics declared last November. "American exceptionalism will endure." "The 'American exceptionalism' trade is gaining momentum, driven by the potential return of 'America First' policies under Trump 2.0," Bank of America told its clients in a December report. "The US outlook [is] improving versus other countries, which is also driving US equities higher versus the rest of…