Key points:
- The first six months of Trump’s second presidency have been characterized by bold rhetoric, policy ambiguity, and a renewed push for “America First” priorities—from trade and tax to AI and national defense.
- Despite ongoing political pressure on the Federal Reserve, tariff threats, and legislative uncertainty, markets have remained broadly resilient, with equities supported by AI momentum and pro-growth optimism.
- As the focus shifts from announcements to actual policy execution, a new set of Trump trades is emerging—including structural themes like AI infrastructure, defense, resource nationalism, and digital assets, alongside rate cut-sensitive assets and small caps.
