The De-Americanization of Globalization

The administration responded swiftly, introducing 15% tariffs under Section 122 of the Trade Act, highlighting a deeper shift: U.S. economic engagement with the world is becoming less rules-based and more discretionary. Trade, immigration and cross-border capital flows are increasingly driven by national priorities rather than institutional commitments.

For decades, the U.S. served as the architect and anchor of a rules-based global system, underwriting the World Trade Organization framework, free trade, open capital accounts and relatively liberal migration flows. That architecture is now changing. As Washington asserts greater discretion over trade, capital and people flows, the rest of the world is quietly building buffers and hedging U.S. dependency.

This is not the end of globalization. It is the gradual de-Americanization of it

^{RISK CONSIDERATIONS
There is no assurance that a portfolio will achieve its investment objective. Portfolios are subject to market risk, which is the possibility that the market values of securities owned by a portfolio will decline and that the value of portfolio shares may therefore be less than what you paid for them. Market values can change daily due to economic and other events (e.g. natural disasters, health crises, terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. portfolio liquidity) of events. Accordingly, you can lose money investing in a portfolio. Please be aware that a portfolio may be subject to certain additional risks. In general, equities securities’ values also fluctuate in response to activities specific to a company. Investments in foreign markets entail special risks such as currency, political, economic, market and liquidity risks. The risks of investing in emerging market countries are greater than the risks generally associated with investments in foreign developed countries.}