‘America First’ Is Making Emerging Markets No. 1
The trend is real and increasingly looks like it has legs.
Trump waving the Stars and Strips and Malaysia’s Jalur Gemilang.
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The sustained appeal of emerging market assets since the turn of the year has more to do with Washington’s “America First” philosophy than anything else. The administration wants a weaker dollar, it tends to get what it wants, and a declining greenback helps the emerging world. That ideological shift has unfolded as a steady recalibration, not an abrupt change of course. The intriguing question now is whether it prefigures a broader sea change.