Reference News website reported on April 29 that Bloomberg News Service published an article titled "US Market Exceptionalism Will Not Reappear" on its website on April 25. The author of the article is Edward Harrison. The following are excerpts from the article: In terms of financial markets, US President Donald Trump's "America First" economic revolution has quickly turned into a "bottoming out of America". So many investors have been selling off American assets in large quantities that we have recently seen stocks, bonds, and the dollar all fall in a self-reinforcing cycle of doom that has damaged the value of American financial assets. If Trump persists in this course, it may lead to a long-term bear market and financial crisis. This is a shock for the financial community, which almost joyfully accepted his election. In recent weeks, investors have not only questioned the true source of American economic growth but also begun to doubt the reliability of the rule-of-law system that supports the dollar as the world reserve currency and US government debt as the safest financial asset in the world. Since Trump announced a significant tariff increase on so-called "Liberation Day" (the day after April Fool's Day), investors have become the laughingstock. Although the expected interest rate cut due to slowing economic growth has boosted short-term Treasury bonds, long-term Treasury bond yields have still surged to nearly their highest point in 18 years. Since inflation expectations have soared while the dollar has plummeted, we know that investors' concerns go beyond inflation. The exceptionalism of the American market over the past few years is now undergoing a complete reversal, which may last for a long time. Once upon a time, foreign investors in America did not feel that their investments would be confiscated by the government or subjected to capricious high tax rates. That is no longer the case. The "America First" agenda - at least as implemented at present - has greatly undermined confidence in the American rule of law and continued excellent economic performance. "Liberation Day" clearly shows that any American economic policy can change drastically at any time. These tariffs are absurd not only because of their high rates but also because they do not conform to any universally understood economic framework. This shocking phenomenon clearly indicates that capital faces risks simply by doing business with or within the United States. In short, Trump has proposed a disruptive economic and foreign policy: reconsidering commitments to NATO; inconsistent high tariff policies; threatening the independence of central banks; interrupting most foreign aid; arbitrarily closing diplomatic missions. All these measures have been implemented at lightning speed, with no clear indication of when they will take effect or to what extent. We don't know whether the pressure of these tariffs will force the US into a recession, nor how severe the recession will ultimately be. Most tragically, the trust lost by the US as a market and international partner will take years or even decades to recover. All of this will lead to panic about "selling off America" and a financial crisis. In this sense, "American exceptionalism" will come to an abrupt end - disappearing much faster than recovering. (Compiled/translated by Ge Xuelai) Original source: https://www.toutiao.com/article/7498564679770391091/ Disclaimer: This article solely represents the views of the author. Please express your attitude by voting up or down below.