The new US administration could upend assumptions about global growth and markets for years to come. President Trump has sweeping latitude to deregulate, raise tariffs, tighten immigration enforcement, appoint the next Federal Reserve Chair, and more, even while changing the trajectory of global geopolitics by reinterpreting or even reversing decades of US policy. Thus far, investors have celebrated the positive agenda items while discounting the negative, but that can only persist for so long. Investors need to prepare their portfolios now for a new investing era.

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