Interesting to consider how Trump's America first stance will impact the decision making in a global financial crisis. Economies are multi-jurisdictional and interdependent. However, despite the global importance of the Dollar, the US is the sole party shaping its monetary policy. In 2008 the US fed bailed out both American and European banks, recognizing the multi-lateral nature of Dollar stability. However, I find it difficult to image this action being taken by the Trump administration, no matter how vital it may be to the strength of the Dollar. To this end, it seems many investors are pulling holdings from emerging markets, emphasizing the likelihood of a territorialized response.

Calvin Hutcheon
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