Since President Trump's second term began with the Inauguration on January 20th, the S&P 500 ETF (SPY) is down 16.5% compared to a 6.2% drop for the all world ex US ETF (CWI).  A ten percentage point gap in performance in less than three months is significant.  It's early, but the rest of the world is solidly beating US markets so far under Trump 2.0.

Below is a table showing the performance of 45 country ETFs available to US investors since the close last Wednesday just before the President's Rose Garden announcement of reciprocal tariffs that were orders of magnitude higher than the market expected.

The average country ETF is down exactly 10% in the two and a half trading days since Trump's "Liberation Day," and the only two down less than 5% are India (INDA) and Turkey (TUR).

Of the G7 countries, the US (SPY) has been the third worst with a drop of 11.2%.  The UK (EWU) and Italy (EWI) are down more at -13.3%, while Germany (EWG), Japan (EWJ), Canada (EWC), and France (EWQ) have fallen a little bit less than the US.

Norway (ENOR), Greece (GREK), Poland (EPOL) and China (MCHI) are the four country ETFs down more than 14% since last Wednesday's close, while Vietnam (VNAM) -- a country punished with a 45% tariff even though they only tariff the US roughly 5% -- is down a tad less than SPY with a drop of -11%.

 

More By This Author:

Country ETF Dividends
10 Baggers And 100 Baggers
Will The Streak End?