That's not a thing, this is largely a ploy to reorient production to the US and away from countries we don't trust as much. That will probably decrease profits (and therefore temper stock valuations), but it's also probably quite temporary. But even if it's a long-term thing, markets will likely still increase long-term, just at a slower pace since cheap labor will increasingly not be a thing.

But even that's a pretty big assumption that the next President doesn't just reverse this trend as well. Tariffs are incredibly easy for the President to change, and that's been proven by Trump doing exactly that through EO.

But yeah, I don't think "this time it's different," but I was tempted to adjust my portfolio. And I still might. I'm just grateful that I rebalanced my portfolio in December, moving some small percent of my assets from US to international, so I wasn't hit quite as hard as I would otherwise, but I also introduced a small value tilt over the preceding few months, which got hit harder. I'm still long on my strategy, though I may adjust my US exposure down a bit if the tariffs seem to be sticking long-term, since I no longer have a reason to overweight the US (I'm currently 70% US, 30% international, w/ a 10% tilt to small cap value within that split).

That said, I'm a US citizen, so things could very well look differently from a UK perspective.

Regardless, strap in because I expect it to be a bumpy ride over the rest of Trump's term. I feel like I'm buying at a discount for ongoing contributions, but I guess we'll see if that ends up being the case.