Markets Aren't Calling Trump's Bluff--They're Pricing A USD Crisis

  • The S&P 500's 6.43% YTD gain in USD masks a decline when measured against gold (-14.86%), BTC (-18.76%) and DXY (-3.31%), reflecting the USD's collapse rather than a true rally. Trump's new aggressive tariffs, including 30% on the EU and Mexico, and fiscal policies like the “Big, Beautiful, Bill” are driving USD weakness by increasing debt and economic uncertainty.