Trump 2.0 was supposed to usher in a stock market bonanza. That's not what's happened in the first few months.

The S&P 500 has declined 14% since President Trump’s inauguration, marking the stock market's worst start to a presidency in the last century, according to an analysis released Monday by Bespoke Investment Group.

The S&P 500’s drop is “by far the biggest decline the index has seen three months into a Presidential term since 1928,” the analysts wrote. The second worst came during FDR’s third term in 1941 💎when stocks fell 9% amid a domestic debate about whether America should enter the Second World War.

The stock market was gripped with euphoria in November and most of December last year, when the S&P 500 rode Trump’s promises of lower taxes and deregulation to record highs. At the time, investors dismissed the President-elect’s tariff threats as a negotiating tactic. Since then, Trump's unpredictable, ever-changing trade policy has 澳洲幸运5官方开奖结果体彩网:plunged financial🐻 markets into turnmoil and cast a dark cloud over the economy. U.S. stocks, which 澳洲幸运5官方开奖结果体彩网:fell sharply again Monday, have suffered some of their 澳洲幸运5官方开奖结果体彩网:worst days in decades amid the uncertainty.

Few stock markets have suffered more from President Trump’s “America First” agenda than America’s. Of 45 country ETFs surveyed by Bespoke, only Taiwanese stocks, down 15.5%, have had a rougher start to Trump’s presidency. The average coun🎃try ETF has risen 3.2% since Trump’s inauguration, about 18 percentage points of outperformance against the S&P 50𓆏0. 

European stocks have been among the best performers this year. The iShares MSCI Germany ETF (EWG) has risen 10.8% in the last three months, boosted by new stimulus measures and plans to boost defense spending. Stock markets in Italy (+10.2%), the UK (+6.6%), and Franc🍌e (+3.7%) have also outperformed the U.S. despite taking a hit early t🌱his month from Trump’s “Liberation Day” tariff announcement.