Trump’s second 100 days: lower tariffs, lower rates, lower taxes!

Investors can’t call the first 100 days of Trump’s presidency successful! Unless someone had an overweight gold …

But what can we expect in the second 100 days?

Michael Hartnett (Investment Strategist) from Bank of America: “(…) price action now unwinding significantly as investors anticipate Trump policy pivot in second 100 days to lower tariffs, lower rates, lower taxes.”

Will lower tariffs, lower interest rates and lower taxes be enough for new all-time highs?

The S&P500 is already up +17.6% from the intraday low of April 7 this year. This is also above the level before Trump announced tariffs (the so-called Liberation Day of April 2). There is +7.5% left to the all-time high - see Figure 1.

Nasdaq100 is already up +21.5% from intraday low of April 7th. This is also above the level before Trump announced tariffs (+2.7%). There is +10.3% left to the all-time high - see Figure 2.