‘US exceptionalism roars back’ as markets defy doomsayers and draw record foreign inflows after panic over Trump tariffs

• Foreign investors returned to U.S. stocks and bonds in force in May, just a month after retreating in the wake of President Donald Trump’s unexpectedly aggressive tariffs. New data show record net inflows, as the highest tariff rates were on hold to allow breathing room for trade talks. U.S. stocks have since retaken record highs, though bond yields remain elevated.

Just as American consumers have demonstrated extraordinary resilience amid President Donald Trump’s tariffs...