Tariff policies (15-50% on many countries) and a strong 'America First' trade stance are typically supportive of the US dollar in the short term due to reduced import competition and capital inflows.

We're seeing trillions and trillions of dollars in new investments... Meta, Amazon, Google, Microsoft are all investing $320 billion or more in data centers and AI infrastructure this year... Nvidia has committed $500 billion over the next four years.

Trump's focus on domestic manufacturing, deregulation, and tax cuts for capital expenditures is particularly beneficial for small and mid-cap domestic companies, which are heavily represented in the Russell 2000.

Trump's goal to lower energy costs ('We're down to $64. I want to get it down a little bit further') and his push for increased domestic energy production (oil, gas, coal, nuclear) imply a policy-driven effort to suppress oil prices, which would be bearish for WTI.

Massive fiscal stimulus through tax cuts (100% expensing) and deregulation, combined with huge private investment ($17 trillion), is likely to boost economic growth and inflation expectations in the short term, pushing yields higher.