Asia, Europe, gold, private markets: Where investors can seek refuge as US exceptionalism is cast into doubt

[SINGAPORE] The turmoil and volatility in global financial markets, where trillions of dollars were wiped off US equities since “Liberation Day”, are leading investors to lean towards the idea that American exceptionalism may be nearing its end.

Earlier, the shock that Chinese startup DeepSeek delivered in January led the likes of JPMorgan Chase to issue a research report titled Is US Exceptionalism Here to Stay? on Feb 28.

JPMorgan’s stance has taken a downbeat turn, with its chief executive officer Jamie Dimon warning that President Donald Trump’s tariffs could push the American economy into recession.