Cast your mind far, far back, to November of 2024. Trump had just been elected. Americans were divided and unsteady. But the stock market wasn’t: It was thrilled. Stocks hit all-time highs on the news, and the value of the dollar surged.

The vibes were very different across the Atlantic. European stocks fell, driven by fears of Trump’s tariffs, as did the value of the euro. Analysts expected European economies and markets, which had long underperformed their American counterparts, to fall even farther behind.

Now,........

© Vox