Trump’s First Six Months: Markets are Speaking Loudly | The American Spectator

We manage a publicly traded exchange-traded fund (ETF) called the American Conservative Values ETF (ACVF) with exposure across all sectors, including but not limited to energy, defense, manufacturing, and infrastructure, the backbone of the American economy. And over the last six months, one thing has become crystal clear to us: under President Donald J. Trump, the United States is once again the world’s best opportunity for growth!

The market doesn’t trade on slogans. It trades on reality. And the reality is this: since President Trump returned to the White House, U.S. equities have surged to new highs, the dollar and interest rates have stabilized, capital expenditures are breaking records, and investor sentiment is stronger than it has been in years. That is not a coincidence. It’s a direct result of bold leadership, unapologetic economic nationalism, and a return to common sense.

What About Tariffs?

Let’s start with tariffs. When Trump reimposed targeted tariffs, the usual suspects in the media cried foul. We heard the same tired predictions: trade war, inflation, market collapse. What we got instead was a short-term correction followed by a sustained rally. Why? Because investors finally see tariffs not as ideology, but as leverage. Trump is negotiating from strength and the market knows it.

The results speak for themselves. Since January, trillions in corporate commitments as well as trillions of investments pledged by foreign countries have been made to invest inside the United States. That is not rhetoric. That is long-term capital placing a bet on America’s future.

Money is moving back to American shores at a velocity we haven’t seen in decades. Manufacturing, semiconductors, energy infrastructure — these are no longer abstract goals. And unlike under the last administration, this investment isn’t being eaten alive by inflation.

The doom-and-gloom inflation forecasts have failed to materialize. Instead, what we’re seeing is the Federal Reserve clinging to antiquated inflation fears and maintaining rates that are arguably too high for this current macro environment.

Once again President Trump is pushing the right questions like; why should we let legacy assumptions stall recovery?

Energy markets are another bright spot. Crude oil has quietly dropped from $72 to $65 a barrel, helping ease costs across the supply chain. Under Trump, the energy sector is not the villain. It’s an engine. Deregulation, pro-production policy, and clear international signals have restored confidence to the U.S. energy complex. For investment managers like us, that means real returns, stable forecasts, and a reliable American energy narrative for global investors.

Then there’s the “Big Beautiful Bill,” an extension of the Trump tax cuts that locks in lower rates for individuals, families, and small businesses.

Trump’s Cultural Wins

But what might be Trump’s most underappreciated win so far is cultural. He’s gone on offense against the toxic woke ideology infecting America’s institutions. As an investor focused on maximizing shareholder value, I’ll say this plainly: DEI and ESG mandates are liabilities.

They distract from core operations and alienate shareholders. Trump’s push to root these out of government, education, and even the military is being echoed quietly in corporate America and that is good for business.

Internationally, Trump has delivered clarity. He’s shifted the cost burden of Ukraine’s defense to Europe, where it belongs. NATO allies are stepping up because they know this president doesn’t write blank checks. He’s also taken decisive steps to degrade Iran’s nuclear ambitions and reaffirmed America’s full-throated support for Israel.

Even symbolic actions carry weight. The decision to make U.S. government documents English-only may seem trivial to elites, but it signals a return to national coherence. Markets respond to confidence. National identity, like a strong brand, fosters that confidence.

And yes, even grocery prices are showing improvement. Egg prices, which had become a symbol of Biden-era dysfunction, are finally dropping. These aren’t just anecdotes. They’re indicators. Indicators that things are turning.

Right now, the signals are all pointing in the same direction. Investment is up. Confidence is up. Wages are stable. Regulatory risk is falling. Cultural insanity is being reversed. And America is no longer apologizing for its success.

President Trump’s first six months have reminded us that when you let America compete, America wins.

We believe betting on the strongest asset in the world: the American worker, backed by America First policy.

And if this is what six months looks like, imagine what we can do with four years.

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William Flaig is the CEO and Co-Founder, Tom Carter is the President and Co-Founder of The American Conservatives Values ETF (ACVF)