American Exceptionalism

José Manuel Amor, managing partner of Economic and Market Analysis at Afi, writes for El País about how in April 2025, the dollar and the U.S. Treasury debt. The U.S. stopped acting as safe havens, reflecting a loss of trust in American “exceptionalism”. This privilege, based on institutional strength, the global role of the dollar and the country's economic strength, is now threatened by Trump's economic policy, pressure on the Federal Reserve and a changing world order. Although a tariff truce brought some calm in May, U.S. credibility. The U.S. has been damaged and its financial leadership is no longer unquestionable.