Swamp Notes The corporate winners and losers under Trump
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Jul 5, 2025 Derek Brower, U.S. News Editor at the Financial Times, dives into the unpredictable effects of Trump's presidency on corporate America. He discusses how tariffs and trade policies have created winners and losers among industries. European defense firms and the cryptocurrency sector are highlighted as surprising beneficiaries. The volatility of the market and specific companies, like Decker's Outdoor, illustrate the challenges businesses face in adapting to shifting regulations. Brower sheds light on the intricate dance between corporate influence and presidential policies.
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European Defense Firms Gain
- European defense companies have benefited from doubts over U.S. commitment to NATO and Ukraine support.
- Europe is boosting its domestic weapons manufacturing, helping firms like Rheinmetall and Saab.
Crypto Up, Dollar Stores Signal Stress
- The cryptocurrency sector thrived under Trump due to lenient policies compared to Biden's administration.
- Dollar General's growth signals economic strain as affluent shoppers trade down amidst inflation.
Tariffs and Energy Hit Companies
- Companies exposed to tariffs, like Apple, lost hundreds of billions in market cap due to trade wars.
- Oil producers also suffered as energy prices fell partly due to Trump's policies aimed at lowering fossil fuel costs.