Tariffs. Retaliatory tariffs. Tariff pauses. In the wake of the tempest of April 2025, global investors are asking: Is the US still exceptional? We’ll explore this topic on several levels. Cyclically speaking, exceptionalism still seems intact, but it’s overshadowed by anti-US sentiment and structural concerns—including a heavy debt burden. At the strategic level, we’ll weigh the “pro” and “con” cases. And we’ll tackle the other big question: What does all of this mean for US stocks, bonds and the dollar? Disclosure: For Investment Professional use only. Capital at risk. Not for inspection by, distribution or quotation to, the general public. The value of an investment can go down as well as up and investors may not get back the full amount they invested. Capital is at risk. Past performance does not guarantee future results. Note to all listeners: The views expressed in this podcast do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams and are subject to revision over time. The views expressed in this podcast may change at any time after the date of this publication. AllianceBernstein L.P. does not provide tax, legal or accounting advice. It does not take an investor’s personal investment objectives or financial situation into account; investors should discuss their individual circumstances with appropriate professionals before making any decisions. This information does not constitute investment advice and should not be construed as sales or marketing material or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by AB or its affiliates. References to specific securities are provided solely in the context of the analysis presented and are not to be considered recommendations by AllianceBernstein. AllianceBernstein and its affiliates may have positions in, and may effect transactions in, the markets, industry sectors and companies described herein. Note to listeners in the United Kingdom: This information is published by AllianceBernstein Limited, 60 London Wall, London EC2M 5SJ, registered in England, No. 2551144. AllianceBernstein Limited is authorised and regulated in the UK by the Financial Conduct Authority (FCA). Note to listeners in Europe: This information is published by AllianceBernstein (Luxembourg) S.à r.l. Société à responsabilité limitée, R.C.S. Luxembourg B 34 305, 2-4, rue Eugène Ruppert, L-2453 Luxembourg. Authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). Note to listeners in Switzerland: This information is directed at Qualified Investors only. Issued by AllianceBernstein Schweiz AG, Zürich, a company registered in Switzerland under company number CHE-306.220.501. AllianceBernstein Schweiz AG is a financial services provider within the meaning of the Financial Services Act (FinSA) and is not subject to any prudential supervision in Switzerland. Further information on the company, its services and products, in accordance with Art. 8 FinSA, can be found on the Important Disclosures page at www.alliancebernstein.com. Note to listeners in Taiwan: This document is provided solely for informational purposes and is not investment advice, nor is it intended to be an offer or solicitation, and does not pertain to the specific investment objectives, financial situation or particular needs of any person to whom it is sent. This document is not an advertisement. AllianceBernstein L.P. is not licensed to, and does not purport to, conduct any business or offer any services in Taiwan. In Australia and New Zealand this podcast has been released by AllianceBernstein Australia Limited (ABN 53 095 022 718 and AFSL 230698) (“ABAL”). It is intended only for persons who qualify as “wholesale clients,” as defined in the Corporations Act 2001 (Cth of Australia) or the Financial Advisers Act 2008 (New Zealand), and should not be construed as advice. The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to revision over time. No reproduction of the materials in this document may be made without the express written permission of ABAL. In Hong Kong, this podcast has been issued by AllianceBernstein Hong Kong Limited and has not been reviewed by the Securities and Futures Commission. In Singapore, this podcast has been issued by AllianceBernstein (Singapore) Ltd. (“ABSL”, Company Registration No. 199703364C). AllianceBernstein (Singapore) Ltd. is regulated by the Monetary Authority of Singapore. The [A/B] logo and AllianceBernstein® are registered trademarks used by permission of the owner, AllianceBernstein L.P. © 2025 AllianceBernstein L.P.
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