Trump Trade slumps 16% as Iran war fuels inflation

Ned Davis Research's Trump Trade Index has fallen 16% since May as the US conflict with Iran pushes up energy prices, inflation expectations, and interest rates. The war has dented investor bets on Trump-era policies, with funds like the Truth Social God Bless America ETF seeing consistent outflows. Analysts warn that inflation shocks from tariffs, war, or supply disruptions continue to undermine the trade.