One reason Trump rolled out his travel ban in a surprise tactical move was to outflank criticism. While military concepts often work well in business, they are seldom suited for US politics. Witness the volume of key American companies—now numbering 127 firms—that have signed an amicus brief in support of permanently overturning the executive order. The core names are the behemoth tech players, but others range from yogurt-maker Chobani to Levi Strauss. The irony here is that Trump campaigned to “make America great again,” but his actions are pummeling the economy, at least over the long-term. We note that the US dollar index has surrendered about half of the gains we saw in the immediate wake of the November election. Global investors may already be passing their verdict on the new administration.

Our Vantage Point: The travel ban, if reinstated, will have a limited impact on direct bilateral trade, but the spillover impact is enormous. Among the issues, White House policies frame the US dollar as a higher risk asset.

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Image: US Constitution was debated and adopted in Independence Hall. Credit: Konstik at Can Stock Photo Inc.