The Financial Post reports in its Friday edition that when Donald Trump rang the opening bell at the New York Stock Exchange on Dec. 12, the chants of "USA" from the trading floor epitomized the investor exuberance that had greeted the president-elect's victory and powered U.S. stocks to record highs. A Financial Times of London item in the Post says that just a few months later, however, investors now worry that his tariff policy will hurt domestic growth. Meanwhile, the America's foreign policy has galvanized Europe's politicians into promising a defence spending boom that has lifted the region's assets. "You'd be hard pressed to find another period where the disparate trends across the Atlantic have switched gears like this so profoundly," said Robert Tipp at PGIM Fixed Income. The U.S. had hit a "saturation point" where headlines on tariffs and layoffs had created a "budding economic pessimism" that had sent investors rushing for haven assets, he said. "Right at that moment, Europe has switched to stimulus." Defence stocks there have soared. Inflows into German equities have hit their highest level in three years, according to Goldman Sachs. Many fund managers are wondering how they got Mr. Trump so wrong.