New Delhi, May 15 -- American exceptionalism has had a long and successful run. Gauged by the growth of GDP per capita and other statistical measures, the US economy has outpaced its advanced-economy rivals since the turn of the century. America is home to the world's leading high-tech firms. It is at the forefront of artificial intelligence (AI). And investors have cashed in on that outperformance: as of late 2024, US large-cap markets had yielded an average annual return of 13% over the preceding ten years, compared to just 6% for European markets.

The question is whether US President Donald Trump's destructive policies have now brought this economic exceptionalism to an end. That prospect was reflected in the stock market in April, wh...