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So far in 2025, the S&P 500 is down 2.25%, the QQQ down 3.5%, and the RUT down 7.4%. But stocks are up 9.2% in the U.K., 14.3% in Switzerland, 15% in France, 16.4% in China, 18.3% in Spain, 21.3% in Germany, & 21.4% in Hong Kong. The Trump trade is sell U.S. & buy foreign stocks.