America's entrepreneurial spirits have worked up a persecution complex and want their revenge. They will implement protectionist policy, push on spending cuts before tax reforms ("look at what we saved!") and then expect the market to climb while they liquidate their hundred-billion dollar portfolios and move to an island to retire.

At least, that's the theory. I don't think America wants to admit that the CCP has their industrial capacity by the balls and can direct it with centralized planning to displace America's EV market or naval tonnage at will. There's an assumption that deregulation will finally be the panacea to America's issues, but we can't pursue that consistent with a policy of global trade. We can't sanction the ICC and demand other countries extradite their criminals to the US. We can't abandon the Human Rights Council and then demand other countries respect our moral authority.

It's going to be another 4 years of the civilized world proving they don't need America. And Trump is going to spend it flattering dictators abroad while everyone else taps their foot waiting for another primary. Stagnation is a best case scenario, a-la 2016 - our saving grace is that most of America's serious adversaries are also hurting quite a bit right now. Trump sitting in the Nixon or Regan seat would have been game-over for America.