Trump’s threatened 104% tariff on China has taken effect and ‘major’ pharma tariffs are on the way.
Stocks like Rheinmetall and Rolls-Royce enjoyed a massive uplift in early 2025, then tariffs hit.
Novo Nordisk has shed more than 50% of its valuation since the peak in June 2024.
Porsche continues to trade at a deep discount.
Equities made modest gains on Tuesday after three sessions of dramatic declines.
Russel Kinnel is Morningstar's director of fund research. He is also the editor of Morningstar FundInvestor, a monthly newsletter dedicated to helping US investors build winning portfolios.