In the year since Donald Trump’s surprise victory in the 2024 U.S. presidential election, the global financial landscape has been nothing short of a rollercoaster. From record-breaking highs in equities and cryptocurrencies to a recalibration of international trade flows and the imposition of steep tariffs, the world’s markets and major industries have been forced to adapt to a new era of unpredictability. As the dust settles in November 2025, the effects of Trump’s policies are rippling through everything from Wall Street to seafood wholesalers, leaving business leaders, investors, and ordinary consumers scrambling to keep pace.
According to Reuters, the U.S. dollar initially surged after Trump’s election, buoyed by expectations of aggressive government spending and economic growth. But the optimism was short-lived. Over the course of the year, the greenback lost a net 4% in value, as the administration’s erratic approach to tariffs and trade policy sent investors searching for alternatives. The so-called “TACO trade”—a tongue-in-cheek acronym for “Trump always chickens out”—became a fixture on trading desks, reflecting the president’s habit of dialing up threats before ultimately retreating or compromising.
Tariffs, however, have been the one area where Trump has doubled down. On April 2, 2025, during what he dubbed “Liberation Day,” Trump announced a sweeping new round of tariffs targeting key trade partners. The immediate market reaction was severe: the MSCI World Index tumbled 10%, and uncertainty rippled through global supply chains. Yet, in a testament to the resilience of investors and the power of artificial intelligence to drive sentiment, stocks quickly rebounded. By November 2025, the S&P 500 had climbed 17% since Election Day, and global equities were sitting at all-time highs, powered by AI enthusiasm and hopes for lower interest rates.
Not all sectors have fared equally. The impact of tariffs has been especially pronounced in industries reliant on international trade. In an interview with Nikkei Asia on November 4, Johnson & Johnson Chairman and CEO Joaquin Duato struck an optimistic tone, despite the challenges. "We are collaborating with the U.S. government in face of high tariffs imposed by President Donald Trump and are optimistic about navigating the effects through our investment plan in the country," Duato said. He also highlighted how research in China is beginning to influence global health care, suggesting that innovation can transcend even the most formidable political barriers.
Meanwhile, the seafood industry has become a microcosm of the broader upheaval. As reported by Undercurrent News on November 4, tariffs have upended wholesale prices and trade flows for shrimp and salmon, two of America’s largest seafood imports. Gary Morrison, the publication’s head of growth and development, explained that rising costs—fueled by shifting tariffs, regulatory changes, and evolving consumer preferences—are pushing U.S. buyers to look increasingly toward Latin America. However, Morrison cautioned that this shift would be gradual, given the existing capacity limitations and Asia’s enduring competitive advantages.
Salmon, on the other hand, has defied expectations. Despite the addition of new tariff layers, U.S. wholesale prices for farmed Atlantic salmon have not spiked as many anticipated. Lorin Castiglione, head of prices reporting for the Americas at Undercurrent News, detailed how major exporters like Chile, Norway, and Canada have each navigated the turbulent waters of 2025. Chile has shifted its export focus, Norway has weathered extreme price volatility, and Canada has grappled with biologically driven supply challenges. The upshot? Tariffs are not merely raising costs—they are fundamentally reshaping global trade flows, forcing companies and countries alike to rethink their strategies.
Elsewhere, the financial world has seen dramatic shifts. Bitcoin, buoyed by Trump’s crypto-friendly policies (despite concerns over conflicts of interest), soared to a record high of $125,835.92 in October 2025. Gold, the perennial safe haven, also hit new heights at $4,381 an ounce, as geopolitical tensions and tariff battles left investors seeking refuge from volatility. The appetite for non-dollar assets has been particularly strong, with the dollar’s status as the “cleanest dirty shirt” in global finance only reinforced when turbulence strikes.
Bond markets have not escaped unscathed. Yields on U.S. 30-year Treasuries have risen by 14 basis points since last November, now sitting at 4.66%. The move reflects growing unease over the costs of Trump’s signature tax cuts—his “One Big Beautiful Bill”—which passed in July and is projected to balloon the federal deficit by roughly $3.8 trillion over the next decade. Internationally, the effects have been even more pronounced: Japanese government bond yields have jumped nearly 85 basis points to record highs, while French and German 30-year yields are up 62 and 59 basis points, respectively.
Corporate America has not been immune to the political crosswinds. Tesla, led by billionaire Elon Musk, saw its stock nearly double to a record $488.5 in the wake of the 2024 election, thanks in part to Musk’s vocal support for Trump and a $250 million campaign donation. Yet, the honeymoon quickly soured. After Musk took the reins of Trump’s new Department of Government Efficiency (DOGE) in January, Tesla’s brand loyalty plummeted, and deliveries dropped for two straight quarters. The rift between Musk and Trump deepened, culminating in a dramatic split by late May and a subsequent rebound in Tesla shares as the company distanced itself from politics.
On the trade front, Trump’s central obsession—the U.S. trade deficit—has shown signs of improvement, at least on the surface. The most recent data puts the deficit at a two-year low of $60.2 billion in June 2025, with the gap between the U.S. and China shrinking by a remarkable 70% over five months. The deficit with the European Union has also narrowed, though some analysts, like Ipek Ozkardeskaya of Swissquote, suggest that "the trade war may be hurting the EU more than it does China," given China’s more robust contingency plans.
For all the drama, one thing is clear: Trump’s tariffs have made doing business more expensive and planning more complicated, but they have also forced a reckoning with the realities of global competition. As Johnson & Johnson’s Duato put it, collaboration and adaptation are the keys to weathering the storm. In the seafood sector, as in pharmaceuticals and tech, the winners will be those who can pivot quickly, innovate relentlessly, and find opportunity amid uncertainty.
With markets still riding high, trade flows in flux, and the world’s economic order being rewritten in real time, the only certainty is that more surprises lie ahead. For now, investors, executives, and policymakers alike are learning to navigate the new normal—one shaped as much by tweets and tariffs as by technology and tenacity.
