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A Retrospective on Trump’s First Year Back

From a stock- and bond-market crash to a military confrontation with China, there is no shortage of downside risks for 2025. But whatever disasters Donald Trump ushers in during his first year back in the White House, one should not expect his supporters to turn on him.

CAMBRIDGE – Predictions about 2025 come with flashing caveats: no one can know what US President-elect Donald Trump will do, let alone how the rest of the world will respond. But one can speculate. Imagine it is January 2026.

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