Caterpillar enjoys a highly diversified supply chain, with operations in over 25 countries, including the U.S., India, Brazil, and China. As a result, its concentration score is only 15%
on April 9, Trump announced a 90-day pause on “reciprocal” tariffs for all countries except China, which was instead immediately hit with a punitive 145% tariff.
Since Liberation Day, however, we have seen an unusual pattern, with U.S. bonds, stocks, and the dollar all underperforming together. Rather than a safe haven, the U.S. is now trading more like an emerging market facing elevated country-specific risk.