Morgan Stanley said that much policy uncertainty during Trump's second term came from executive orders rather than congressional legislation. The Democratic Party controls Congress, and it is difficult to substantially change the current administration's tone in terms of geopolitics, export control, deregulation, and trade, including the upcoming review of the US-Mexico-Canada agreement. Therefore, investors still need to be prepared to face policy fluctuations, especially in areas where the president retains greater executive power.

Morgan Stanley said that much policy uncertainty during Trump's second term came from executive orders rather than congressional legislation. The Democratic Party controls Congress, and it is difficult to substantially change the current administration's tone in terms of geopolitics, export control, deregulation, and trade, including the upcoming review of the US-Mexico-Canada agreement. Therefore, investors still need to be prepared to face policy fluctuations, especially in areas where the president retains greater executive power.