As Trump's sweeping tax-cut and spending bill marches forward, analysts examine how his broad-ranging policies could turn the fortunes of US companies.

Wall Street loves a catchy acronym, and the “TACO trade” has captured the mood, as investors and analysts attempt to make sense of the roller-coaster market action that has followed President Donald Trump’s sweeping tariff threats and subsequent walk-backs.

Twenty weeks into the second term of a president who promised to make America great again, many of the big stock market winners hail from outside the US. European defence companies and Chinese technology giants are among those prospering from — or despite — Donald Trump’s policies;