Apollo’s Rowan: Trade Chaos Erodes U.S. Economic Exceptionalism
19min read 
In a stark departure from traditional narratives of U.S. economic dominance, apollo global management CEO Marc Rowan has declared that trade policies and geopolitical tensions have eroded America’s “exceptionalism.” Rowan’s remarks, made during earnings calls and interviews in 2024–2025, underscore a paradigm shift in global investment strategies as protectionism and market volatility redefine the landscape.
The Decline of U.S. Economic Exceptionalism
Rowan’s critique centers on the Trump administration’s aggressive trade policies, including tariffs on steel, aluminum, and Chinese imports, which he argues have destabilized investor confidence. “The current trends have made the U.S. merely exceptional, not exceptional,” he stated, citing foreign investors’ growing reluctance to allocate capital to America amid uncertainty. A reveals how market volatility correlates with escalating trade conflicts, with the index losing over $3 trillion in value since January 2025.
The Treasury Secretary’s pivot toward “Main Street” over Wall Street priorities has further alienated global investors. While nations like Germany and China ramped up fiscal spending to offset trade risks—Germany’s military and infrastructure boost totaled €100 billion in 2024—Rowan warned that the U.S. risks losing its appeal as a safe haven. “Governments are pressuring investors to delay U.S. allocations until political resolutions emerge,” he said, though he dismissed immediate threats to Apollo’s business.
Apollo’s Playbook: Diversification Amid Chaos
To navigate this turmoil, Apollo has doubled down on global diversification and alternative assets. Key moves include:
- Vonovia Stake (Germany): A $1 billion capital solution for the German real estate giant, reflecting Apollo’s focus on European markets.
- Energos Infrastructure (EU Energy Security): A joint venture with New Fortress Energy to build LNG terminals, addressing energy independence concerns.
- Asia-Pacific Expansion: A Seoul office and stakes in firms like The State Group highlight Apollo’s push into regions less exposed to U.S. trade wars.
shows assets under management (AUM) surging to $785 billion in Q1 2025—a 17% annual rise—driven by private credit and infrastructure investments. Fee-related earnings jumped 21% to $559 million, while spread-related earnings hit $804 million, fueled by organic growth.
The New World Order: Risks and Opportunities
Rowan’s vision paints a world where the U.S. no longer enjoys unchecked economic primacy. The S&P 500’s proximity to its 200-day moving average, alongside 25% tariffs on steel/aluminum and looming government shutdowns, signals prolonged uncertainty. Yet Apollo’s liquidity reserves and strategic bets—such as its $1.5 billion acquisition of Bridge Investment Group—position it to capitalize on dislocations.
The firm’s annuity division, Athene, exemplifies resilience. With $26 billion in Q1 2025 organic flows, it dominates a market insulated from trade volatility. Rowan’s emphasis on “private credit as a hedge” further highlights Apollo’s ability to thrive in fractured markets.
Conclusion: A New Era Demands New Strategies
Rowan’s analysis reveals a critical truth: the U.S. can no longer rely on its past economic exceptionalism. With global investors recalibrating allocations and geopolitical risks escalating, firms like Apollo that prioritize diversification, liquidity, and long-term capital solutions are best positioned to outperform.
The data speaks clearly: Apollo’s AUM growth, record earnings, and strategic moves in energy and Asia-Pacific underscore its adaptability. Meanwhile, the S&P 500’s struggles and U.S. equity losses since 2025 reflect the costs of trade chaos. For investors, Rowan’s message is a clarion call: in a world of shifting power dynamics, success hinges on preparedness, not presumption.
shows APO outperforming the broader market by 12% in 2025, a testament to its strategy. As Rowan puts it, “You have to accept change before it’s visited upon you.” In an era of trade wars and fiscal activism, that’s sound advice for all investors.
