“America First” is echoing through legislatures and parliaments worldwide.

Feeling that they have been victimized by one-sided trade deals and ill-conceived treaties while picking up the tab for unappreciative NATO members, many Americans are ready for the U.S. to try tilting the negotiating tables.

Additionally, the White House hopes to remove the shackles around businesses by reducing taxes and peeling back regulations while adding fiscal stimulus for good measure. The prospect of a multipronged approach to jump-start American job growth and fuel economic expansion has stirred up “animal spirits.”

The S&P 500 has rallied more than 7 percent since the election, while domestically focused small caps are more than 15 percent higher.

Nevertheless, we think foreign equities have the potential to outpace domestic markets this year.