1、 ISSUE 145|Januar y 26,2026|4:00 PM ESTGoldman Sachs does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report

2、 as only a single factor in making their investment decision.For Reg AC certification and other important disclosures,see the Disclosure Appendix,or go to employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.This report is intended for distribution to

3、 GS institutional clients only.The Goldman Sachs Group,Inc.The Tr ump Administ r at ion kicked of f 2026 wit h a new,mor e f or cef ul f or eign pol icy,dr iven by t he so-cal l ed“Donr oe Doct r ine”.So,what coul d“Amer ica Fir st”evol ving t o“Amer icas Fir st”mean f or economies,asset s,and geopo

4、l it ical r isk?Tr umps f or mer Special Envoy f or Lat in Amer ica,Maur icio Cl aver-Car one,and Johns Hopkins SAIS Hal Br ands discuss t he mot ives behind t he Donr oe Doct r ine and agr ee it por t ends mor e act ion in t he West er n Hemispher e.GS Al ber t o Ramos t hen expl or es t he impl ic

5、at ions f or r egional economies,and GS Neil Meht a and Daan St r uyven dig int o t he impl icat ions f or t he asset at t he cent er of r ecent event s:oil.But wit h per haps t he most pr of ound impl icat ion being t he r ise in geopol it ical r isk,we ask t he Cent r e f or Liber al St r at egies

6、 Ivan Kr ast ev what s ahead f or US-Eur ope r el at ions(a r ocky per iod,but not a divor ce)and GS Chr ist ian Muel l er-Gl issmann how t o pr ot ect por t f ol ios(diver sif y,dont t ime),wit h GS Kamakshya Tr ivedi al so seeing val ue in a sur pr isingl y r esil ient cor ner of t he mar ket:EM a