FOR AMERICA’S neighbours, Donald Trump’s second term has been unsettling(令人不安的). As well as disrupting trade and sending energy prices soaring—bad news almost wherever you are—Mr Trump is determined to impose his will(强加他的意志) on the western hemisphere. He has kidnapped(绑架) the leader of Venezuela, sent gunboats(炮艇) to the Caribbean and threatened to invade Cuba.
对于美国的邻国来说，唐纳德·特朗普的第二任期令人不安。除了扰乱贸易和推高能源价格（无论身在何处，这都是坏消息）之外，特朗普还决心将自己的意志强加于西半球。他绑架了委内瑞拉领导人，向加勒比海派遣炮艇，并威胁入侵古巴。
Yet Latin America is also benefitting from Trumpian chaos(特朗普式的混乱). In 2025, Mr Trump’s first year back in office, foreign direct investment (FDI)(外国直接投资) rose to an estimated $204bn, reversing(逆转) a recent decline (see chart 1), while flows to the rest of the developing world shrank. Mergers and acquisitions (M&A)(并购) were up by nearly half. An index tracking Latin American stock markets from MSCI(明晟指数公司), which compiles such things, has risen by 60% since the start of 2025, beating emerging markets as a whole for most of that period (see chart 2).
然而，拉丁美洲也从特朗普式的混乱中受益。2025年，特朗普重返白宫的第一年，外国直接投资（FDI）估计增至2040亿美元，扭转了近期下降趋势（见图表1），而流向其他发展中地区的资金却在萎缩。并购（M&A）活动增加了近一半。MSCI编制的追踪拉丁美洲股市的指数自2025年初以来上涨了60%，在此期间大部分时间里表现优于整个新兴市场（见图表2）。
It helps that Latin America is no longer a place of unstable currencies and spiralling inflation(螺旋式上升的通货膨胀). All 33 countries south of the Rio Grande, save(除了) Argentina and Bolivia, float their currencies or peg them to the dollar(与美元挂钩). Inflation-targeting central banks and fiscal reforms have slowly lured(吸引、诱惑) investors. Between 2005 and 2019 the region’s GDP grew, on average, by a steady 2.8% a year. Pharmaceuticals, fintech and mining have all attracted foreign money.
有利的是，拉丁美洲已不再是货币不稳定和通胀螺旋式上升的地方。里奥格兰德河以南的33个国家，除阿根廷和玻利维亚外，都实行浮动汇率或与美元挂钩。以通胀为目标的中央银行和财政改革慢慢吸引了投资者。2005年至2019年间，该地区GDP平均每年稳定增长2.8%。制药、金融科技和矿业都吸引了外国资金。
Attention, deficits and disorder
注意、赤字与混乱