U.S. foreign policy has driven sharp swings in global markets this summer, drawing investors into the relative safety of the U.S. where growth and earnings are considered steadier.

The White House’s recent actions on trade and international sanctions have amplified steep declines across markets in Turkey, Russia and China at a time emerging economies were already grappling with a stronger dollar and decelerating global growth.

In recent weeks, U.S. stocks have beaten foreign stocks in part as investors seek a more stable market during the rocky period, analysts say. Strong U.S. economic and earnings growth has helped.

Despite declines early Wednesday, the S&P 500 has risen 3% this quarter and is trading within roughly 2% of its all time high, while the MSCI AC World ex-USA Index has fallen around 2.8% this quarter and is down around 8% for the year so far.

“Whether it’s sanctions, tariffs or central-bank policy…it seems the U.S. equity market reacts quite calmly, and most of the action is happening outside the United States,” said Ed Keon, Newark, N.J.-based chief investment strategist at QMA, a unit of Prudential Financial .