After a seemingly long and arduous campaign, Donald Trump has been elected president of the United States with the Republican Party retaining control of the House, and the Senate, in Congress. Trump’s election risks ushering in a period of policy uncertainty which could cause further sharemarket weakness in the short term, but if he becomes more pragmatic as President, any short-term weakness will provide a buying opportunity. Just as we saw with the Brexit vote, the combination of rising inequality, stagnant middle incomes and the disenchantment of white non-college-educated males has seen a backlash against the establishment and helped deliver victory for Trump. This note looks at Trump’s key policies, the risks and uncertainties, economic impact, and likely market reaction. Watch the video below


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