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|US presidential election: Surprise win for Trump, but Congress will provide balances|
|Thursday, 10 November 2016|
Dan North, Chief Economist, Euler Hermes, North America said: “In an upset victory which has widely been called “stunning”, Republican Donald Trump has been elected the 45th President of the United States and will be sworn into office on 20 January 2017.
“Having been viewed as a divisive candidate, reaction to his election worldwide has been intemperate. However, for virtually the first time since the start of the campaign, Trump struck a conciliatory tone in his victory speech, praising Clinton for her service to America and asking those who had opposed him for guidance and help.
“While Republicans maintained majorities in both the House and the Senate, Trump will still face significant hurdles implementing some of his proposals. Virtually all Democrats in Congress are likely to oppose him on many proposals, and a significant number of Republicans still disapprove of him and his ideas, potentially forming a voting block against him.
“The economic effects of his election will likely include an increased deficit due to stimulus measures of lower taxes and more spending, and a significant risk to growth from anti-trade policies. However the removal of uncertainty could spur consumer confidence and spending, and may give businesses the confidence to resume investment. The Fed is still most likely to hike interest rates in December.”
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