A Trump presidency in the US, coupled with Republican control of Congress, has the potential to reshape the global economic and geopolitical landscape. Key policy areas in focus for investors include tariffs, fiscal policy, deregulation, monetary policy, and international relations. The resulting market volatility could create opportunities for investors to boost long-term returns.
Investment view
The outlook for US equities remains positive amid US economic strength, AI optimism, and pro-growth US policies ahead. We expect the S&P 500 to reach 6,600 by the end of 2025. Investors can consider using structured strategies to navigate volatility. We believe gold remains an effective portfolio hedge amid geopolitical tensions.
US President-elect Trump told NBC News that he would be in favor of abolishing the debt ceiling, saying it would be the “smartest thing [Congress] could do.” Congress last raised the debt ceiling in June 2023.
Canadian Prime Minister Justin Trudeau has said that relations with a second Trump administration could be a “little more challenging” than the last time because the President-elect’s team has a clearer idea of what they want to do right away, according to reporting from the Associated Press. Trump has threatened to impose a 25% tariff on all goods coming from Canada and Mexico.
In his first post-election network TV interview, President-elect Donald Trump vowed to extend first-term tax cuts, and to levy new import tariffs. He said he would not seek to replace Fed chair Jay Powell. He also detailed deportation policy plans, vowing to begin with immigrants illegally staying in the country with criminal records.
What does Trump’s election win mean for business owners?
Trump's return to DC promises an economic rush—tax cuts, spending plans, and a more business-friendly regulatory environment. As this high-stakes economic experiment unfolds, what's the year ahead going to look like for business owners?
What might Trump's first 100 days look like?
The United States is preparing for Donald Trump’s second turn at bat. With cabinet picks arriving at record speed and an agenda built on four years of reflection, what will the first 100 days look like?
Did you know?
We expect the US tariff rate on all mainland Chinese goods to be hiked in stages to around 30% from 10% in effective terms by end-2026. Alongside this, product-specific tariffs could also be extended to certain other EMs with high US trade surpluses, such as Mexico, Vietnam, Taiwan, and maybe South Korea.- Beijing’s potential stimulus in response to tariffs could help mitigate the impact on mainland China, while US imports from markets like Taiwan and South Korea are not easily replaceable. In addition, most US sales by European companies are from goods and services made in the US.
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