Former U.S. President Donald Trump's victory over Vice President Kamala Harris in this week's election has raised questions about how Asia will be impacted. "At face value, Trump 2.0 is bad news for Asia, esp China," analysts at Macquarie Research wrote in a Nov. 7 note, given the president-elect's plans to raise tariffs and cut taxes. "When passed, the will sweep across Asia, particularly China should spike volatility and compress multiples as uncertainty prevails.
Touching on the impact of potential tariffs on imports — especially from China — into the U.S., the strategist believes the "direct earnings impact ... is likely to be limited, given more than 85% of MSCI China's primary revenue comes from mainland China." "While slower exports would impact domestic investment and consumption indirectly, Beijing's fiscal and monetary policies could offer some offset.
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