Trumponomics would not be as bad as most expect

In markets it is known as the “Trump trade”, a bet that Donald Trump’s return to the White House would herald more inflation and higher interest rates. Many of Mr Trump’s core policies push in this direction: tariffs would add to import costs, deportations of immigrants could push up wages and deficit-financed tax cuts would juice the economy. Amid mounting inflation, the Federal Reserve would have little choice but to opt for higher rates.