Trump is in, what now?

Trump is the 47th President of the United States

On Wednesday morning, Donald J Trump won Wisconsin, taking 270 electoral college votes clinching the presidency. Sir Keir Starmer was quick to congratulate Mr Trump, understandably keen to build bridges with the new leader of the free world.

Tariffs

New import/export tariffs are the most likely first economic impact of the new administration that will have a direct affect on the UK economy, something Trump and his team have spoken about throughout his campaign. The details remain to be proposed, however it has been predicted that Trump will impose heavy tariffs on goods from China, which will have a direct impact on global growth, something Starmer is banking on to grow the UK economy by association.

Mortgages and Interest Rates

Some economists have predicted that a Trump win could cause some global inflation due to higher US import tariffs, meaning additional pressure on the UK markets. Could this mean higher interest rates than a Harris win? The Bank of England cut rates as expected today to 4.75%.

Energy and Climate

The war in Ukraine, the UK’s involvement in it and long-term energy security have all been mooted as issues that will be directly affected by a Trump presidency. As with all changes of administration, it takes time for things to happen. But one thing is for certain, Trump WILL make changes!