President-elect Donald Trump is scheduled to take office on Jan. 20. Over the eventful months leading up to his win in last year’s election, he rattled supporters and detractors alike with his polarising rhetoric, willingness to sling mud at his critics, and controversial policies.
The United States—and indeed the rest of the world—is about to take a plunge into the unknown.
“Many of the doubts, anxieties and uncertainties about how Trump will use presidential power have been intensified, if not magnified, since his win in November,” said James Curran, professor of history at the University of Sydney, in an opinion piece for The Australian
Though Trump has clearly made an effort to adopt a more dignified, presidential persona, his infamous antics on Twitter, and his clash with journalists at his first news conference as president-elect in New York last week, have made it clear that his character is unlikely to change once he becomes commander-in-chief.
The US dollar was significantly weakened following the press conference, and riskier currencies like the Australian dollar were strengthened by the weakening of the US dollar.
While investors had hoped to hear more about the incoming president’s new policies and plans for trade, they were instead treated to a media circus as Trump unleashed a barrage of verbal abuse at news outlets over the handling of an unverified story of alleged sexual misconduct at a Moscow hotel room.
The ripple effect of Trump’s policies in Australia
Trump’s economic and foreign policies will greatly determine stability in Australia and neighbouring countries in the Asia-Pacific region.
Some analysts are forecasting positive results, as Trump’s policies are expected to fuel higher inflation, higher US interest rates, and a higher US dollar. Tourism in Australia would benefit from a strong US dollar, as it would be cheaper for Americans to travel to Australia.
Many Americans would be inclined to invest in Australia’s property market, which could help stabilise prices in some areas but cause prices to shoot up further into bubble territory in others.
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