Trump or No Trump?

Ongoing congressional gridlock will be the key to continued buoyancy in US equity markets, says Gavekal Dragonomics’ Anatole Kaletsky. It’s when Trump’s agenda starts to be implemented that the euphoria will wane.

Ever since Donald Trump won the US presidential election, American stock markets have been reaching for the sky.

But could it be that this optimism will be justified only if Trump fails to implement his policies, for the simple reason that America was already doing quite well before Trump came along?

If so, then the good news of Trump’s first few weeks as president is that Washington seems to be stuck in political gridlock, as it was in the Obama years.

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© Project Syndicate

© Project Syndicate

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