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Wednesday, November 9, 2016

Trump victory shocks global firms!

Trump victory shocks global firms
HONG KONG/SHANGHAI: Donald Trump’s victory in the US election sent shockwaves through industries that rely on open trade, from airlines to cars and IT outsourcing, even though many executives remain unsure what his protectionist rhetoric will mean in practice. 

Throughout his presidential campaign, Trump has vowed to revive the US economy by slashing taxes, preventing companies from making products overseas, renegotiating trade accords and imposing tariffs on imports from countries like China.

“People are in shock. It seems commentators misread the mood of the country,” said veteran US aerospace consultant Jerrold Lundquist, managing director of The Lundquist Group.

In Asia, shares in airlines with significant exposure to global trade, such as cargo giant Korean Airlines, fell as much as 5 per cent as Trump closed in on the White House. Air China’s Hong Kong-listed shares tumbled to their lowest level since June, and automakers like Toyota, for whom the United States is a top market, fell 6.5 per cent.

“This is part of a much broader problem that we’ve seen in the world, in which countries are turning inwards and reacting against globalisation and open borders,” said aerospace analyst Richard Aboulafia, vice president of Virginia-based Teal Group.


Investors at a major Airline Economics finance gathering in Hong Kong last week expressed alarm at a surge in unconventional politics from Britain to Washington and the Philippines – a trend that many expect will leave its mark regardless of how it translates into real policies. —
Reuters

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