Expectations of a Trump election victory should lead to weaker global growth and a brief spike in inflation, said Marcelo Assalin, head of the debt team at William Blair's emerging markets. Potential higher tariffs would also weigh on trade, with major economies with large trade surpluses with the US likely to be affected first. To offset higher tariffs and fragility in the global economy, Marcelo Assalin and his team expect the global monetary policy response to accelerate, triggering lower global interest rates. The outcome of the US Presidential Election will not change expectations of lower global interest rates and improved liquidity conditions in the second half of the year.