Michael Metcalfe, head of macro strategy at State Street Global Markets, said there was a greater risk of inflation from Mr. Trump's policies in a second term than in his first. Inflation has been low in 2016 and inflation expectations are low... 2024, 2025 will be very different. Inflation is higher, inflation expectations are higher and we are still in this inflationary mindset. "This will not only affect price increases in the US, but also in Asia and Europe outside the US. Gareth Nicholson, analyst at Nomura, said higher inflation could also ripple through Asia, and a Trump presidency would mark a broader" negative risk factor "for Asian equities." On a macro level, this will lead to inflation (and possibly stagflation) in the global economy, and will accelerate more supply chain shifts within Asia.