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The worst-case scenario for the economy under Trump happened in Brazil

It is hard to compare Donald Trump to anyone else in American politics, especially when it comes to the economy. The president-elect plans to combine restrictions on goods imported from abroad, which are usually advocated by liberal politicians, with conventionally Republican policies, such as tax relief for the wealthy and major corporations, along with more federal borrowing.

Hamish McRae How will the world economy react to Trumponomics?

You can see the scale of this shift gradually dawning on the financial markets this week. To take one particular measure of the expected rise in interest rates, the yield on ten-year US Treasury securities rose from just over 1.8 per cent on Monday to nearly 2.2 per cent on Friday