Who will be the winners and losers if Trump is elected?

Who will be the winners and losers if Trump is elected? Global markets are trying to understand whether Trump's chances of being elected have increased or decreased after Biden withdrew from the US presidential race and supported Kamala Harris to run instead. Trump said in a statement last night that it would be easier to beat Harris than Biden. After Biden's poor debate performance, investors who began to see a Trump term that could mean loose fiscal policy, easing regulations and high tariffs as a higher probability had started buying dollars, healthcare and energy stocks as well as Bitcoin. According to Dave Mazza, CEO of Roundhill Financial, if Harris makes a significant breakthrough in the upcoming period, this could create increased volatility in the markets; while Trump maintaining his leadership in the polls could pull volatility down. If a new Trump term seems more likely, the combination of low taxes and high tariffs could increase inflation and interest rates, increasing the appeal of the dollar, while the uncertainty surrounding the Trump-Harris race could also support the safe-haven dollar. Potential losers against the rising dollar include the Mexican peso and the Chinese yuan. Bitcoin miners and crypto companies, whose efforts to go public in the US have been thwarted under the Biden administration, could benefit from a second Trump term, while foreign companies in the US, who are at risk of losing market share, could be the biggest losers. According to Al Cattermole, a portfolio manager at Mirabaud Asset Management, while high-yield US bonds stand out as the winners of the “Trump Trade,” other debt instruments that are sensitive to inflation may need to be avoided.