The Financial Post reports in its Wednesday edition that a second presidential term for Donald Trump would likely bring about extreme protectionism, a large negative population shock and a surge of debt issuance to fund "totally undisciplined fiscal policy," a top Canadian economist warned. A Bloomberg dispatch to the Post says that the Republican candidate's proposed policies and "likely debasement of democratic and market institutions would be ruinous to the U.S. and global economies," Derek Holt, Bank of Nova Scotia's head of capital markets economics, said in a note to investors. "Trump's plans risk being highly destabilizing to world markets in a much more fractured world. The U.S. needs to assert control over its borders, but Trump's extreme immigration policies would severely damage the U.S. economy." Mr. Holt added, "America's fiscal position is living on borrowed time and the more damage that's done now, the higher taxes will go in future in a potentially more divided and more dangerous world." Mr. Trump's "clear preference toward allowing Russia to have its way with Ukraine, and China with Taiwan," would be the biggest foreign policy mistakes since the appeasement of Germany in the late 1930s, Mr. Holt added.
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