<p>Derek Holt, Capital Markets Economist at Canadian Imperial Bank of Commerce (CIBC), warned that if former US President Trump wins the November US election, it may bring about &#34;devastating&#34; extreme protectionist US policies. This could lead to severe negative demographic impacts, and financing a &#34;completely lawless fiscal policy&#34; would cause a surge in the US Treasury Department's debt issuance. Trump's immigration and trade proposals are economically destructive. Trump hopes that fiscal policy means increasing taxes will be the only way forward during his term</p>

PHUN

<p>Canadian Scotiabank economist Derek Holt warned that if Trump is re-elected, it will trigger extreme trade protectionism, population decline, and a surge in debt, potentially causing devastating impacts on the US and global economy. He pointed out that Trump's immigration policy will severely damage the US economy, and he expects that under his tax reduction plan, the US debt-to-GDP ratio will significantly increase. Holt's views reflect Canada's deep concern about policy changes in the US</p>

Canadian Imperial Bank of Commerce economist: Trump's victory will bring "devastating" policies