Odaily News Michael Metcalf, head of macro strategy at State Street Global Markets, said: "If Trump is elected for a second term, his policies will cause inflation at a greater risk than in his first term. Inflation has been low in 2016 and inflation expectations are also low. 2024 and 2025 will be very different. Inflation levels are higher, inflation expectations are higher, and we are still in this inflationary mentality." This will not only affect price increases in the United States, but also in Asia and Europe outside the United States. Gareth Nicholson, an analyst at Nomura Securities, said that rising inflation may also spread to Asia, and Trump's election as president will mark an overall "negative risk factor" for Asian stock markets. "In macro terms, this will lead to inflation in the global economy (possibly even stagflation) and will accelerate more supply chain transfers within Asia." (Jinshi)