The business of America is business, and the financial markets have reacted with joy to the prospect of the pro-business Donald Trump as President. The dollar is up, US shares are up in pre-market trading, British companies with significant American earnings are up – indeed the FTSE 100 index has recovered most of the ground it lost last week.

Sentiment was helped by the clear margin of victory in the popular vote, and in the Republican’s regaining control of the Senate and possibly retaining the House. Business and finance like clarity and the voters have delivered that on an unexpected scale. This will be a growth-friendly administration.

So what’s not to like? Let’s leave aside the politics for the moment and focus on the economics. There........

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