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On Wall Street, fears of a Trump presidency

Trump's surprise success in bid to win the Republican nomination for the US presidency cases jitters on Wall Street/AFP

Trump’s surprise success in bid to win the Republican nomination for the US presidency causes jitters on Wall Street/AFP

NEW YORK, Mar 4 – At first glance, Donald Trump is everything Wall Street likes — a billionaire whose real estate empire has provided huge business for banks, and whose luxury towers house the rich and famous.

But his surprise success in the fight to win the Republican nomination for the US presidency has sent a chill over the heart of American capitalism.

The list of fears runs long: a president Trump could launch a trade war with China; he could increase taxes on the rich; he could interfere with the Federal Reserve over monetary policy; the White House’s relations with Congress could break down completely.

Businesses are disconcerted by the off-the-cuff comments Trump renders about crucial business and economic issues almost daily since hitting the campaign trail last year.

On one side, he has denounced huge salaries for chief executives, the greed of bankers and tax advantages that benefit wealthy Wall Street fund managers.

He has the gone on to menace the huge population of undocumented immigrants that effectively supply low-wage workers for US businesses.

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