Wall Street surges on 'America first' certainty - but tariffs signal pain at home and abroad

Trump insisted the economy was in poor shape. In reality, it is operating close to full employment and with little spare capacity

- Larry Elliott

Financial markets were poised for days of uncertainty, but in the end it wasn't even close. Donald Trump won the election comfortably and the reaction in the markets was swift. Share prices rose. The US dollar strengthened. Interest rates were expected to stay higher for longer and it became more expensive to service US government debt.

The moves in the markets were also entirely predictable. The man who will become his country's 47th president has made no secret of what he plans to do: cut taxes, impose heavy tariffs on imported goods, curb migration and slash red tape.