‘Trump corporate background good for global commerce’
KUALA LUMPUR: Malaysian policymakers and captains of the industry have reacted with caution following Donald Trump’s shock victory in the United States presidential election.
Second Finance Minister Datuk Johari Abdul Ghani feels a Trump presidency would be great for global commerce.
“He comes from a corporate background, not a political background, so he will be very practical, despite his rhetorics during the campaign.
“He is an American and he can’t afford to be closed off, especially when he is leading the world’s biggest super economic power. Look at China, they have to become more open as they embark on global dominance and Trump knows this too.
“His campaign was all about rhetoric but as the president, I believe he will be a very practical man and his presidency will be beneficial to global commerce,” Johari told Business Times yesterday.
CIMB Group Holdings Bhd chairman Datuk Seri Nazir Razak said Trump’s win was a big surprise to markets and most observers.
Nazir said Trump’s campaign rhetoric had been anti-“business as usual” without much clarity on what should replace it.
“Some of his campaign rhetoric has been worrying, obviously viztrade, foreign policy, immigration and so on. But how much will he actually want to implement and how much will the Congress allow him to act? That is what we have to watch over the next few weeks and months.”
Malaysian Rubber Glove Manufacturers Association president Denis Low Jau Foo praised Trump for being able to pull it through despite the barrage of negative news and opinions expressed by the media.
“We are hopeful that (Trump) would be man enough to admit to certain faults and move along to improve his image and be another great American president.
“We believe that many older American folks voted for Trump simply because this group of people feel that America may have lost its leadership and now need another hero to bring back the glory days. In actual fact, America is still the world’s largest economy and its leadership has never faltered.”
Meanwhile, FXTM chief market strategist Hussein Sayed said the US was experiencing its own version of Brexit following Trump’s election.
“Trump previously said ‘I think we’re going to have beyond Brexit — I think we’ll call it beyond Brexit’, and obviously we’re experiencing a similar post-Brexit reaction in markets today,” he wrote.
Hussein added that investors were panicking as a Trump victory means economic and political turmoil ahead.
“His plans are unpredictable, and he wants to make America great again at the cost of other economies, with trade agreements and immigration being the biggest threat.”