According to online reports, Derek Holt, an economist at Scotiabank, said that after the U.S. election, companies and markets have reason to be very cautious about the future. A surge in protectionism will almost certainly cloud the global economic outlook and become a negative factor for U.S. and global economic growth. "Implementing fiscal stimulus to the U.S. economy with excess demand will once again trigger inflation risks and higher yields. The mixed effect of tax cuts and spending cuts is uncertain, but the former may exceed the latter and further increase the U.S. fiscal deficit." Holt also believes that possible negative demographic shocks, negative investment shocks caused by less investment in clean energy, and confusion in supply chain risks will all bring risks.