Trump win another globalization backlash

A broker reacts as new elected U.S. President Donald Trump shows up on a television screen at the stock market in Frankfurt, Germany, Wednesday, Nov. 9, 2016. (AP Photo/Michael Probst)

FRANKFURT, Germany  — For financial markets, Donald Trump’s victory is the latest manifestation of a backlash against globalization.

Christopher Mahon, Director of Asset Allocation Research at Barings, says Trump’s victory is an example of people believing that inequalities in society are a result of globalization. That belief, he says, was behind the unrest in Greece during that country’s debt crisis over the past few years as well as Britain’s vote in June to leave the European Union.

Mahon says “globalization and the liberal economic consensus is in full retreat” if Trump doesn’t temper his views.

He says it “is clear that this next president will have a profound effect on global markets.”