Second term presidents tend to be more ideologically aggressive, since they are freed from the need to face voters again. At a minimum, a Trump 2.0 administration would likely boost traditional energy, defence, and financial services, among other sectors which would benefit from lighter regulation. Meanwhile, Trump's "America First" trade policies could be inflationary and further increase US tensions with China, given Trump's promise to revoke China's Most Favored Nation trade status it has enjoyed since 2001. Investors globally need to think through the implications of a second term for either candidate. - Libby Cantrill, PIMCO. Earn 0.50 CE/CPD hrs on Portfolio Construction Forum