Donald Trump has triggered a fall in emerging countries’ financial markets: He is thereby financing the United States’ twin (fiscal and external) deficits

Donald Trump’s decisions (protectionism, sanctions, etc.), particularly against Turkey, Russia and China have led to a fall in emerging countries’ financial markets (equities, exchange rates ). This fall discourages investors from buying financial assets from emerging countries, brings capital to the United States, and thereby facilitates the financing of the United States’ fiscal and external deficits. Trump ’s policy (attacks on emerging countries bringing capital to the United States and expansionary fiscal policy increasing the external deficit) is therefore, perhaps unconsciously , highly consistent.