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The larger budget deficits entailed by tax reform, along with more public spending on infrastructure, would underpin yields on long-term Treasury bonds.
因稅收改革而造成的更大的預(yù)算赤字，連同更多的基礎(chǔ)設(shè)施公共開支一起，會(huì)支撐起長期國債的收益。
Indeed, after falling in the initial aftermath of Mr Trump's victory, yields on 10- and 30-year Treasuries are on the rise again.
實(shí)際上，在特朗普獲勝后的最初下跌過后，10年期和30年期的國債收益再啟升勢(shì)。
Add the potential for higher inflation from the stimulus and the likelier use of some protectionist tariffs, plus a Federal Reserve with a more hawkish tilt, as Mr Trump's appointees alter the complexion of its interest-rate-setting committee, and you have the makings of a renewed dollar rally.
算上來自刺激的更高通脹的可能性以及某些保護(hù)主義關(guān)稅的可能的運(yùn)用，以及因?yàn)樘乩势盏娜蚊鼘?duì)其議息委員會(huì)局面的改變而造成的一個(gè)更具鷹派傾向的美聯(lián)儲(chǔ)，新一輪美元牛市形成的各種條件就全都具備了。
A fiscal stimulus coupled with an investment splurge in the world's largest economy should, all else equal, also be good for global aggregate demand.
在其他條件都相等的情況下，伴隨著投資猛增的世界第二大經(jīng)濟(jì)體的財(cái)政刺激也應(yīng)該有利于全球總需求。
And if this kind of “reflation populism” improves the near-term prospects for America's economy, it may dissuade Mr Trump from resorting to full-strength “anti-trade populism”. Well, perhaps.
同時(shí)，倘若這種“再通脹民粹主義”能讓美國經(jīng)濟(jì)的近期前景有所改善，就有可能阻止特朗普訴諸傾盡全力的“反貿(mào)易民粹主義”。或許吧。
But given his leanings, it is easy to imagine him resorting to soft protectionism that keeps much of the additional demand within America's borders.
但是，考慮到他的傾向，特朗普訴諸于將大部分額外需求留在美國國內(nèi)的軟性保護(hù)主義是很容易就能想到的。
He might for instance lean on companies to favour domestic suppliers, or attach local-content conditions to publicly funded infrastructure projects.
例如，他可能依靠公司去眷顧國內(nèi)供應(yīng)商，或者是把本地內(nèi)容條件附加給公共資助的基礎(chǔ)設(shè)施項(xiàng)目。
What is more, the repatriation of profits by American firms would draw resources away from their subsidiaries abroad.
更為重要的是，美國企業(yè)的利潤回流會(huì)將各種資源抽離它們的海外分公司。
In 1971 the world feared dollar weakness.
1971年，世界對(duì)美元的弱勢(shì)憂心忡忡。
These days, dollar strength tends to have a tightening effect on global financial conditions.
如今，美元的強(qiáng)勢(shì)往往會(huì)給全球金融環(huán)境造成一種收緊效應(yīng)。
The waxing and waning of the dollar is strongly linked to the ups and downs of the credit cycle.
美元的漲跌已經(jīng)與信貸周期的起伏緊密地聯(lián)系在一起。
When the dollar is weak and American interest rates are low, companies outside America are keen to borrow dollars.
當(dāng)美元疲軟、美國利率處于低位時(shí)，美國之外的公司熱衷于借入美元。
Often big firms, flush with such cheap loans, will further extend credit in local currencies to smaller ones.
這類廉價(jià)貸款充裕的大公司經(jīng)常會(huì)進(jìn)一步將用當(dāng)?shù)刎泿庞?jì)算的信貸擴(kuò)展至較小的公司。
But when the dollar goes up, the cycle goes into reverse, as corporate borrowers outside America scramble to pay down their dollar debts.
但是，當(dāng)美元上漲時(shí)，由于美國之外的企業(yè)舉債者急于償還美元債務(wù)，信貸周期反轉(zhuǎn)。
That causes a more general tightening of credit.
造成一種更加整體的信貸收緊。
Mexico has the most to lose from Mr Trump's presidency, should he keep his campaign promises.
如果特朗普信守競選承諾，墨西哥將是他總統(tǒng)任期的最大輸家。
So the peso plummeted in the wake of the result.
因而，墨西哥比索在結(jié)果出來后大幅跳水。
But Mexico, along with Chile, Turkey, the Philippines and Russia, also has a large burden of dollar debts, which are becoming more expensive in local currency.
但是，墨西哥，與智利、土耳其、菲律賓和俄羅斯一起，也背負(fù)著沉重的美元債務(wù)。這些債務(wù)，用當(dāng)?shù)刎泿艁碛?jì)算的話，正在變得越來越昂貴。
Mr Trump's protectionist bent may make it hard for emerging markets to trade their way out of trouble.
特朗普的保護(hù)主義傾向可能讓新興市場很難走出困境。
Only a few are likely to be unharmed by his victory.
只有少數(shù)幾個(gè)國家可能不受他的勝利的危害。
Where does a Trump victory leave China, the world's second-largest economy?
特朗普的勝利會(huì)把世界第二大經(jīng)濟(jì)體中國置于何種境地呢？
China accounts for roughly a half of America's net trade-deficit, so in Mr Trump's zero-sum reckoning, it has a lot to lose should America launch an all-out trade war.
中國大約占美國貿(mào)易凈赤字的一半，因此，在特朗普的零和思維中，如果發(fā)起一場貿(mào)易戰(zhàn)，美國將損失慘重。
In fact, the resulting disruption to global supply-chains would badly hurt American firms, and higher prices on imported goods would squeeze American consumers, especially poorer households, which spend proportionately more on them.
實(shí)際上，由此而導(dǎo)致的對(duì)于全球供應(yīng)鏈的破壞會(huì)嚴(yán)重傷害美國企業(yè)，同時(shí)越來越高的進(jìn)口商品價(jià)格也
