Donald Trump will become the 45th President of the United States and the Republicans will retain control of the Congress. His campaign was heavy on sound bites and social media, but light on policy details. In the weeks until Mr Trump’s inauguration, more details will emerge about his approach to the presidency, and his key policies and appointments. In the meantime, uncertainty will not help stock markets. In the longer term, Mr Trump may be more moderate and adopt more economically coherent policies than his campaign suggested. Only time will tell.