U.S. President-elect Donald Trump will retake the White House with ambitious plans for broad import tariffs, immigration restrictions and additional tax cuts that analysts see delivering a short-term boost to the economy but also larger budget deficits, weaker workforce growth and higher inflation. Trump, a Republican who defeated Democratic Vice President Kamala Harris in Tuesday's presidential election, will inherit an economy that under Democratic President Joe Biden has recently outperformed the rest of the developed world by a hefty margin and has managed to dodge a widely predicted recession even as the Federal Reserve lifted interest rates aggressively to rein in the worst inflation since the 1980s.
