THE EDGE SINGAPORE - “I have been around for a long time, and it just seems that the economy does better under the Democrats than the Republicans,” said a puzzled Donald Trump in a CNN interview with Wolf Blitzer in 2004. Nevertheless, financial markets have often been wary of Democratic presidents, fearing that they would wield redistributive taxation to the detriment of profits. Wall Street welcomed Trump’s election with great jubilation in 2016 — the Dow rose 257 points to near lifetime highs as the Republicans gleefully contemplated the possibility of tax cuts and deregulation. 

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