The US presidential election is entering the final stage, and Anshen Investment says that if Trump is elected, the combination of fiscal and trade policies is expected to drive inflation and interest rates higher. The Trump administration may take protectionist measures, including raising tariffs on imported goods to the US, and focusing on deregulation. He may also seek to extend tax cuts, and these two supply-side measures may limit the ability of the Fed to normalize interest rates, and the extent of rate cuts may be less than expected by the market. Anshen Investment expects the neutral interest rate of the Fed to be 3% to 3.5%, and estimates US inflation to be 2.9% and 2.6% this year and next. The institution believes that if Harris is elected and the Democrats do not gain control of Congress, they will face significant challenges in pushing through major legislation. While implementing major tax reforms may be challenging, Harris may be inclined to impose higher capital gains and income taxes on high-income earners. Additionally, the US government is likely to strengthen investment incentives in growth industries such as digital, power, and biotechnology. Looking ahead to 2025, the institution predicts that the US economy will experience a soft landing and interest rates will decrease, providing support for the financial markets. With the drive from the US and technology industry, earnings in the stock market are expected to increase significantly next year, with earnings per share in the US and European markets expected to grow by 10% to 15% and 8% to 10% respectively. Additionally, Asian markets such as South Korea and Taiwan are expected to benefit from China's ongoing technology boom and potential economic recovery.