Goldman's Moe said the market had not necessarily fully priced in any fallout that might occur from any potential trade policies the Trump administration might implement.
Trade was a key talking point on the campaign trail, with the president-elect vowing to renegotiate existing free trade deals, veto the passing of the Trans Pacific Partnership agreement and impose a 45 percent tariff on imports from China. '
"We think (levying a 45 percent tariff on Chinese imports was) highly unlikely to happen, but ... there's probably something which needs to happen from a political standpoint," said Moe. It remained to be seen if Trump's measures were going to be more of "a political statement" or policies bearing "real economic consequences," Moe added.
Things could still get tricky for Asia, even if Trump did not pursue his more radical trade policies, Moe warned.
If Trump's potential fiscal measures delivered higher-than-expected growth for the U.S. and subsequently the Fed increased rates enough to create a sizable difference between interest rates in the U.S. and the rest of the world, it could drive the dollar higher.
"That's something which then comes full circle to Asia because typically, a strong dollar environment, and one (where) we've got a rise in interest rates, has been more challenging for some parts of Asia, particularly where you have so-called carry trades," he said, adding that there was lasting concern that China could implement swift and rapid depreciation of the renminbi.
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