Derek Holt, Capital Markets Economist at Canadian Imperial Bank of Commerce (CIBC), warned that if former US President Trump wins the November US election, it may bring about "devastating" extreme protectionist US policies. This could lead to severe negative demographic impacts, and financing a "completely lawless fiscal policy" would cause a surge in the US Treasury Department's debt issuance. Trump's immigration and trade proposals are economically destructive. Trump hopes that fiscal policy means increasing taxes will be the only way forward during his term