Corporations would not be allowed to defer taxes on income earned abroad, but a foreign tax credit would guarantee no company would face double taxation. He would also allow a one-off repatriation tax holiday at a 10pc rate, which should benefit companies such as Apple which have large holdings of foreign currency around the world. For individuals, Mr Trump would reduce taxes across-the-board, especially for working and middle-income Americans who will receive a “massive” tax reduction.

Infrastructure is one of the few areas on which both candidates have common ground. Both presidential candidates agree that the nation’s roads, bridges and other infrastructure need an expensive overhaul. Ms Clinton has called for $275bn to be spent in her first five years, Mr Trump said he will borrow several hundred billion dollars to “at least double” the amount that Ms Clinton proposes to spend. He argues that at a time of ultra-low rates, borrowing to invest in this manner makes sense. However, others have argued that his plan to borrow for infrastructure coupled with his proposal to slash tax will deepen the country’s deficit further. While getting such changes through congress may be difficult, the direction of travel is a popular one and will be supportive of shares rather than bonds.

So, a market sell-off following a win by Trump is likely, but it will create opportunities to buy shares at better valuations than are seen today. Investors confident that the Republican candidate will win should wait for a market sell-off before going hunting for bargains. But at this stage, a Trump win doesn’t look that likely.

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