Tim Murray, an analyst at Platts, stated in a report that US President-elect Trump's tariff and immigration proposals may exacerbate inflation, which could force the Federal Reserve to stop cutting interest rates or even raise them. This capital market strategist stated that this could lead to significant market volatility. He said, "The energy and finance industries may benefit from a more friendly regulatory environment, while renewable energy companies may face pressure if parts of the 'Inflation Reduction Act' are abolished." The tough trade policy of increasing tariffs may affect non-US stocks and cause volatility in affected industries.