US president’s failure to win backing for his repeal of Obamacare has delivered a dose of reality to the marketsWall Street’s uncritical love affair with Donald Trump is over. For five months,traders have swallowed whole the idea that the president would swiftly accept a package of tax cuts through a Republican-dominated Congress, giving a boost to growth and corporate profits in the process.
Yet the first genuine test of Trump’s ability to accept lawmakers to finish his bidding – the repeal of Obamacare – has been a catastrophe. The resistance on Capitol Hill has left the financial markets wondering when – and indeed whether – Trump will be able to deliver on his fiscal boost.
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Source: theguardian.com