George Soros says Trump will fail and market's dream will end

Fri Jan 20, 2017 5:23am EST
 
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By Jennifer Ablan and Trevor Hunnicutt

(Reuters) - The billionaire investor George Soros said on Thursday that global markets will falter given the uncertainty of incoming U.S. President Donald Trump's policies.

"Right now uncertainty is at the peak," Soros told Bloomberg News at his annual media dinner held at the World Economic Forum in Davos, Switzerland. "I don't think the markets are going to do very well."

Stocks in the United States surged after Trump's Nov. 8 election victory. Trump takes office on Friday.

"Markets see Trump dismantling regulations and reducing taxes, and that has been the dream," said Soros. "The dream has come true."

But Trump has called for border taxes and withdrawing from his predecessor's Trans-Pacific Partnership trade deal, among other policies that have unclear ramifications for U.S. growth, Soros said.

"It's impossible to predict exactly how Trump is going to act," he said.

Soros, who founded Soros Fund Management LLC and now is chairman of the New York-based firm, was a large contributor to the Super PAC fund-raising group backing Democratic presidential nominee Hillary Clinton and had donated to other groups supporting Democrats.

Overall, Soros said about the president-elect: "I personally am convinced that he is going to fail. Not because of people like me who would like him to fail. But because his ideas that guide him are inherently self-contradictory and the contradictions are actually already embodied by his advisers ... and his cabinet."   Continued...

 
Business magnate George Soros arrives to speak at the Open Russia Club in London, Britain June 20, 2016. REUTERS/Luke MacGregor/File Photo