What Trump’s historic election victory means for the global economy

Donald Trump's election victory over Vice President Kamala Harris marks a historic return to the White House — an extraordinary political comeback that is likely to have seismic ramifications for the global economy.

Speaking to his supporters in Florida early Wednesday, Trump said an "unprecedented and powerful mandate" would usher in "the golden age of America."

The former president's litany of campaign pledges include steep tariffs, tax cuts, deregulation and a push to withdraw from key global agreements.

Analysts say it is hard to pin down the extent to which Trump will seek to implement these measures in his second four-year term, but the consequences of any will have clear repercussions across the globe.

Lizzy Galbraith, political economist at asset manager Abrdn, said it remains to be seen exactly what style of presidency investors can expect when Trump returns to the White House.

"Congress has a really big part to play in this," Galbraith told CNBC's "Squawk Box Europe" on Thursday.

"If Trump does have unified control of Congress, as is looking very likely and is what we expect to happen over the next few weeks and days, then he does have greater latitude to implement his tax-cutting agenda, his deregulatory agenda, for example, but we are also likely to see elements of his trade policy sitting alongside that."

On tariffs, Galbraith said there were currently two schools of thought. Either Trump seeks to use them as a bargaining tool to gain concessions from other parties — or he delivers on his promise and implements them much more broadly.

Trump has previously described "tariff" as his favorite word, calling it "the most beautiful word in the dictionary."

In an effort to raise revenues, Trump has suggested he could impose