Asian nations are wondering “with a little trepidation” if Donald Trump will deliver on his campaign promises. There is talk of direct confrontation in the South China Sea, but more to the point are trade and geopolitical concerns, an HSBC analysis observes. That is the dramatic downside. But there is a wide distributions of returns, as the upside – Trump takes “a more pragmatic turn” – could significantly benefit the region. The uncertainty is perhaps a parable for many situations in what appears an adjusting to an increasingly unclear world order.

