Overview

• A Goldman Sachs survey found that only 6% of investors expect net immigration to turn negative under Trump, despite his pledge to deport millions of undocumented immigrants.
• Experts and investors cite legal, logistical, and economic constraints as major hurdles to large-scale deportations or sweeping immigration reforms.
• Elon Musk, appointed to lead the new Department of Government Efficiency (DOGE), has promised $2 trillion in budget cuts, but 42% of investors expect only insignificant or modest reductions.
• Analysts argue that cutting $2 trillion is unrealistic without targeting entitlement programs like Social Security and Medicare, which Trump has vowed to protect.
• Tariffs are seen as a more likely policy shift, with 60% of investors expecting higher tariffs, raising concerns about inflation and economic growth.