The taxes

The clearest economic difference between Republican Donald Trump and Democrat Joe Biden is tax policy.

These are the experts that SVT has spoken to agree on.

- The absolute biggest difference is the tax policy where Biden wants to raise both corporation and income tax and use the funds to invest in welfare.

Health care, education and child care, says Johanna Högfeldt, economist at Handelsbanken, and continues:

- Trump wants to keep the low taxes and possibly lower them further.

Danske Bank's chief economist Michael Grahn states who the winners and losers are:

"The middle class is more favored by a Biden victory, while high-income earners and the business community are more favored by a Trump victory," he says.

The stock market

Most experts believe that the stock market could be pleasantly surprised if Donald Trump takes home a clear victory in the presidential election.

Since Joe Biden leads in many polls, a victory for him would not be as surprising and the reaction probably not as great.

- If Trump wins the election, I think we will get an upswing, or at least a stable development at high levels.

If Biden wins, there is a short-term risk of disappointment because he will raise taxes, says Annika Winsth, chief economist at Nordea.

Johanna Högfeldt, economist at Handelsbanken, is on a similar track.

- Trump's tax policy with reduced corporate taxes has been very favorable for the stock market and then it is expected that Biden's proposal with increased taxes will be negative for the stock market.

From a stock market perspective, the worst possible outcome would be a very even election result where there will be a fight for the presidency after the election.

- It is probably the worst for the market in general.

It creates an uncertainty that you absolutely want to get away from, says Annika Winsth.

Swedish economy

Sweden is a small open economy that is very dependent on trade and global cooperation.

- From that aspect, it is probably an advantage if Biden wins in the sense that he prefers to cooperate with Europe instead of going into conflict, says Annika Winsth.

- The effect for Sweden comes directly through foreign trade and Trump's protectionist trade policy is not positive for, for example, the Swedish car industry.

So from a trading perspective, Biden is better for Sweden, says Johanna Högfeldt at Handelsbanken and continues:

- In addition, Biden's environmental policy and investments in those issues can benefit Swedish companies.

Trade policy

Regardless of who wins, the US president will probably take a relatively hard line against China.

Trump is threatening additional tariffs while Biden wants to create an alliance where countries cooperate with China.

- The China conflict will both last. The Americans disagree very much but it is agreed that China is an enemy.

On the other hand, the tone can be much softer from Biden, says Annika Winsth.

However, the presidential candidates have different attitudes to trade with Europe.

- Trump wants to increase tariffs on European companies as well, so there is a continuing dispute, says Michael Grahn at Danske Bank.

- My assessment is that Trump will seek conflict with Europe as well and put pressure on the car industry, for example, while Biden wants cooperation with Europe, says Annika Winsth.

Energy policy

Here, the differences between Trump and Biden are great.

- Trump has tried to defend the American energy sector, ie oil and gas, while Biden is significantly more for green investments, says Annika Winsth.