In this week's summary of ratings views: Economic implications of Trump's second term are uncertain, but higher inflation and interest rates are a risk. Tariff and tax policies will be a key factor for U.S. credit. Shifts in U.S. policy will shape Asia-Pacific's credit outlook for 2025. Germany’s debt brake complicates post-election policy options. Also: We expect U.S. holiday sales growth will slow, and high steel exports from China for the next two years will continue to depress steel spreads.