U.S. financial markets reacted swiftly to the weekend’s flurry of mixed messages generated by President Donald J. Trump’s executive order on refugee policy and immigration restrictions affecting citizens and dual nationals from seven Muslim-majority countries. The Dow Jones average declined nearly 200 points by the end of trading on Monday January 30. More importantly, investors have begun to lower expectations about any stimulus that a Trump economic policy might produce in infrastructure investment and a reduction of labor market and financial regulations. U.S. markets are expecting “Trumpflation,” the idea that Trump’s economic plans may offer some short-term growth along with inflation, which would have little positive long-term impact on the U.S. economy. There isn’t much room for expansive growth. Despite Trump’s insistence of U.S. jobs “fleeing” overseas, joblessness is actually quite low in the United States and it will be difficult to significantly increase worker productivity levels, simply because U.S. demographics trend toward older, retiring workers. Those Americans who have stopped looking for work include many who do not have skills for a post-manufacturing economy. More substantial risks include a trade war with Mexico, or China, or both; and of course, how a Trump administration might respond to a terrorist attack on U.S. soil or U.S. interests abroad.