Scott Morrison Donald Trump AUSMIN
(Image: AAP/Mick Tsikas)

If Trump's 2016 election represented a step into the unknown for Australia, his re-election would represent a significant escalation of economic risks.

In the short term, Trump's mishandling of the pandemic, which has cost at least 200,000 American lives, would continue on into 2021, further undermining the US economy and global growth. Without an effective vaccine, a re-elected Trump administration means continuing US waves of coronavirus and lower global growth, with flow-on effects for Australian exporters and increased risks to the global financial system.

But it's two more deliberate Trump policies that pose longer-term problems for Australia.