Here are the best-performing ASX 200 shares since the US election result

The best ASX shares in terms of share price gains since the US election make for interesting reading.

Based on data from S & P Global Market Intelligence, here are the top 10 ASX 200 shares.

Best-performing ASX 200 shares since US election

Overall, the S&P/ASX 200 Index (ASX: XJO) has risen 0.39% since the market close on 6 November.

Over the same period, the S&P 500 Index (SP: .INX) has ascended 0.95%, and the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) has surged 1.3%.

What do these ASX 200 share price gains mean?

We have to take some of these share price gains with a grain of salt. Many of them are the result of company-specific news released since 6 November rather than Donald Trump's US election win.

For example, Sigma Pharmaceutical shares have surged since the Australian Competition & Consumer Commission (ACCC) decided not to oppose the company's merger with Chemist Warehouse.

The Neuren Pharmaceuticals share price lifted following the company's third-quarter update and news of a $50 million share buyback program.

James Hardie shares got a substantial bump after the company released its 2Q FY25 results.

But Trump may be another factor in the ASX 200 building company's 9.23% share price rise since the election.

James Hardie has a substantial US division, and Karl Morris, CEO of Ord Minnett, reckons ASX shares exposed to US housing markets should get a boost under Trump.

Morris also thinks Block shares will benefit, given their strong link to cryptocurrencies, which rallied after Trump's victory. Block shares appear in our top 10 list of best-performing ASX 200 stocks above.

In a recent note, Morgan Stanley said Trump's plan for business deregulation could benefit sectors such as energy, financial services, pharmaceuticals, and cryptocurrency.

Is this why Block and fellow ASX financial stock Zip are on our list of best ASX shares since the election?

Maybe, maybe not.

Zip has been on a tear all year, up 434% in 2024 alone and up 7.64% since the US election.

Zip has a substantial US business that delivered "outstanding growth" in FY24, according to CEO Cynthia Scott.

What are Trump's economic policies?

Are you wondering how Trump's election may impact your ASX 200 shares portfolio?

In a recent article, Betashares Senior Investment Strategist Cameron Gleeson provided this handy summary of Trump's economic policies below.

This will provide some clues on how the companies you are invested in might be impacted.

Taxes and spending

• Cut corporate tax rate from 21% to 15%
• Increase taxes on buybacks and companies' foreign income
• Extend 2017 personal tax cuts for all
• Eliminate US tax on Americans living abroad
• Tax deductions on auto loans
• Repeal green tax incentives in the Inflation Reduction Act (IRA)
• End US aid to Ukraine

Trade and tariffs

• Impose universal (10%-20%) tariff on all imports
• 60% tariff for all Chinese imports and revoke China's 'Most Favored Nation' status
• Further tariffs on certain auto imports

Immigration, energy, and the Federal Reserve

• Deport unauthorised immigrants, strengthen border controls and reduce immigration
• Repeal the IRA green subsidies
• Boost oil and gas development, LNG exports and power plant construction
• Potentially allow input from the President on Federal Reserve policy

Foolish takeaway

AMP Ltd (ASX: AMP) Head of Investment Strategy and Economics, Dr Shane Oliver, argues that speculation on how Trump will affect markets "has gone into hyperdrive lately".

He reckons Trump's election is another example of market noise that is best ignored by ASX shares investors with long-term investment horizons.