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Economists and political analysts around the world are trying to determine what the future holds, now that real estate tycoon Donald Trump has been elected President of the United States.

In Panama the discussion is particularly important—the U.S. is Panama’s biggest trading partner and Panama’s currency is tied to the U.S. dollar. What happens in the U.S. will undoubtedly impact Panama, in many ways.

At this point, any talk about the future under Pres. Trump is simply speculation. Even Trump’s supporters acknowledge that his heated campaign rhetoric may not translate into actual policy. On many key issues, Trump’s statements have been all over the map, making it difficult to determine what he actually intends to do.

But there are some things we know. For one, the new President already has strong ties to Panama. The Trump Ocean Club in Punta Pacifica is the first branded Trump project to complete outside the United States and, at the very least, Trump knows Panama. 

On the economic side, any analysis is more complex. More than anything, we know Trump’s election has created a massive level of uncertainty in markets around the globe—and investors hate uncertainty. When Martes Financiero interviewed Panama economic experts recently, “uncertainty” was the word that came up most often.

“There is uncertainty,” Arturo Carvajal, partner KPMG adviser Panama, told the publication. “Mr. Trump’s approaches are striking. They are strong changes.”

Some of Pres.-elect Trump’s strongest statements have been focused on trade, which is such an integral part of Panama’s economy. His campaign focus was “America First,” and he said repeatedly that he would jettison trade deals he felt didn’t benefit the U.S.

On the face of it, this shouldn’t be too worrisome for Panama, which is more of an importer than exporter. As the region’s biggest logistics and distribution hub, Panama’s trade industry is basically agnostic—everybody works with Panama. But Trump is also picking a fight with China and any global slowdown in shipments could impact traffic through Panama, although that might be offset by continued growth within the Americas.

Economic forecasters have already shown the dangers of trying to predict Pres. Trump influence on business. Despite initial concerns, the U.S. stock market rose dramatically in the wake of Trump’s election. The surge was led in large part by financial institutions and biotech companies, which stand to benefit from less regulations by a Trump administration. Stocks of infrastructure-related companies also performed well, in anticipation of Trump making good on a campaign promise to boost infrastructure spending, one of his few policies likely to receive bi-partisan support.

Many U.S. industries stand to benefit from a Republican-controlled Congress—and that could also benefit Panama. U.S. energy companies will likely find a friendly regulatory environment. The expansion of the Canal allows more exporting of liquid natural gas from the U.S., which might increase if the Trump Administration reduces regulations on the industry. Liquid natural gas is seen as one of the largest growing businesses in Panama.

A stronger dollar would “absolutely” benefit Panama, Cynthia Gonzalez, general manager of Trust Lafise, told Martes Financiero. Panama will be more expensive for tourists with a stronger dollar, but marketing and “tax advantages” still will be appealing to companies around the world, she said.

At the very least, the discussion makes it clear that the new administration will offer both good and bad elements to Panama. Trump will “not lead to a drastic change in the Panamanian economy,” Chamber of Commerce president Jorge Garcia Icaza recently told ANPanamá.

In fact, nobody really knows how a Trump presidency will roll out. The U.S. has gone through dramatic political shifts in the past and the system has a way of working out the rough edges. If nothing else, Trump’s election has proven that it can be a mistake to try to predict the future.

Jeff Barton is managing director of Punta Pacifica Realty, the leading sales, rental and property management agency in Punta Pacifica, the exclusive Panama City neighborhood of 18 towers perched on the edge of the Pacific Ocean.