WASHINGTON: U.S. President Joe Biden is set to address the nation on Thursday following a stunning election loss for the Democratic Party, as former President Donald Trump achieved a decisive victory, marking a significant political comeback that has reverberated globally.
Due to concerns about his performance in debates, Biden had been replaced in July by Vice President Kamala Harris as the Democratic candidate. Harris, who had hoped to become the first female president, expressed disappointment but has pledged to assist Trump’s transition, although she emphasized her fundamental differences with his vision for the country. Biden’s address is scheduled for 11:00 a.m. (1600 GMT), according to the White House.
Trump’s resounding win in five of the seven critical battleground states, alongside his lead in Arizona and Nevada, granted him the necessary 270 Electoral College votes to reclaim the presidency. His victory underscored a broad voter dissatisfaction with the economic situation, especially inflation, border security, and cultural shifts in the country. Notably, Hispanic and lower-income voters, traditionally aligned with the Democrats, contributed significantly to Trump’s success.
Republicans have also regained control of the Senate, which will enable Trump to push forward his agenda with support in at least one chamber of Congress. However, the final tally in the House of Representatives remains uncertain, with numerous races yet to be decided.
Following Trump’s win, U.S. stock markets surged to new highs, with investors optimistic about prospects for lower taxes, deregulation, and an administration that plans to be proactive in economic matters. However, Trump’s inclination toward tariffs may bring challenges, potentially heightening the deficit and inflation.
Transition and Personnel Appointments
Trump’s campaign indicated that he would begin appointing key personnel in the coming days. Tesla CEO Elon Musk, a prominent supporter, and former presidential candidate Robert F. Kennedy Jr. are among those expected to have roles in the new administration. Additionally, potential appointees include JPMorgan Chase CEO Jamie Dimon and billionaire John Paulson, although Dimon reportedly plans to remain in his current role at JPMorgan.
On trade policy, Trump is expected to return to his earlier stance, advocating for tariffs to protect American industries. This approach could create tension with China and global allies, affecting industries from automotive to semiconductor manufacturing. Chinese President Xi Jinping congratulated Trump and expressed hope for peaceful coexistence and cooperation.
In foreign policy, Trump’s victory is expected to alter the U.S. stance on the Russia-Ukraine war. Ukrainian President Volodymyr Zelenskiy extended his congratulations, though Trump has criticized Biden’s approach to supporting Ukraine. The White House aims to expedite security assistance to Ukraine before Biden leaves office, to strengthen Kyiv’s position amid concerns about Trump’s foreign policy direction.
Trump’s win signals a potential shift in U.S. domestic and international policy, with supporters and critics alike awaiting the changes his administration will bring in the coming term.
