Donald Trump has won the US presidential election, defeating Democratic contender Kamala Harris. Trump crossed the 270 mark after securing Wisconsin.
Republican Party presidential candidate Donald Trump has won the 2024 US election. A win in the state of Wisconsin gave him 277 electoral votes.
Earlier, Trump had won in the closely fought swing states of Pennsylvania, North Carolina and Georgia.
Trump’s victory over Vice President Kamala Harris makes him the first former president to return to power in non-consecutive terms since Grover Cleveland regained the White House in the 1892 election. He’s also the first convicted criminal to win the highest elected office in the United States.
While political leaders from around the world have sent messages of congratulations to the new president-elect, neither Harris nor sitting President Joe Biden have commented on Trump’s win.
What a Trump presidency could spell for the global economy
As economists get to grips with what another Donald Trump presidency could look like, some are predicting a difficult time when it comes to global financial stability.
“Trump’s fiscal pledges are seriously troublesome — for the US economy and for global financial markets — as they promise to vastly expand an already excessive deficit at the same time as he threatens to undermine key institutions,” the Reuters news agency quoted Erik Nielsen, UniCredit’s Group Chief Economics Advisor as saying.
“One must conclude that Trump poses a serious — and so far vastly under-appreciated-threat to the U.S. Treasury market and thereby to global financial stability,” Nielsen said.
Import duties, including a 10% universal tariff, could be damaging for European economies while a 60% tariff on Chinese imports could have global ramifications.
During the previous Trump presidency, Chinese trade tariffs were significantly ramped up.
“Most damage would be done under a universal import tariff,” Reuters quoted ABN Amro’s Rogier Quaedvlieg as saying.
“If the ultimate implementation is non-universal, the hit to the global economy would be significantly weaker,” Quaedvlieg said.
