Donald Trump was elected the 47th president of the United States, pulling off a stunning political comeback in one of the most polarized contests for the White House in US history.
Trump, 78, won an unprecedented race during which he was convicted of felonies, survived two assassination attempts and crushed a challenge from Vice President Kamala Harris after she replaced an unpopular President Joe Biden in the campaign’s final months.
He was elected by a country deeply at odds over immigration, abortion and foreign policy, and one still feeling the pinch after the biggest surge of inflation in four decades. Trump also helped Republicans recapture the Senate, underscoring his ability to seize on voter angst.
“We just witnessed the greatest political comeback in the history of the United States of America,” Trump said early Wednesday at his election watch party in West Palm Beach, Florida.
Domestically, the result gives his party the upper hand in next year’s battle to rewrite the tax code, and four years to reshape the federal judiciary. Trump has pledged dramatic action upon returning to office, from a sweeping immigration crackdown to a regulatory rollback, as well as steep cuts to federal spending, a purge of civil servants, and a vow to prosecute political enemies.
Internationally, Trump’s return could call US security commitments into question — especially to Ukraine, as it fends off Russia’s invasion. Trump also vowed to ramp up the trade contest with China, and slap tariffs on other countries too — moves that could upend global trade.
S&P 500 futures climbed, 10-year yields rose and Bitcoin spiked as markets digested Trump’s victory.
Trump clinched his victory as voters across the country lurched to the right, enabling him to capture key battleground states including Pennsylvania, Georgia, and North Carolina.
Trump’s White House comeback represents a calamity for Democrats, who rallied quickly around Harris only to again fail to prevent a man they have cast as an existential threat to democracy itself from returning to office.
On the economic front, Trump has vowed to undo many Biden policies including parts of his landmark Inflation Reduction Act that gave support to electric vehicles and clean energy. Trump has also suggested that as president he’d seek greater influence over the Federal Reserve and ease regulatory burdens, in particular for digital assets like cryptocurrency.
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Dropped waivers.