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Donald Trump has been declared the winner of the 2024 U.S. presidential race, defeating Vice President Kamala Harris in a contest that secured key battleground states, surpassing expectations of even his closest allies.
Following Trump’s win, stock markets saw a notable surge, with futures rising and Republican gains reported in the Senate. Trump has announced plans to impose steep tariffs on imports, promising these measures will boost U.S. revenue, strengthen domestic industries, and reduce foreign competition. However, economists caution that such tariffs could lead to increased prices for American consumers.
In his victory speech, Trump vowed to “help heal” the country and “fix everything,” stating that the American people had given him a powerful mandate. His administration, along with the Republican-controlled Senate, is expected to focus on ambitious domestic policies.
Financial Markets and Economic Impact
Barclays analysts anticipate volatile market reactions, with “knee-jerk” shifts in response to Trump’s victory. They noted that a complete Republican sweep across Congress would likely benefit U.S. equities while posing challenges for European markets. The prospect of new trade tariffs is a major concern for Europe, which may cause EU stocks to lag behind their U.S. counterparts.
Trump Media & Technology Group, the parent company of Truth Social, saw its shares surge by more than 30% in premarket trading following Trump’s win. This increase comes as investors react to his impending influence over the company.
Related: 2024 us election results
Domestic Policy and Mass Deportation Plan
Karoline Leavitt, Trump’s press secretary, announced that the new administration will prioritize campaign promises, including a large-scale deportation of individuals entering the country illegally. Leavitt emphasized that Trump’s electoral victory provided him with a mandate to deliver on these promises, which he had frequently highlighted on the campaign trail.
International Reactions
Argentine President Javier Milei, known for his right-wing views and support of Trump, congratulated him on his “formidable victory,” echoing Trump’s own slogan, “Make America Great Again.” Milei pledged Argentina’s support for Trump’s initiatives, reflecting a cordial relationship between the two leaders.
Meanwhile, former Homeland Security Secretary Jeh Johnson commented on shifting voting patterns, noting that Black voters no longer vote as a monolithic group. Trump’s appeal among Black, Latino, and other diverse demographics was a significant factor in his victory, indicating changing political alliances as various groups prioritize issues such as the economy and security.
Markets and Economic Responses
Dow Jones futures climbed by over 1,300 points after Trump’s victory was declared, with investors viewing his win as a positive for U.S. equities. Trump’s senior advisor, Jason Miller, stated that Trump had transformed the Republican Party into a “party of the working class,” gaining support from union workers and minority voters, including Arab Americans in Michigan.
In Montana, Republican Tim Sheehy unseated Democratic Senator Jon Tester in the Senate race. Sheehy focused his campaign on issues like border security, the economy, and gun rights, resonating with voters in a traditionally competitive state.
Oil prices declined as investors speculated that Trump’s win could lead to increased U.S. oil production, potentially adding to an oversupply in an already weak market. Trump’s administration is likely to support policies that favor expanded U.S. oil and gas production.
Diplomatic Reactions from World Leaders
German Chancellor Olaf Scholz congratulated Trump and reaffirmed the longstanding partnership between Germany and the U.S., emphasizing a shared commitment to “prosperity and freedom.” Russia’s President Vladimir Putin, however, has remained silent on Trump’s win. Kremlin spokesperson Dmitry Peskov commented that Russia views the U.S. as an “unfriendly” country, especially given its involvement in ongoing conflicts against Russian interests.
Israeli Prime Minister Benjamin Netanyahu praised Trump’s “historic comeback” and looked forward to strengthening the alliance between the U.S. and Israel, which has been crucial in recent conflicts in the Middle East.
