IRIA News

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Donald Trump will become America’s 47th president in a momentous comeback in political history after securing at least 292 electoral votes against the current Vice President Kamala Harris in the U.S. elections 2024. Harris won 224 votes and conceded Wednesday afternoon.

Key victories in the crucial swing states of Wisconsin, Pennsylvania, and Georgia pushed Trump past the 270-vote threshold needed to secure the presidency. His campaign heavily criticized the Biden administration, particularly its handling of inflation and economic challenges, while emphasizing a hardline stance on illegal immigration. These messages appeared to resonate strongly with voters.

Trump’s Victory speech

As the results came in and it became evident that the Republican candidate had won the elections, Trump delivered a victory speech at his campaign headquarters in Florida. Surrounded by family and prominent backers, including Elon Musk.

Speaking at the Palm Beach County Convention Center, Trump celebrated his victories in three key swing states, North Carolina, Georgia, and Pennsylvania. In his 25-minute address, Trump highlighted the campaign’s resilience, stating they had “overcome obstacles that nobody thought possible,” referencing two assassination attempts he faced during the summer campaign season.

Joining Trump on stage for his speech were his wife, Melania Trump; his sons Donald Trump Jr., Eric Trump, and Barron Trump; his daughter Ivanka Trump, and her husband Jared Kushner; vice presidential candidate JD Vance; and Dana White, CEO of the Ultimate Fighting Championship (UFC).

“This will truly be the golden age of America,” Trump said. “This is a magnificent victory for the American people that will allow us to make America great again.” Trump, who campaigned on immigration and the economy, said during his second term, he would “fix our borders” and “fix everything about our country.”

Wall Street hits record high

Wall Street hit record highs on Wednesday after Donald Trump’s presidential election victory. Investors are anticipating lower taxes, deregulation, and a president who actively comments on markets and the dollar, though concerns about higher tariffs, deficits, and inflation remain.

Trump’s victory sparked rallies in sectors aligned with his policies. U.S. Treasury yields surged, bitcoin reached a record high, and the dollar strengthened. The Dow rose more than 1,250 points, nearing the 6,000 level. Financials led the gains with a 5.1% rise, as investors expected less regulation. The Energy, Industrials, and Consumer Discretionary sectors also climbed over 2%, while rate-sensitive real estate and utilities dipped.

Stocks associated with Trump’s presidency performed well, with Trump Media & Technology Group going up 16% and Tesla rising 13.4% due to Elon Musk’s endorsement of Donald Trump. Shares in cryptocurrency companies, energy firms, and private prison operators also saw gains, while renewable energy stocks fell.

Harris calls President-elect Trump to congratulate him

Vice President Kamala Harris has officially conceded the 2024 election and called President-elect Donald Trump to congratulate him on his election victory, AP reported, adding that Harris discussed the importance of a peaceful transfer of power with Trump.

U.S. President Joe Biden also called President-elect Trump to congratulate him and to invite him to the White House to discuss the transition. “President Biden expressed his commitment to ensuring a smooth transition and emphasized the importance of working to bring the country together,” according to a White House official. “He also invited President-elect Trump to meet with him in the White House. The staff will coordinate a specific date in the near future.”

Global implications of Trump’s return to the White House

Donald Trump’s return to the White House along with a Republican-majority Senate, is set to make a global impact. While America’s traditional allies brace for shifts that could impact their interests, some of its adversaries are notably pleased.

Russia-Ukraine war: On the Ukraine front, Trump is expected to push for a ceasefire along existing front lines, which could mean acknowledging Russia’s territorial claims, including Crimea (annexed in 2014) and areas occupied since 2022. Trump might agree to Russian demands to prevent Ukraine’s NATO membership, potentially straining ties with European allies by pressuring them to support a negotiated settlement with Russia. He could even suggest a U.S. withdrawal from NATO as leverage to push Europe into accepting these terms.

Middle East: Trump’s alignment with Israel and Saudi Arabia signals a more aggressive stance toward Iran, aligning with Israeli Prime Minister Benjamin Netanyahu’s goals of neutralizing Iran’s influence in the region. With Netanyahu’s recent dismissal of Defense Minister Yoav Gallant—who criticized his approach to Gaza—Israel appears prepared to escalate its operations against Iran-backed groups like Hezbollah and the Houthis, potentially even targeting Iran directly. Trump’s support for Netanyahu could embolden Israel, providing Trump with bargaining power in future discussions with Putin, who relies on Iranian support in Ukraine.

US-China relations: In relations with China, Trump is likely to bring back his old policies, viewing China as a primary strategic competitor. Tariffs on Chinese imports may increase as Trump aims to weaken China’s economic position. However, his approach may also include pragmatic deals with Chinese President Xi Jinping though Trump’s commitment to defending Taiwan and treaty allies like Japan, South Korea, and the Philippines remains uncertain.

North Korea: While Trump may demonstrate a willingness to confront North Korea, as he did during his first term, he might ultimately tolerate a nuclear-armed North Korea if it helps him secure concessions from China or Russia. Such a shift could complicate China’s efforts to maintain influence over North Korea.

This global environment is already marked by a profound sense of volatility. Trump’s return to the White House and the geopolitical landscape is set to experience substantial shifts, potentially triggering crises that his administration would be challenged to manage effectively.

World leaders react to Trump’s victory

World leaders extended their congratulations to Republican Donald Trump following his victory in the U.S. presidential election, marking a remarkable political comeback four years after he departed from the White House.

EU — President of the EU Commission Ursula von der Leyen: “I warmly congratulate Donald J. Trump on his election as the 47th President of the United States of America. I look forward to working with President Trump again to advance a strong transatlantic agenda. Let us work together on a transatlantic partnership that continues to deliver for our citizens. Millions of jobs and billions in trade and investment on each side of the Atlantic depend on the dynamism and stability of our economic relationship.”

China — Chinese Foreign Ministry Spokesperson Moa Ning: “Our policy towards the U.S. is consistent. We will continue to view and handle China-U.S. relations in accordance with the principles of mutual respect, peaceful co-existence, and win-win cooperation.”

Ukraine — Ukrainian President Volodymyr Zelenskyy wrote on X: “I appreciate President Trump’s commitment to the ‘peace through strength’ approach in global affairs. This is exactly the principle that can practically bring just peace in Ukraine closer.”

France — French President Emmanuel Macron: “Congratulations, President Donald Trump. Ready to work together just as we knew how to do for four years. With your convictions and with mine. With respect and ambition. For more peace and prosperity.”

Germany — German Chancellor Olaf Scholz: “I congratulate Donald Trump on his election as US President. Germany and the U.S. have for a long time successfully worked together to promote prosperity and freedom on both sides of the Atlantic. We will continue to do so for the benefit of our citizens,” he said on X.

NATO — NATO Secretary-General Mark Rutte: “I just congratulated Donald Trump on his election as President of the United States. His leadership will again be key to keeping our Alliance strong. I look forward to working with him again to advance peace through strength through NATO.”

Japan — Japanese Prime Minister Shigeru Ishiba: “I would like to offer my sincere congratulations on Mr. Trump’s victory, and also pay my respects to the democratic choice of the American people,” he told reporters. “From now on, I would like to work closely with Mr. Trump, who will become the next president, to bring the Japan-U.S. alliance and Japan-U.S. relations to a higher level. We are going to make efforts to quickly establish a point of contact with Mr. Trump in the future.”

UK — British Prime Minister Keir Starmer: “Congratulations President-elect Trump on your historic election victory. I look forward to working with you in the years ahead. As the closest of allies, we stand shoulder to shoulder in defense of our shared values of freedom, democracy, and enterprise.”

Turkiye — Turkish President Tayyip Erdogan: “I congratulate my friend Donald Trump, who was elected U.S. President once again after a big fight in the presidential elections in the United States of America. In this new era that will start with the choice of the American people, I hope for Turkish-American ties to strengthen, and for regional and global crises and wars, primarily the Palestine issue and the Russia-Ukraine war, to end; I believe more effort will be exerted for a fairer world.”

Saudi Arabia — Saudi Arabia’s Crown Prince Mohammed bin Salman spoke with President-elect Donald Trump “to convey the best wishes for the American people under his presidency,” according to the Saudi ambassador. He also reiterated the “historic relationship between the Kingdom of Saudi Arabia and the United States,” Reema Bandar Al-Saud said in a post on X.

Italy — Italian Prime Minister Georgia Meloni: In a post on X Meloni offered her “most sincere congratulations” to Trump, and said Italy and the United States had an “unshakeable alliance”. “It is a strategic bond, which I am certain we will now strengthen even further,” she said.

Israel — Israeli Prime Minister, Benjamin Netanyahu said: “Congratulations on history’s greatest comeback! your historic return to the white house offers a new beginning for America and a powerful recommitment to the great alliance between Israel and America. this is a huge victory! in true friendship.”

Palestine — President of the Palestinian Authority Mahmoud Abbas: “We will remain steadfast over our commitment to peace, we are confident that the US under your leadership would support the legitimate aspirations of the Palestinian people.”

UN — UN Secretary-General Antonio Guterres: “I congratulate President-elect Donald J. Trump and I reaffirm my belief that the cooperation between the United States and the United Nations is an essential pillar of international relations. The United Nations stands ready to work constructively with the incoming administration to address the dramatic challenges our world is facing.”

It is worth noting that Russian President Vladimir Putin is not planning to congratulate or call United States President-elect Donald Trump to congratulate him on his election victory, Kremlin spokesperson Dmitry Peskov said on Wednesday.

“I am not aware of the president’s plans to congratulate Trump on the election,” Peskov said during a morning press briefing. “Let’s not forget that we are talking about an unfriendly country that is both directly and indirectly involved in the war against our state,” he added.