Donald J. Trump elected leader of the free world, again
Donald Trump is set to return to the White House, this after he was elected the 47th President of the United States of America and, by extension, leader of the free world. He beat Democratic candidate Kamala Harris to clinch the top post.
In arguably one of the most nail-biting elections in recent history, Trump emerged victorious. The president-elect will come into office, having made promises of action on certain issues. He looks likely to enjoy plenty of support for his agenda, as his party, the Republicans, have gained control of the Senate. During his victory speech, he said, “I will govern by a single motto: promises made, promises kept. We’re going to keep our promises,” declared the president-elect. Fox News, a media outlet perceived to support Trump, once asked him whether he would target opponents and abuse power once in office. He replied, “No, no, no. Only on day one. After that, I can stop being a dictator.” As he made his improbable political comeback, Trump made certain priorities of his administration known.
Those are: Deportation of undocumented migrants, moves on the economy, tax and tarrifs—ten percent on foreign goods, Cut climate regulations, End Ukraine War—he sees it as a waste of money. No abortion ban—Won’t sign into law the national abortion ban, Pardon some of the January 6 rioters—he believes they wrongfully accused—and finally, Sack Special Counsel Jack Smith, “within two seconds of taking office”—Smith indicted Trump over alleged efforts to overturn the 2020 election. Hours after polls closed, Trump took to the stage in Florida, declaring victory, surrounded by a huge family, allies, advisors and sports stars. Vice President elect JD Vance, a senator from Ohio, hailed Trump’s victory as “the greatest political comeback” in US history. Business reacted with delight on the news of Trumps election. During his campaign, Trump’s support for reducing regulations on business helped him clinch support from the nation’s most prominent business leaders, such as Tesla’s Elon Musk. He had promised to cut the corporate tax rate by 6 % from its current 21%, to 15%. Leading to greater profitability for companies. Stocks roared out of the gate upon hearing news of Trump’s election win.
The Dow Jones Industrial Average shot up more than 1,200 points, or nearly 3%, in early trading. While the broader S&P 500 and Nasdaq Composite each gained more than 2%. “The markets are scrambling to figure out what happens next, but for the time being, the market is pricing in a higher growth and inflation outlook,” said Peter Esho, an Economist from Esho Capital.
