President Joe Biden is scheduled to address the nation on Thursday following the Democratic Party's significant election loss to Republican Donald Trump, marking a striking comeback for Trump. The White House announced Biden's speech would occur at 11:00 a.m. (1600 GMT).
Vice President Kamala Harris, who stepped in as the Democratic candidate after Biden's withdrawal in July over health concerns, has acknowledged her defeat and expressed her commitment to supporting Trump’s transition. However, she clarified she does not align with Trump’s vision for the nation.
Trump’s surprise victory, contrary to earlier tight polling projections, highlighted widespread frustration among voters over the economy—particularly inflation, border security, and national direction. His success among key demographic groups, including traditionally Democratic Hispanic voters and lower-income households affected by inflation, played a major role in his win.
In the Electoral College, Trump secured five of seven battleground states, securing the necessary 270 votes for the presidency. With votes still being counted in Arizona and Nevada, Trump also appears likely to be the first Republican to win the popular vote since George W. Bush.
In addition to his White House win, Republicans took control of the U.S. Senate, giving Trump a Senate majority when he takes office. The House of Representatives remains undecided, with multiple races yet to be called.
Financial Markets Respond Positively
The U.S. stock market surged to record highs in response to Trump’s election, with investors anticipating policies favoring tax cuts and deregulation. However, potential new tariffs under his administration could also influence inflation and deficit levels.
