US President Donald Trump has won re-election, defeating opponent Kamala Harris and securing his second term in office. His victory came as he secured key battleground states such as Pennsylvania, Georgia, and North Carolina.
The news boosted the “Trump Trade,” causing S&P 500 futures to rise by 2.3% and sending the dollar soaring. Global leaders had already begun congratulating Trump on his win.
However, the implications of Trump’s re-election are far-reaching and uncertain. As a president known for using sanctions against other countries and taking a tough stance on trade with China, some analysts worry that a return to these policies could accelerate efforts by other nations to find alternatives to the US dollar in international transactions.
The BRICS nations, which have been working on cross-border payments infrastructure, may see an increased push for de-dollarization. Trump’s previous use of sanctions and hardline stance on trade with China, as well as his criticism of certain countries’ immigration policies, raised questions about US commitment to international organizations such as the WTO and NATO.
It remains to be seen how Trump will balance his desire to punish countries seeking to abandon the dollar with the need to maintain global stability. As one of the world’s most influential leaders, Trump’s next move will have significant implications for international trade and finance.
Source: https://www.bloomberg.com/news/live-blog/2024-11-05/us-election-2024