President Biden addresses the nation after Trump wins the election

US President Joe Biden will address the nation on Thursday after a painful election defeat for his Democratic Party at the hands of Republican Donald Trump, whose stunning political comeback has reverberated around the world.

Biden, who was replaced as the Democratic candidate in the race in July Vice President Kamala Harris amid concerns about his mental acuity after a stumbling debate with Trump, he will address the nation, the White House said.

Harris tried Wednesday to console voters who had hoped she would become the first woman to win the White House. She, like Biden, has pledged to support Trump’s transition between now and his inauguration on Jan. 20, but said she was unwilling to embrace his vision for the country.

Trump’s campaign said Biden invited him to a meeting at the White House at an unspecified time.

Former President Trump’s victorysurprisingly decisive after polls that had shown a neck-and-neck battle in the run-up to Tuesday’s election, underlined how disenchanted Americans had become with the economy – in particular the effect of inflation on their living standards – border security and the direction of the economy. country and its culture.

Republican presidential candidate and former US President Donald Trump gestures while holding his wife Melania’s hand during his rally at the Palm Beach County Convention Center in West Palm Beach, Florida, US, November 6, 2024. (credit: REUTERS/BRIAN SNYDER)

Hispanics, traditionally Democratic voters and lower-income households hit hardest by inflation contributed to the victory. Harris’ campaign had tried to send the message that Trump was unfit to serve as president again, as a convicted felon and someone whose false claims of voter fraud after his 2020 election defeat incited a mob to storm the U.S. Capitol.

This time, Trump prevailed in five of the seven battleground states, pushing him past the 270 Electoral College votes needed to win the presidency, and leading in the remaining two, Arizona and Nevada, where the votes were still counted.

He was also on track to become the first Republican presidential candidate to win the popular vote since George W. Bush two decades ago.

Republicans have wrested control of the US Senate from Democrats, meaning Trump will control at least one chamber of Congress next year. It is unclear whether they will maintain their majority in the U.S. House of Representatives, as dozens of races have not yet been called.

US stocks closed at record highs on Wednesday after Trump’s victory, with investors expecting lower taxes, deregulation and a US president who isn’t shy about tapping into everything from the stock market to the dollar. However, new rates could bring challenges in the form of a higher deficit and higher inflation.

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Trump will select personnel to serve under his leadership in the coming days and weeks, his campaign said Wednesday.

Tesla CEO Elon Musk, the world’s richest man and a prominent Trump donor, has promised a role in his administration, as has former presidential candidate Robert F. Kennedy Jr.

JPMorgan CEO Jamie Dimon and billionaire hedge fund manager John Paulson are seen as possible newcomers to his administration. At the same time, former Trump officials Robert O’Brien and Mike Pompeo could return to office.

On trade, Trump is expected to revive policies he championed during his first term, especially tariffs which he has called the “most beautiful word.”

That could put him on a collision course with China, which has the world’s second-largest economy, sow discord with allies and shake global industries from automakers to chipmakers.

Chinese President Xi Jinping sent Trump a congratulatory message and said he hopes the two powers will coexist peacefully and achieve win-win cooperation, Chinese state news agency Xinhua reported.

Ukrainian President Volodymyr Zelenskiy was among the world leaders to congratulate Trump. But Trump has been critical of Biden’s help to Ukraine in the war with Russia. He said he could end the war within 24 hours, but offered no detailed plan.

The White House plans to send billions of dollars in security aid to Ukraine before Biden leaves office in January, sources said on Wednesday, hoping to strengthen the government in Kiev before Trump takes over.