Investing.com — Donald Trump has declared victory over Kamala Harris in the US presidential election, positioning himself on the brink of an extraordinary political comeback.
Addressing his supporters in Florida, Trump said they would bring about “a new golden age for America.”
The former US president now needs just one additional state to reach the 270 electoral votes required to win, according to projections from CBS. If successful, Trump would become the first former president in over 130 years to return to the White House.
Adding to Trump’s momentum, his party is expected to gain majority control of the Senate.
Joined by his family and his vice-presidential pick, JD (NASDAQ:) Vance, Trump told the supporters in West Palm Beach on Wednesday morning, “This will truly be the golden age of America – that’s what we have to have. This is a magnificent victory for the American people that will allow us to make America great again.”
Trump appears on course to secure wins in all seven key swing states necessary for the presidency and may even clinch the popular vote nationwide, an achievement he missed in 2016.
He is projected to carry Pennsylvania, North Carolina, and Georgia, with CBS reporting that Wisconsin is leaning in his favor and that he leads in Michigan. Final certified results could take several days.
In the Sun Belt, Trump holds a strong lead in Nevada, while the race remains close in Arizona. As expected, he swept conservative states from Florida to Idaho, while Harris secured liberal states from New York to California, according to CBS projections.
Harris, who was expected to address supporters on election night at Howard University in Washington, D.C., did not appear. She has not made any public statement so far.
Control of Congress remains at stake in this election. In a potential boon for a Trump administration, CBS projects Republicans will win the Senate by flipping two Democratic seats in West Virginia and Ohio and defending a key seat in Texas. The House remains closely contested, with Republicans holding a narrow lead.
With control of Congress, Trump would face fewer obstacles in passing key legislative initiatives, including his plans for mass deportations and substantial tax cuts.
Analysts comment on Trump’s likely return to the White House
Citi: “Already, the first Trump presidency had profound consequences for the EU, and the policy proposals presented and discussed during the campaign suggest a second term could be at least as transformative. On the basis of the Republican manifesto and various Trump speeches and interviews, four policy areas with spillovers to Europe and the rest of the world stand out: trade, security, energy, and fiscal policy. We expect highly uncertain but potentially mixed growth implications, and on balance, lower inflation and policy rates in Europe.”
UBS: “Technology, utilities, and financials are among the equity sectors we see as attractive. In technology, Trump’s win could lead to heightened fears about the impact of tariffs on earnings for hardware and semiconductor companies. But we do not believe this will outweigh the structural growth story over the medium term. AI infrastructure spending remains robust as businesses experiment with AI use cases and companies race to stake out leading positions. We expect semiconductor components needed for AI will likely remain supply-constrained into next year, supporting pricing.”
Wolfe Research: “House control is relevant to markets primarily in terms of fiscal questions—tax cuts, IRA rollback, ACA tax credits, Medicaid cuts, and deficits/rates. If Republicans fall short in the House, that would be bullish for clean energy and for healthcare names levered to Medicaid/ACA, and bearish for REITs and MLPs based on sector-specific tax risks.”
Berenberg: “The consensus view is that the European defense sector will react negatively to a Trump victory given Trump’s ambition to rapidly broker peace in Ukraine, while Harris is viewed more as a status quo candidate, based on our investor interactions. Weakness on signs of a Trump victory would offer an attractive entry point into a structural growth sector, in our view. A Trump presidency would add further impetus to accelerate European defense spending, as evidenced by his first term in 2017-21. We reiterate our positive stance on the sector.”
ING: “Donald Trump’s victory will ensure a lower tax environment that should boost sentiment and spending in the near term. However, promised tariffs, immigration controls and higher borrowing costs will increasingly become headwinds through his presidential term.”
