America has a new president elect, and it’s Donald Trump. Trump won the election after securing the required 270 electoral votes. He had 48% of the total vote at the time of publishing. The president elect will be sworn into office on the 20th of January 2017. Trump promised to make “America great again” if he won the Presidential Election. According to CNN, Donald Trump was quoted in an interview at his victory party saying,
“..now it’s time for America to bind the wounds of division…”
Donald Trump’s victory came as a surprise to many as his campaign was filled with controversy and scandal. Trump has been accused of being racist, sexist and narcissistic as a result of some of the comments and statements he uttered before and after his campaign. Trump has also been accused of alleged rape in the past. Ivana Trump, his wife, also copied Michelle Obama’s speech word for word during one of her husband’s rallies. Defying all odds, he is the President Elect of the United States of America today.
What does this mean for the rest of the world?
Worldwide, the markets have already reacted negatively to Trump’s win with the Mexican Peso crashing to an eight year low, according to Bloomberg. ‘The panic stretched all the way to Asia, where Japan’s Nikkei index plunged more than 900 points, or 5.4 percent, early Wednesday morning’, reported the Washington post. This reaction of the markets has been blamed largely on pollsters who had predicted that Hillary Clinton would take the election. Markets had prepared for a Clinton win, whose trade policies were favourable and in line with the current trading habits of the markets. However, Trump’s policies regarding trade have made investors nervous and subsequently have had a negative impact on the markets. Investors will likely wait to see how the Republican led government will implement America’s trade policy which will be in play for the next four years. Although Economists are conflicted as to how exactly Trump’s Trade and Economic policies will further affect the markets, they largely agree that Trump is a shift from the status quo and that has made investors wary of their stock.
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