Donald Trump is poised for a significant victory in the US presidential election, after winning Pennsylvania, Georgia and North Carolina. The former President is also ahead in other key swing states, including Nevada, Arizona, Wisconsin and Michigan.
The New York Times real-time election model currently gives Trump a 95% chance of winning the election, forecasting 312 electoral votes for him compared to Harris’s 226 votes. The former US President is currently 3 electoral votes away from a confirmed victory.
“This is a movement like nobody has seen before,” said Donald Trump, addressing his supporters and declaring his victory before the final results were confirmed. “This is the greatest political movement of all time.”
He added: “I will not rest until we have achieved a strong, safe and prosperous America.”
Fox News has called the race, while other networks are still awaiting further results.
Markets have reacted positively to the race leaning in favour of the Republican Party. Futures on the Dow Jones Industrial Average climbed over 800 points, or roughly 1.9%, moments after Trump was projected to defeat Harris in Pennsylvania. S&P 500 and Nasdaq 100 futures have also climbed.
The Republican Party has also seized control of the Senate, picking up at least two Democratic seats and protecting their own, ending four years of Democratic control. The results of the House of Representatives are still being counted.
“If the Republicans sweep both houses of Congress and the White House, we would expect a more high-octane US economy, with growth above potential and inflation above the Federal Reserve’s target,” said Samy Chaar, Chief Economist and CIO Switzerland, Lombard Odier.
“The race for the House of Representatives will determine whether campaign pledges can be fully implemented. A divided Congress would place some checks on the President. The question of tariffs is key for global trade and the Fed’s easing prospects.”
Harris’s spokesperson has stated she will not be making any comments today.
