What does Trump's historic victory mean for the global economy?!
Donald Trump's election victory over Vice President Kamala Harris marks a historic return to the White House—a remarkable political comeback that is likely to have seismic consequences for the global economy.
Speaking to supporters in Florida early Wednesday, Trump said an "unprecedented and powerful mandate" would usher in "America's golden age."
A string of the former president's campaign promises includes higher tariffs, tax cuts, deregulation and a push to withdraw from major global deals.
Analysts say it is difficult to determine the extent to which Trump will seek to implement these measures in his second four-year term, but their fallout will have clear ramifications across the globe.
Trump has previously described "tariff" as his favorite word, calling it "the most beautiful word in the dictionary."
In an effort to raise revenue, Trump has suggested he could impose a total tariff of 20% on all goods imported into the US, with a tariff of up to 60% on Chinese products and a tariff of up to 2,000% on vehicles built in Mexico.
Meanwhile, for the European Union, Trump has said that the 27-country bloc will pay a "big price" for not buying enough American exports.
Analysts have warned that Trump's plan to impose universal tariffs is likely to raise prices for consumers and slow spending.
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