Republican Donald Trump defeated Democrat Kamala Harris in the crucial battleground state of North Carolina, according to projections from Edison Research, bringing him closer to completing a remarkable political comeback.
The race remained undecided in six other states, which were expected to ultimately decide the winner.
However, Trump was showing strong support in many parts of the country. By midnight ET (0500 GMT Wednesday), he had secured 230 Electoral College votes, while Harris had 169. To win the presidency, a candidate needs at least 270 Electoral College votes.
Decision Desk HQ projected that Trump would win Georgia as well, leaving Harris with a slim chance of victory that would depend on the Rust Belt states of Michigan, Pennsylvania, and Wisconsin, where she was trailing in all three.
Republicans gained a majority in the U.S. Senate after flipping Democratic seats in West Virginia and Ohio. Meanwhile, control of the House of Representatives was still up for grabs, with neither party having a clear lead, although Republicans held a slight majority at the time.
According to exit polls from Edison, Trump gained increased support from Hispanic voters, who have traditionally leaned Democratic, as well as from lower-income households that have been hit hard by rising prices since the 2020 election.
Trump secured 45% of the Hispanic vote nationwide, trailing Harris, who received 53%, but marking a 13-point increase from 2020. Voters who prioritized the economy overwhelmingly supported Trump, particularly those who felt financially worse off compared to four years earlier.
According to exit polls, about 31% of voters identified the economy as their top concern, and they supported Trump by a margin of 79% to 20%. Additionally, 45% of voters nationwide reported that their financial situation had worsened over the past four years, and they backed Trump with an 80% to 17% advantage over Harris.
As the night progressed, global investors began to price in a potential Trump victory. U.S. stock futures, the dollar, Treasury yields, and bitcoin all saw gains, with analysts and investors noting these as indicators of a market favorable to a Trump win.
"Our county-by-county analysis in key states indicates that Harris is trailing compared to 2020, which suggests it’s logical for the market to start factoring in a Trump victory, as reflected in the bond market and the dollar," said Jens Nordvig, CEO of the analytical firm Exante.
(Source: Reuters)
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