What Trump’s return to White House could mean for U.S., global economy
Plus, where election results stand in Iowa
Business Record Staff Nov 6, 2024 | 11:48 am
2 min read time
451 wordsAll Latest News, Economic Development, Government Policy and LawRepublican and former President Donald Trump’s win over Democrat and sitting Vice President Kamala Harris declared early this morning will have immediate and long-term implications for the U.S. and global economies.
As of publication, Trump had 277 electoral votes to Harris’ 224, and the Republican candidate had won 51% of the popular vote to the vice president’s 47.5%, according to the Associated Press.
Here are more key general election results from around Iowa including congressional and state legislative races, according to unofficial results from the Iowa Secretary of State’s office.
U.S. House
District 1 (Race not called)
Mariannette Miller-Meeks-R: 50.1%, 203,899 votes
Christina Bohannan-D: 49.9%, 203,486 votes
District 2
(W) Ashley Hinson-R: 57%
Sarah Corkery-D: 41.7%
Jody Madlom Puffett-NF: 1.3%
District 3
(W) Zach Nunn-R: 51.9%
Lanon Baccam-D: 48.1%
District 4
(W) Randy Feenstra-R: 67.3%
Ryan Melton-D: 32.7%
Dallas County Attorney
(W) Matt Schultz-R: 51.4%
Meggan Guns-D: 48.5%
Polk County Board of Supervisors
District 2:
(W) Jill Altringer-R: 50.4%
John Forbes-D: 49.4%
District 3:
(W) Mark Holm-R: 53.8%
Kim Hagemann-D: 46%
Polk County Auditor
(W) Jamie Fitzgerald-D, 97.2%
Polk County Sheriff
(W) Kevin Schneider-D, 96.9%
Iowa Legislature races
Senate District 20 (Race not called)
Mike Pike-R: 49.96%, 15,640 votes
Nate Boulton-D: 49.83%,15,597 votes
Senate District 22
(W) Matt Blake-D: 52.35%
Brad Zaun-R: 47.48%
Iowa House District 28
(W) David Young-R: 53.22%
Laura Snider-D: 46.64%
Iowa House District 40
Bill Gustoff-R: 50.9%, 8,718 votes
Heather Sievers-D: 49.1%, 8,397 votes
More general election coverage from around the state is available here.
Markets reacted swiftly today to Trump’s victory. Global markets rallied, bitcoin hit a record high and the dollar was expected to have its biggest single-day jump in four years, according to Reuters. Economists say a second Trump administration could mean fewer regulations on energy companies, financial firms and digital currencies.
It was unclear as of publication if Republicans would maintain control of the U.S. House or if Democrats would flip the chamber, but if Republicans control both houses of Congress, economists expect Trump’s 2017 tax cuts set to expire in 2025 would be extended, the New York Times reported this morning. There is also uncertainty if Trump would move on his previously stated desire to have more say in the Federal Revere’s interest rate setting authority or if there is legal precedent for such a move.
Below is news and analysis from various sources that look at the immediate business and economic implications of last night’s election:
- US stock futures, dollar and bitcoin surge as Trump wins race to White House (Reuters)
- Oil futures fall as Trump wins back White House (Wall Street Journal)
- Analysis on what Trump win means for economy (Wall Street Journal)
- Fed readies rate cut and faces these four questions (Wall Street Journal)
- Why Trump tariffs pose a bigger threat to China’s economy this time (Reuters)
- Global CEOs confront new era with Trump win, risk of tariffs (Bloomberg)
- The winners and losers of Trump 2.0 (New York Times)