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Trump's Comeback: Sweeping Victory, Harris Concedes but Promises “Fight”

Donald Trump has reclaimed the White House after a divisive campaign that defied polls and criminal charges. Kamala Harris conceded but vowed to continue her "fight for freedom and dignity." Trump’s win represents a strong shift in voter sentiment, with Americans prioritizing economic and border security concerns. Harris consoled her supporters, calling for resilience while refusing to align with Trump’s vision. Biden plans to address the nation on Thursday. Trump, along with Vice President-elect JD Vance, aims to take office on January 20 with promises of sweeping changes, including firing civil servants he deems disloyal and possibly replacing regulatory heads. He has tapped prominent figures, such as Elon Musk and Robert F. Kennedy Jr., for administration roles. Trump's Electoral College win was bolstered by strong support across at least five battleground states. His victory also secured a Republican majority in both the Senate and House , easing the way for h
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New Trump Trade War Could Cut 2% Off China’s GDP Growth


An expanded US-China trade war under President-elect Donald Trump could reduce China’s GDP growth by two percentage points, according to Macquarie Group Ltd. Trump’s proposed 60% tariffs on Chinese goods could shrink the nation’s exports by 8%, pushing Beijing to stimulate domestic demand with a projected three trillion yuan (US$420 billion) in stimulus.

Economists Larry Hu and Yuxiao Zhang from Macquarie suggest this “Trade War 2.0” might end China’s export-driven growth model, shifting focus back to domestic demand and consumption as key growth drivers.

The US economy would feel the effects too: Bloomberg Economics forecasts a maximal tariff scenario would lower US GDP by 0.8% and raise inflation by 4.3% by 2028 if only China retaliates. Broader global retaliation could reduce US GDP by 1.3%, though inflation would increase by just 0.5%.

During Trump’s previous term, US tariffs on Chinese exports jumped to 19.3% in 2020. In response, Chinese exporters diversified markets and used third countries for re-exports, a strategy that may be harder if tariffs extend globally.

Macquarie analysts suggest Trump’s aggressive tariff promises might be a negotiation tactic. China’s response, including potential stimulus measures, may depend on the actual tariff scale decided after Trump’s inauguration. An upcoming Politburo meeting in December could offer insights into Beijing’s potential strategy.

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