The 2024 US presidential election brought a political shake-up with former President Donald Trump returning to office, backed by a Republican wave that swept through key states and congressional races. This election has not only reshaped America’s leadership but also impacted diverse industries, global relations, and various communities within the US.
Here’s a look at some of the notable winners and losers from the 2024 election results.
Winners
Donald Trump
Donald Trump scored a "magnificent victory for the American people," reclaiming the White House in a fiercely contested election against Democratic rival Kamala Harris .
“This truly will be the golden age of America,” Trump said in his victory speech at a celebration in West Palm Beach, Florida. He was joined on stage by his wife Melania, other family members, vice-president elect JD Vance and some high-profile supporters.
His victory marks a remarkable political comeback, underscoring the enduring influence he holds within the Republican Party and among conservative voters. Trump’s return signifies a shift back to the “America First” policies that defined his first term, which included strict immigration policies, a robust stance on trade, and a pronounced nationalism that resonated with his voter base.
The election saw a surge of Trump support in battleground states, allowing Republicans to win a majority in the Senate. This “Red Wave” also facilitated a Republican majority in Congress, giving Trump and his administration a unique opportunity to implement their agenda with fewer legislative obstacles.
Complete coverage-Trump vs Harris for US president
He boosted his support across suburban counties, rural areas, and even some major cities that have traditionally been Democratic strongholds; in both high-income and low-income counties; as well as in regions with historically high unemployment and areas now experiencing record-low jobless rates.
Analysts predict that this control will allow for significant changes to fiscal policy, likely including tax cuts and regulatory reforms, echoing Trump’s first term.
Elon Musk: 'A star is born'
“We have a new star. A star is born: Elon,” said Trump in his victory speech. The world's wealthiest person had gone all out to support Trump. The Tesla CEO watched the US presidential results at Mar-a-Lago with Trump.
The 53-year-old owner of X (previously Twitter) has dedicated his wealth, time and substantial influence to support Trump following his endorsement in July.
2024 US Election Results: Live updates
Trump has reportedly contributed a minimum of $118 million to his political action committee(PAC). His PAC was giving $1 million-a-day to voters to register in swing states. His involvement also included appearing alongside Trump at a Pennsylvania campaign event and conducting several town halls independently in this crucial swing in run up to the US presidential elections.
Trump has already signaled his intention to appoint Elon Musk to lead a proposed Department of Government Efficiency. This new position would grant Musk sweeping authority to assess federal agencies and propose reductions in government spending. Although the role could potentially streamline government functions, it would also give Musk significant control over the regulators who oversee his own companies—a setup that could lead to substantial conflicts of interest. Concerns arise over Musk possibly leveraging his role to shape policies that could favor his business ventures.
Musk has suggested trimming at least $2 trillion from the federal budget, with a focus on reducing government expenditure. At a Trump rally in New York’s Madison Square Garden, Musk openly criticized current fiscal practices, declaring, “Your money is being wasted. We’re going to get the government off your back and out of your pocketbook.”
Vivek Ramaswamy
As a rising figure within the Republican Party, Indian-American entrepreneur and political newcomer Vivek Ramaswamy was a standout figure during the election season. Known for his outspoken stances on corporate wokeness and free-market capitalism, Ramaswamy’s influence has grown as he aligned himself with Trump’s economic agenda. Ramaswamy’s “anti-woke” messaging resonated with a subset of Trump supporters and gave him national prominence as a future Republican leader.
Also read: Trump triumphs in a comeback for the ages
While Ramaswamy was not on the ticket, his presence in Trump’s orbit and his alignment with pro-business policies have solidified his role as an influencer within the GOP.
At occasions, Trump has hinted that Ramaswamy could take on an advisory role or even be considered for a cabinet position in the new administration, which would enable him to continue pushing for deregulation and limited government in economic affairs.
Indian-Americans
Indian-American representation in the House of Representatives has grown to six members, up from five in the previous Congress. Making history, Suhas Subramanyam became the first Indian-American representative elected from Virginia and the East Coast region. Currently serving as a Virginia State Senator, Subramanyam secured victory against Republican candidate Mike Clancy. The Indian-American presence in the House could potentially rise to seven members, as Dr Amish Shah maintains a narrow lead over the Republican incumbent in Arizona's first Congressional District.
Also read: Trump vs Harris - who won which state?
While Kamala Harris, the first Indian-American to serve as Vice President, lost the presidential race, the overall influence of Indian-Americans in US politics has only grown.
Bitcoin hits all-time high
Bitcoin surged to an all-time high on Wednesday following Republican Donald Trump's win against Democratic rival Kamala Harris in the US presidential elections. The cryptocurrency climbed as much as 8.63% to reach a record $75,120.
Trump has pledged to transform the United States into the world's leading cryptocurrency hub, establish a national reserve of Bitcoin and select regulatory officials who are enthusiastic about digital currencies.
"The price of bitcoin has closely followed Trump's position in the polls and on betting markets," Russ Mould, an analyst at AJ Bell, told AFP.
Investors are "potentially taking the view that a Republican victory would lead to a surge in demand for the digital currency", he added.
Dollar surge
The Trump victory has set the US dollar on track for its largest one-day gain since March 2020. Analysts suggest that a unified Republican control of both Congress and the White House could drive up the dollar and Treasury yields due to Trump’s tax-cutting agenda and proposed import tariffs.
"A potential unified government under President Trump would have the greatest degree of freedom for fiscal policy and would likely be the most dollar bullish outcome," Deutsche Bank analysts noted. They added that, “even without control of Congress, a Trump victory would be decidedly dollar bullish via the impact of tariffs and the dollar should especially outperform against high-beta currencies,such as the Mexican peso and Australian dollar.
Economist Peter Esho, founder of Esho Capital, observed, "The markets are scrambling to figure out what happens next, but for the time being, the market is pricing in a higher growth and higher inflation outlook."
Losers
Kamala Harris
Kamala Harris, the Democratic candidate and incumbent Vice President, suffered a significant defeat. Despite her historic role and appeal among certain demographics, she was unable to rally enough support to overcome Trump’s resurgence. Harris’ campaign struggled to energize key voter bases, including moderate Democrats and independents, and she faced significant challenges with the progressive wing of her party. The election outcome represents a setback for her political career and has left Democrats searching for new leadership and a clearer, more unified message.
Democratic Party
The Democratic Party as a whole finds itself among the losers following the 2024 election. Losing the White House and Senate has weakened the party’s standing and signaled a need for reevaluation. The Democrats’ defeat has also exposed internal divisions, with calls for new strategies to reconnect with working-class voters and to address issues related to the economy, immigration, and international relations.
This election showed the limitations of a platform that some critics argue focused too heavily on social issues rather than economic concerns. The party’s path forward may involve a generational shift and a rethinking of policy positions, especially as it contends with a Republican majority in Congress.
Republicans who voted for Trump’s impeachment
Republican lawmakers who had previously voted to impeach Trump now find themselves isolated within their party. As Trump reclaims the presidency, loyalty to his administration is paramount, and GOP members who opposed him during his last term face political consequences. These lawmakers risk marginalization and may find it challenging to secure leadership roles or committee assignments.
The wave of Trump-aligned candidates who have gained congressional seats also means that the GOP is moving further to the right, with less tolerance for dissent. For Republicans who opposed Trump, political futures are uncertain as the party seeks to consolidate support for Trump’s agenda.
China
China stands as one of the notable international losers following Trump’s victory. During his campaign, Trump made it clear he would pursue a tough stance on China, focusing on trade tariffs, restrictions on technology, and strengthening alliances in the Indo-Pacific. China’s economy, already under pressure from global economic shifts, could face further strain under a new round of tariffs and restrictions.
Trump’s return to office could also mean a more assertive US military presence in the Pacific, as well as strengthened ties with allies in the region who share concerns about Chinese influence. With a pro-business administration favoring US companies and protecting intellectual property, China could see increased economic and diplomatic pressure.
Looking ahead
The 2024 election marks a pivotal moment for US politics, ushering in a new phase of Trump’s influence over the country. For Republicans, this victory offers a chance to pursue a robust agenda on deregulation, tax cuts, and a “tough on China” trade policy. However, it also risks deepening the country’s political divisions, as Trump’s administration has faced consistent criticism for fostering partisanship.
On the Democratic side, leaders must address the divisions within their ranks and recalibrate their approach to connect with a broader base. The coming years will be a test of whether the party can unify around a cohesive vision.
As the dust settles, the key winners and losers from the 2024 election highlight shifting priorities, both domestically and internationally. The real impact of Trump’s policies will unfold in the months ahead as markets, communities, and foreign governments adapt to the new political landscape.
(With inputs from agencies)
Here’s a look at some of the notable winners and losers from the 2024 election results.
Winners
Donald Trump
Donald Trump scored a "magnificent victory for the American people," reclaiming the White House in a fiercely contested election against Democratic rival Kamala Harris .
“This truly will be the golden age of America,” Trump said in his victory speech at a celebration in West Palm Beach, Florida. He was joined on stage by his wife Melania, other family members, vice-president elect JD Vance and some high-profile supporters.
His victory marks a remarkable political comeback, underscoring the enduring influence he holds within the Republican Party and among conservative voters. Trump’s return signifies a shift back to the “America First” policies that defined his first term, which included strict immigration policies, a robust stance on trade, and a pronounced nationalism that resonated with his voter base.
The election saw a surge of Trump support in battleground states, allowing Republicans to win a majority in the Senate. This “Red Wave” also facilitated a Republican majority in Congress, giving Trump and his administration a unique opportunity to implement their agenda with fewer legislative obstacles.
Complete coverage-Trump vs Harris for US president
He boosted his support across suburban counties, rural areas, and even some major cities that have traditionally been Democratic strongholds; in both high-income and low-income counties; as well as in regions with historically high unemployment and areas now experiencing record-low jobless rates.
Analysts predict that this control will allow for significant changes to fiscal policy, likely including tax cuts and regulatory reforms, echoing Trump’s first term.
Elon Musk: 'A star is born'
“We have a new star. A star is born: Elon,” said Trump in his victory speech. The world's wealthiest person had gone all out to support Trump. The Tesla CEO watched the US presidential results at Mar-a-Lago with Trump.
The 53-year-old owner of X (previously Twitter) has dedicated his wealth, time and substantial influence to support Trump following his endorsement in July.
2024 US Election Results: Live updates
Trump has reportedly contributed a minimum of $118 million to his political action committee(PAC). His PAC was giving $1 million-a-day to voters to register in swing states. His involvement also included appearing alongside Trump at a Pennsylvania campaign event and conducting several town halls independently in this crucial swing in run up to the US presidential elections.
Trump has already signaled his intention to appoint Elon Musk to lead a proposed Department of Government Efficiency. This new position would grant Musk sweeping authority to assess federal agencies and propose reductions in government spending. Although the role could potentially streamline government functions, it would also give Musk significant control over the regulators who oversee his own companies—a setup that could lead to substantial conflicts of interest. Concerns arise over Musk possibly leveraging his role to shape policies that could favor his business ventures.
Musk has suggested trimming at least $2 trillion from the federal budget, with a focus on reducing government expenditure. At a Trump rally in New York’s Madison Square Garden, Musk openly criticized current fiscal practices, declaring, “Your money is being wasted. We’re going to get the government off your back and out of your pocketbook.”
Vivek Ramaswamy
As a rising figure within the Republican Party, Indian-American entrepreneur and political newcomer Vivek Ramaswamy was a standout figure during the election season. Known for his outspoken stances on corporate wokeness and free-market capitalism, Ramaswamy’s influence has grown as he aligned himself with Trump’s economic agenda. Ramaswamy’s “anti-woke” messaging resonated with a subset of Trump supporters and gave him national prominence as a future Republican leader.
Also read: Trump triumphs in a comeback for the ages
While Ramaswamy was not on the ticket, his presence in Trump’s orbit and his alignment with pro-business policies have solidified his role as an influencer within the GOP.
At occasions, Trump has hinted that Ramaswamy could take on an advisory role or even be considered for a cabinet position in the new administration, which would enable him to continue pushing for deregulation and limited government in economic affairs.
Indian-Americans
Indian-American representation in the House of Representatives has grown to six members, up from five in the previous Congress. Making history, Suhas Subramanyam became the first Indian-American representative elected from Virginia and the East Coast region. Currently serving as a Virginia State Senator, Subramanyam secured victory against Republican candidate Mike Clancy. The Indian-American presence in the House could potentially rise to seven members, as Dr Amish Shah maintains a narrow lead over the Republican incumbent in Arizona's first Congressional District.
Also read: Trump vs Harris - who won which state?
While Kamala Harris, the first Indian-American to serve as Vice President, lost the presidential race, the overall influence of Indian-Americans in US politics has only grown.
Bitcoin hits all-time high
Bitcoin surged to an all-time high on Wednesday following Republican Donald Trump's win against Democratic rival Kamala Harris in the US presidential elections. The cryptocurrency climbed as much as 8.63% to reach a record $75,120.
Trump has pledged to transform the United States into the world's leading cryptocurrency hub, establish a national reserve of Bitcoin and select regulatory officials who are enthusiastic about digital currencies.
"The price of bitcoin has closely followed Trump's position in the polls and on betting markets," Russ Mould, an analyst at AJ Bell, told AFP.
Investors are "potentially taking the view that a Republican victory would lead to a surge in demand for the digital currency", he added.
Dollar surge
The Trump victory has set the US dollar on track for its largest one-day gain since March 2020. Analysts suggest that a unified Republican control of both Congress and the White House could drive up the dollar and Treasury yields due to Trump’s tax-cutting agenda and proposed import tariffs.
"A potential unified government under President Trump would have the greatest degree of freedom for fiscal policy and would likely be the most dollar bullish outcome," Deutsche Bank analysts noted. They added that, “even without control of Congress, a Trump victory would be decidedly dollar bullish via the impact of tariffs and the dollar should especially outperform against high-beta currencies,such as the Mexican peso and Australian dollar.
Economist Peter Esho, founder of Esho Capital, observed, "The markets are scrambling to figure out what happens next, but for the time being, the market is pricing in a higher growth and higher inflation outlook."
Losers
Kamala Harris
Kamala Harris, the Democratic candidate and incumbent Vice President, suffered a significant defeat. Despite her historic role and appeal among certain demographics, she was unable to rally enough support to overcome Trump’s resurgence. Harris’ campaign struggled to energize key voter bases, including moderate Democrats and independents, and she faced significant challenges with the progressive wing of her party. The election outcome represents a setback for her political career and has left Democrats searching for new leadership and a clearer, more unified message.
Democratic Party
The Democratic Party as a whole finds itself among the losers following the 2024 election. Losing the White House and Senate has weakened the party’s standing and signaled a need for reevaluation. The Democrats’ defeat has also exposed internal divisions, with calls for new strategies to reconnect with working-class voters and to address issues related to the economy, immigration, and international relations.
This election showed the limitations of a platform that some critics argue focused too heavily on social issues rather than economic concerns. The party’s path forward may involve a generational shift and a rethinking of policy positions, especially as it contends with a Republican majority in Congress.
Republicans who voted for Trump’s impeachment
Republican lawmakers who had previously voted to impeach Trump now find themselves isolated within their party. As Trump reclaims the presidency, loyalty to his administration is paramount, and GOP members who opposed him during his last term face political consequences. These lawmakers risk marginalization and may find it challenging to secure leadership roles or committee assignments.
The wave of Trump-aligned candidates who have gained congressional seats also means that the GOP is moving further to the right, with less tolerance for dissent. For Republicans who opposed Trump, political futures are uncertain as the party seeks to consolidate support for Trump’s agenda.
China
China stands as one of the notable international losers following Trump’s victory. During his campaign, Trump made it clear he would pursue a tough stance on China, focusing on trade tariffs, restrictions on technology, and strengthening alliances in the Indo-Pacific. China’s economy, already under pressure from global economic shifts, could face further strain under a new round of tariffs and restrictions.
Trump’s return to office could also mean a more assertive US military presence in the Pacific, as well as strengthened ties with allies in the region who share concerns about Chinese influence. With a pro-business administration favoring US companies and protecting intellectual property, China could see increased economic and diplomatic pressure.
Looking ahead
The 2024 election marks a pivotal moment for US politics, ushering in a new phase of Trump’s influence over the country. For Republicans, this victory offers a chance to pursue a robust agenda on deregulation, tax cuts, and a “tough on China” trade policy. However, it also risks deepening the country’s political divisions, as Trump’s administration has faced consistent criticism for fostering partisanship.
On the Democratic side, leaders must address the divisions within their ranks and recalibrate their approach to connect with a broader base. The coming years will be a test of whether the party can unify around a cohesive vision.
As the dust settles, the key winners and losers from the 2024 election highlight shifting priorities, both domestically and internationally. The real impact of Trump’s policies will unfold in the months ahead as markets, communities, and foreign governments adapt to the new political landscape.
(With inputs from agencies)
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