This is the second case in US history in over 130 years that a president has returned to power after being defeated for re-election to win a second non-consecutive term. The first was former President Grover Cleveland in 1892.
Former President Donald Trump has won the US presidential election.
Trump has won more than 270 electoral college votes, the minimum needed to win.
Republicans will now control the Senate.
While Trump’s promise of imposing reciprocal taxes on India if elected again may hit Indian businesses, his focus on anti-China policies and a possible supply chain shift from China may benefit Indian exporters.
The Republican Party will now control the Senate.
The result is expected to have a mixed impact on US-India business relations, which were quite friendly during Trump’s earlier presidential tenure. Prime Minister Narendra Modi and Trump shared cordial relations during the first Trump administration.
As Trump had promised to impose reciprocal taxes on India if elected again as India levies tariffs on US companies, there is a concern that his administration in its second term could levy hefty taxes on Indian exports, hitting Indian businesses.
“You leave the dollar and you’re not doing business with the United States because we are going to put a 100 per cent tariff on your goods,” Trump had said at a rally in Wisconsin state. This may affect India’s efforts to shift away from the US dollar and use more rupee for global trade.
During Trump’s state visit to India in February 2020, both sides had signalled that they would enhance their reliance on each other to counter China regionally and globally. Trump’s focus on anti-China policies and a possible shift of supply chains from the Asian giant may benefit Indian exporters.
Fibre2Fashion News Desk (DS)
