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With Donald Trump securing his return to the White House just hours after the polls closed, we explore what his second term could mean for the mining sector.
Former US President Donald Trump has been declared the winner of the 2024 US election, after surpassing the 270 votes needed to win the presidency and likely also the popular vote. Republicans also control the Senate, which they may even hold throughout 2024 having picked up West Virginia, Ohio and Montana from the Democrats, analysts from GlobalData TS Lombard predict.
Control of the House remains a toss-up, with a result potentially weeks away. The Democrats got a head start by flipping at least two seats in New York, although two seats in Pennsylvania may turn Republican. However, several states including Arkansas, California, Maine and Michigan remain battlegrounds.
A Republican-majority Congress would support Trump’s more extreme protectionist and anti-climate policies such as attempts to roll back the Inflation Reduction Act (IRA) and eliminating curbs on emissions. However, a Republican sweep would likely make the ‘lame duck’ period – after a November election and before the beginning of the new Congress – more difficult, with Congress likely to wait for Trump’s return.
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