Trump Wins the White House in a Political Comeback Rooted in Appeals to Frustrated Voters

 Republican presidential nominee former President Donald Trump speaks during a campaign event, Wednesday, Sept. 25, 2024, in Mint Hill, N.C. (AP)
Republican presidential nominee former President Donald Trump speaks during a campaign event, Wednesday, Sept. 25, 2024, in Mint Hill, N.C. (AP)
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Trump Wins the White House in a Political Comeback Rooted in Appeals to Frustrated Voters

 Republican presidential nominee former President Donald Trump speaks during a campaign event, Wednesday, Sept. 25, 2024, in Mint Hill, N.C. (AP)
Republican presidential nominee former President Donald Trump speaks during a campaign event, Wednesday, Sept. 25, 2024, in Mint Hill, N.C. (AP)

Donald Trump was elected the 47th president of the United States on Wednesday, an extraordinary comeback for a former president who refused to accept defeat four years ago, sparked a violent insurrection at the US Capitol, was convicted of felony charges and survived two assassination attempts.

With a win in Wisconsin, Trump cleared the 270 electoral votes needed to clinch the presidency.

The victory validates his bare-knuckles approach to politics. He attacked his Democratic rival, Kamala Harris, in deeply personal – often misogynistic and racist – terms as he pushed an apocalyptic picture of a country overrun by violent migrants. The coarse rhetoric, paired with an image of hypermasculinity, resonated with angry voters – particularly men – in a deeply polarized nation.

"I want to thank the American people for the extraordinary honor of being elected your 47th president and your 45th president," Trump told throngs of cheering supporters in Florida even before his victory was confirmed.

In state after state, Trump outperformed what he did in the 2020 election while Harris failed to do as well as Joe Biden did in winning the presidency four years ago. Upon taking office again, Trump will work with a Senate that will now be in Republican hands, while control of the House hadn’t been determined.

"We’ve been through so much together, and today you showed up in record numbers to deliver a victory," Trump said. "This was something special and we’re going to pay you back," he said.

The US stock market, Elon Musk’s Tesla, banks and bitcoin all stormed higher Wednesday, as investors looked favorably on a smooth election and Trump returning to the White House. In his second term, Trump has vowed to pursue an agenda centered on dramatically reshaping the federal government and pursuing retribution against his perceived enemies.

The results cap a historically tumultuous and competitive election season that included two assassination attempts targeting Trump and a shift to a new Democratic nominee just a month before the party’s convention. Trump will inherit a range of challenges when he assumes office on Jan. 20, including heightened political polarization and global crises that are testing America’s influence abroad.

His win against Harris, the first woman of color to lead a major party ticket, marks the second time he has defeated a female rival in a general election. Harris, the current vice president, rose to the top of the ticket after Biden exited the race amid alarm about his advanced age. Despite an initial surge of energy around her campaign, she struggled during a compressed timeline to convince disillusioned voters that she represented a break from an unpopular administration.

The vice president, who has not appeared publicly since the race was called, was set to speak Wednesday afternoon at Howard University, where her supporters gathered Tuesday night for a watch party while the results were still in doubt.

Trump is the first former president to return to power since Grover Cleveland regained the White House in the 1892 election. He is the first person convicted of a felony to be elected president and, at 78, is the oldest person elected to the office. His vice president, 40-year-old Ohio Sen. JD Vance, will become the highest-ranking member of the millennial generation in the US government.

There will be far fewer checks on Trump when he returns to the White House. He has plans to swiftly enact a sweeping agenda that would transform nearly every aspect of American government. His GOP critics in Congress have largely been defeated or retired. Federal courts are now filled with judges he appointed. The US Supreme Court, which includes three Trump-appointed justices, issued a ruling this year affording presidents broad immunity from prosecution.

Trump’s language and behavior during the campaign sparked growing warnings from Democrats and some Republicans about shocks to democracy that his return to power would bring. He repeatedly praised strongman leaders, warned that he would deploy the military to target political opponents he labeled the "enemy from within," threatened to take action against news organizations for unfavorable coverage and suggested suspending the Constitution.

Some who served in his White House, including Vice President Mike Pence and John Kelly, Trump’s longest-serving chief of staff, either declined to endorse him or issued dire public warnings about his return.

While Harris focused much of her initial message around themes of joy, Trump channeled a powerful sense of anger and resentment among voters.

He seized on frustrations over high prices and fears about crime and migrants who illegally entered the country on Biden’s watch. He also highlighted wars in the Middle East and Russia’s invasion of Ukraine to cast Democrats as presiding over – and encouraging – a world in chaos.

It was a formula Trump perfected in 2016, when he cast himself as the only person who could fix the country’s problems, often borrowing language from dictators.

"In 2016, I declared I am your voice. Today I add: I am your warrior. I am your justice. And for those who have been wronged and betrayed, I am your retribution," he said in March 2023.

This campaign often veered into the absurd, with Trump amplifying bizarre and disproven rumors that migrants were stealing and eating pet cats and dogs in an Ohio town.

One defining moment came in July when a gunman opened fire at a Trump rally in Butler, Pennsylvania. A bullet grazed Trump’s ear and killed a supporter. His face streaked with blood, Trump stood and raised his fist in the air, shouting "Fight! Fight! Fight!" Weeks later, a second assassination attempt was thwarted after a Secret Service agent spotted the barrel of a gun poking through the greenery while Trump was playing golf.

Trump’s return to the White House seemed unlikely when he left Washington in early 2021 as a diminished figure whose lies about his defeat sparked a violent insurrection at the US Capitol. He was so isolated then that few outside of his family bothered to attend the send-off he organized for himself at Andrews Air Force Base, complete with a 21-gun salute.

Democrats who controlled the US House quickly impeached him for his role in the insurrection, making him the only president to be impeached twice. He was acquitted by the Senate, where many Republicans argued that he no longer posed a threat because he had left office.

But from his Mar-a-Lago resort in Florida, Trump – aided by some elected Republicans – worked to maintain his political relevance. Rep. Kevin McCarthy, the California Republican who then led his party in the US House, visited Trump soon after he left office, essentially validating his continued role in the party.

As the 2022 midterm election approached, Trump used the power of his endorsement to assert himself as the unquestioned leader of the party. His preferred candidates almost always won their primaries, but some went on to defeat in elections that Republicans viewed as within their grasp. Those disappointing results were driven in part by a backlash to the Supreme Court ruling that revoked a woman’s constitutional right to an abortion, a decision aided by Trump-appointed justices. The midterm election prompted questions within the GOP about whether Trump should remain the party’s leader.

But if Trump’s future was in doubt, that changed in 2023 when he faced a wave of state and federal indictments for his role in the insurrection, his handling of classified information and election interference. He used the charges to portray himself as the victim of an overreaching government, an argument that resonated with a GOP base that was increasingly skeptical – if not outright hostile – to institutions and established power structures.

Florida Gov. Ron DeSantis, who challenged Trump for the Republican nomination, lamented that the indictments "sucked out all the oxygen" from the GOP primary. Trump easily captured his party’s nomination without participating in a debate against DeSantis or other GOP candidates.

With Trump dominating the Republican contest, a New York jury found him guilty in May of 34 felony charges in a scheme to illegally influence the 2016 election through a hush money payment to a porn actor. He faces sentencing this month, though his victory poses serious questions about whether he will ever face punishment.

He also has been found liable in two other New York civil cases: one for inflating his assets and another for sexually abusing advice columnist E. Jean Carroll in 1996.

Trump is subject to additional criminal charges in an election-interference case in Georgia that has become bogged down. On the federal level, he’s been indicted for his role in trying to overturn the results of the 2020 election and improperly handling classified material. When he becomes president, Trump could appoint an attorney general who would erase the federal charges.

As he prepares to return to the White House, Trump has vowed to swiftly enact a radical agenda that would transform nearly every aspect of American government. That includes plans to launch the largest deportation effort in the nation’s history, to use the Justice Department to punish his enemies, to dramatically expand the use of tariffs and to again pursue a zero-sum approach to foreign policy that threatens to upend longstanding foreign alliances, including the NATO pact.

When he arrived in Washington 2017, Trump knew little about the levers of federal power. His agenda was stymied by Congress and the courts, as well as senior staff members who took it upon themselves to serve as guardrails.

This time, Trump has said he would surround himself with loyalists who will enact his agenda, no questions asked, and who will arrive with hundreds of draft executive orders, legislative proposals and in-depth policy papers in hand.



Some European Firms Retreat from Israel-Linked Finance amid War Pressure

 An Israeli national flag flies over a city highway during rush hour, amid the ongoing conflict in Gaza between Israel and Hamas, in Tel Aviv, Israel, November 4, 2024. (Reuters)
An Israeli national flag flies over a city highway during rush hour, amid the ongoing conflict in Gaza between Israel and Hamas, in Tel Aviv, Israel, November 4, 2024. (Reuters)
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Some European Firms Retreat from Israel-Linked Finance amid War Pressure

 An Israeli national flag flies over a city highway during rush hour, amid the ongoing conflict in Gaza between Israel and Hamas, in Tel Aviv, Israel, November 4, 2024. (Reuters)
An Israeli national flag flies over a city highway during rush hour, amid the ongoing conflict in Gaza between Israel and Hamas, in Tel Aviv, Israel, November 4, 2024. (Reuters)

Several of Europe's biggest financial firms have cut back their links to Israeli companies or those with ties to the country, a Reuters analysis of filings shows, as pressure mounts from activists and governments to end the war in Gaza.

While banks and insurers are often vocal about their environmental and governance aims, they are less forthcoming about disclosing their potential exposure to war.

UniCredit put Israel on a "forbidden" list as the conflict escalated in October last year, said a source familiar with the matter, confirming a study by Dutch NGO PAX.

While in line with the Italian bank's defense-sector policy of not directly financing arms exports to any country involved in conflict, it goes beyond Italy's guidelines on arms exports to Israel.

UniCredit declined to comment on its move and the Israeli finance ministry also declined to comment.

Meanwhile, Norwegian asset manager Storebrand and French insurer AXA have sold shares of some Israeli firms, including banks.

Although corporate filings offer only a glimpse into such exposures, they show companies have been readjusting.

"We don't know whether this represents the beginning of a shift in the industry, one that recognizes the power banks have in choosing where to allocate capital, and where not," said Martin Rohner, executive director at the Global Alliance for Banking on Values, which focuses on sustainable financing.

"Investing in the production and trade of weapons is fundamentally opposed to the principles of sustainable development," Rohner added.

Israeli Finance Minister Bezalel Smotrich told a press briefing last week that although there are challenges to Israel's economy, firms are still raising money. "I sit with foreign investors and they believe in our economy," he said.

Reuters has reported that Israel's investor base has narrowed since it entered Gaza last year in response to attacks by Hamas, and it is feeling the effects of rising borrowing costs.

The potential wider effects can be seen in the approach taken by Storebrand, which a filing showed divested a holding worth about $24 million in Palantir, citing the risk of violations of international humanitarian law and human rights.

US group Palantir, which provides technology to Israel's military, did not respond to a request for comment.

Storebrand's annual investment review said that, as of the end of 2023, it had excluded 24 firms, including Israeli companies, across its portfolios in relation to the occupation of Palestinian territories.

The International Court of Justice, the United Nations' highest court, ruled in January of plausible risk of irreparable harm to Palestinian rights to be protected from genocide.

The same court said in July that Israel's occupation of Palestinian territories including the settlements is illegal.

Israel has rejected the rulings, which combined with growing pressure from activists and governments, are nevertheless having an impact on investment decisions.

AXA, one of Europe's largest insurers, British bank Barclays and German insurer Allianz have increasingly been targeted by campaigners.

"Increasing demand for greater transparency and scrutiny can only mean that financial institutions will intensify and broaden their self-assessment of their commercial associations with arms-related businesses or states," said David Kinley, professor and chair of human rights law at the Sydney law school.

The Ireland Strategic Investment Fund (ISIF) has exited six Israeli companies, selling holdings which amounted to about 3 million euros ($3.26 million), including some of Israel's largest banks, a spokesperson told Reuters.

Earlier this year, the 15-billion-euro Irish fund said that the risk profile of such investments were no longer within its investment parameters.

And Norway's $1.8 trillion wealth fund, the world's biggest, may divest shares of companies that aid Israel's operations in the occupied Palestinian territories which violate its ethics standards for businesses.

WAR EXPOSURE

Investments in Israeli banks are also under scrutiny.

The UN included them in 2020 in a list of companies with ties to settlements in the occupied Palestinian territories as part of its mission to review the implications on Palestinian rights.

A study by research firm Profundo, commissioned by corporate watchdog Ekō, shows that AXA sold almost all of its holdings in Israeli banks stocks earlier this year, retaining only a marginal stake in Bank Leumi.

Reuters verified the data with LSEG. A representative for Bank Leumi did not respond to a request for comment.

A spokesperson for AXA declined to comment on whether AXA had cut its holdings, adding that it is not invested in the banks targeted by activists. The UN list is among the criteria AXA takes into account for investment decisions, they added.

'A CLEAR LINE'

Foreign direct investment into Israel fell by 29% in 2023 to its lowest since 2016, UN Trade and Development data shows.

While UNCTAD 2024 figures are not available, credit ratings agencies have flagged the war's unpredictable impact on investment in Israel as a concern.

Although the US remains Israel's biggest military and financial backer, Spain, Ireland and Norway have recognized a Palestinian state, French President Emmanuel Macron has called for an arms export halt and Britain has suspended some licenses.

When it comes to international politics, "it should be down to the governments to take a clear line," said Richard Portes, professor of economics at London Business School, adding: "To put the burden on the private firms, where does this end?"

In an example of how activists are targeting companies directly, Barclays came under pressure from a campaign in Britain, prompting it to withdraw sponsorship from summer music festivals, while the Financial Times reported in August that it considered pulling out of an Israeli government bond sale.

Barclays said in a statement that it remained "fully committed" to its role as a primary dealer and that such activities fluctuated each quarter. The bank fell out of the top five dealers of Israeli bonds in the second and third quarters, after ranking third in 2023.