Biden wins the US Presidential election

11th November, 2020

After a bitterly contested and chaotic US election that was marred by allegations of voter fraud, Joe Biden exceeded the threshold of 270 electoral college votes to become President-Elect. He is expected to take office as 46th US President on 20 January 2021.

In the early days of his Presidency, Joe Biden is widely expected to focus on the US economy following the depredations of the coronavirus pandemic by introducing stimulus measures to boost confidence and increase economic activity amongst businesses and households. However, a divided Congress will make it harder for President Biden to push through his policies; although the Democrats have retained control of the House of Representatives, overall control of the Senate will remain undecided until Georgia’s runoff elections in January 2021.

Foreign policy is also under the spotlight. Under President Trump, the US has imposed controversial tariffs on Chinese imports, and the relationship between the two powers has continued to deteriorate. Elsewhere, although the US’s relationship with Europe is expected to improve under a Biden presidency, his attitude to the UK appears rather more ambiguous, particularly as he is known to be opposed to Brexit.

According to S&P Global, the stakes are particularly high for the US energy and commodities sectors as Biden seeks to implement green policies. However, his scope for significant reform may be limited if the Republican Party manages to hold on to its overall control of the Senate in January.

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