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U.S. President Joe Biden ends reelection bid for the White House

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U.S. President Joe Biden has announced that he ended his reelection campaign on Sunday after several fellow Democrats lost faith in his mental acuity and ability to beat Donald Trump, leaving the presidential race in uncharted territory.  

Biden, in a post on X, said he will remain in his role as president and commander-in-chief until his term ends in January 2025 and will address the nation this week.

The unprecedented announcement reads in part, “It has been the greatest honor of my life to serve as your President. And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term,” Biden wrote. 

Biden, 81, also announced that he will endorse Vice President Kamala Harris to top the ticket.

U.S. President Joe Biden announced he is ending his troubled reelection campaign amid growing opposition within his own Democratic Party. He endorsed Vice President Kamala Harris to replace him as the party’s candidate against Republican Donald Trump.

FILE PHOTO: U.S. Vice President Kamala Harris has been endorsed by Joe Biden to run for President.

In a post on X, Biden, 81, stated he will continue his role as president and commander-in-chief until his term concludes in January 2025. He plans to address the nation this week. Biden has not been seen publicly since testing positive for COVID-19 and isolating at his home in Rehoboth Beach, Delaware, last week.

“While it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term,” Biden wrote.

Democratic National Committee Chair Jaime Harrison mentioned that the party will soon communicate the next steps and the process for selecting the nominee. This marks the first time in over fifty years that an incumbent U.S. president has relinquished his party’s nomination.

Biden’s campaign faced significant challenges after a faltering debate against former President Trump on June 27. Opposition from within the Democratic Party intensified, with 36 congressional Democrats urging him to withdraw, fearing his candidacy could jeopardise their control of the White House and Congress.

In contrast, the Republican Party showed unity, rallying behind Trump and his running mate, Senator J.D. Vance. If Harris becomes the nominee, she would be the first Black woman to run at the top of a major-party ticket.

Trump expressed confidence that Harris would be easier to defeat. A source familiar with the situation revealed that Biden had a last-minute change of heart, initially planning to stay in the race before deciding to withdraw on Sunday afternoon.

It remains unclear if other senior Democrats will challenge Harris for the nomination or if the party will open the field for nominations. Polls indicate that Harris performs similarly to Biden against Trump.

Congressional Republicans have called for Biden to resign immediately, arguing his incapacity to run for president raises questions about his ability to govern. They have also hinted at potential legal challenges to the Democrats’ move to replace Biden on the ballot.

Biden’s announcement follows mounting pressure from Democratic lawmakers and officials, exacerbated by his poor debate performance and gaffes at a NATO summit. This move makes him the first sitting president to relinquish his party’s nomination since Lyndon B. Johnson in 1968.

If Harris becomes the nominee, it would represent an unprecedented move by the Democratic Party, with Harris being the first Black and Asian American woman to run for the White House. Biden, the oldest U.S. president ever elected, initially set his sights on a second term, believing he was the only Democrat who could beat Trump again. However, concerns over his age and recent poor performance have led to significant pressure for him to withdraw.

Biden’s departure sets up a stark contrast between Harris, a former prosecutor, and Trump, who faces multiple criminal prosecutions related to his attempts to overturn the 2020 election result. Harris has been reaching out to key voter groups in recent months, and her support will be crucial for the Democratic Party moving forward.

Biden accumulated a significant number of delegates during the primary race, but unless the party changes the rules, these delegates will enter the convention “uncommitted,” potentially influencing the nomination process. The outcome of the Democratic National Convention in August will determine the party’s nominee for the presidential election.

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Trump and Xi strike temporary trade truce after six years

Trump and Xi establish temporary trade truce, reducing tariffs and enhancing U.S. exports amid lingering economic tensions.

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Trump and Xi establish temporary trade truce, reducing tariffs and enhancing U.S. exports amid lingering economic tensions.


President Donald Trump and Chinese leader Xi Jinping have agreed to a temporary trade truce, cutting tariffs and boosting U.S. exports.

Analysts remain cautious, warning deep economic divides still linger.

#Trump #XiJinping #TradeDeal #USChinaRelations #Tariffs #GlobalTrade #Economy #Soybeans #RareEarths #TickerNews


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Powell warns against further December interest rate cuts

Powell warns against assumptions of further rate cuts, highlighting divisions within the Fed amid ongoing economic uncertainties

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Powell warns against assumptions of further rate cuts, highlighting divisions within the Fed amid ongoing economic uncertainties

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In Short:
– Jerome Powell stated further interest rate cuts are uncertain after recent decreases, aiming to manage market expectations.
– The Fed ended its balance sheet reduction due to lending market disruptions and mixed views on future rate cuts among officials.

Federal Reserve chairman Jerome Powell indicated that further interest rate cuts are not guaranteed following the recent decrease. In a press conference, he stated that a further reduction in December is “far from” certain. His comments aimed to temper market expectations, where the likelihood of another cut was previously estimated at over 90 per cent.In response to Powell’s remarks, yields on the two-year treasury rose, and traders adjusted their expectations, now estimating a 60 per cent chance of a December reduction. Recently, the Federal Open Market Committee voted 10-2 to lower the federal funds rate target range to 3.75-4 per cent, in response to concerns about the labour market.

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The Fed has also announced an end to its balance sheet reduction efforts due to disruptions in short-term lending markets. Since 2022, the bank has reduced its asset holdings by over $US2 trillion following aggressive purchases aimed at stabilising the economy after the pandemic.

Policy Divisions

Recent post-meeting statements highlighted mixed views among Fed officials about the pace of future rate cuts. Powell remarked that uncertainty surrounding economic conditions necessitates a cautious approach. Ongoing government shutdowns have limited policymakers’ access to crucial economic data, complicating decision-making.

Recent labour market developments show slowed job gains, raising concerns about employment. The Fed is also cautious about reducing rates too quickly due to inflation remaining above their 2 per cent target, reflecting a complex economic landscape. Policymakers have struggled with decisions amid data limitations from the government shutdown, impacting their assessments of inflation and economic indicators.


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Trump finalises trade deal with South Korea at summit

Trump and South Korea finalise trade deal as he prepares for vital summit with Xi Jinping in Busan

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Trump and South Korea finalise trade deal as he prepares for vital summit with Xi Jinping in Busan

<iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/GB4FDyAt_a4?si=lN5bO3Upkyr75zAa” title=”YouTube video player” frameborder=”0″ allow=”accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share” referrerpolicy=”strict-origin-when-cross-origin” allowfullscreen></iframe>
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In Short:
– Trump and South Korea’s Lee finalised a trade deal requiring $350 billion in U.S. investments.
– Trump anticipates favourable talks with China to reduce tariffs and improve relations.

Donald Trump and South Korean President Lee Jae Myung finalised a contentious trade deal at a summit in South Korea on Wednesday. The U.S. President expressed optimism about an upcoming summit with China’s Xi Jinping.The agreement, unveiled in late July, stipulated that South Korea would make $350 billion in new investments in the U.S. to avoid significant tariffs on imports. However, negotiations on the investment structure had stalled.

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Trump and Lee reached a compromise allowing Seoul to divide its $350 billion investment into $200 billion in cash, paid in $20 billion instalments. The remaining $150 billion will be allocated to shipbuilding investments.

Upon arrival from Tokyo, following a North Korea missile test, President Trump received an extravagant welcome in the historic city of Gyeongju, the venue for this year’s Asia-Pacific Economic Cooperation forum.

His discussions with Xi are scheduled for Thursday in Busan. Trump downplayed the North Korea missile test and focused on his meeting with Xi, the leader of the world’s second-largest economy.

“I think we’re going to have a very good outcome for our country and for the world,” Trump stated. He anticipates reducing U.S. tariffs on Chinese imports in exchange for China agreeing to control the export of fentanyl precursor chemicals. The Wall Street Journal reported that tariffs could be halved from the current 20%.

China’s foreign ministry indicated that the upcoming meeting would foster positive developments in U.S.-China relations.

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