Former vice president Joe Biden is now the US's 46th President-elect after securing over 270 electoral votes, according to US media, including the Associated Press.
Presidential candidates must win at least 270 electoral votes from the total of 538 electoral votes from the 50 states.
In the early morning hours of Nov 8 (Singapore time), the Associated Press (AP) says Biden won the state of Pennsylvania.
He is also tipped to win the state of Nevada.
Biden’s win means Trump has joined the club of one-term presidents, who include George H.W. Bush, who was the last one-term president.
Bush Senior, who was the 41st US President, lost to Bill Clinton in 1992.
Read Also: Biden widens lead over Trump
On his election, Biden says he is “honoured”, and that he will be “a President for all Americans”.
Vice President-elect Kamala Harris tweeted a video of her on the phone with Biden saying “we did it”.
President Trump has refused to acknowledge the results, by saying he “won this election by a lot” on Twitter.
Oxford Economics analysts say Biden’s win, which may bring about “trade multilateralism and a pro-immigration stance should generally benefit the economy”.
“With the health situation rapidly deteriorating and economic momentum slowing, we forecast GDP growth averaging 3.6% in 2021, compared with 3.7% last month.”
“Our November baseline assumes a short-term fiscal relief bill around US$1 trillion will be passed around year-end, but this will be subject to heightened policy uncertainty during the lame-duck session of Congress. Further, we stress that a non-peaceful transfer of power is a risk to monitor closely,” they add.
