The world eagerly eyes on the most consequential and defining elections of the decade: US elections. The hustle and buzz hemming it emanates not solely for the reason of America is a powerful economy, but also out of the prospective influence and bearing the results of the election can have on many leading and developing countries and all in all to the global economy, what the US election mean for the world is a broad topic but we will try to give it a justice
The blue versus red faddish is no longer constricted to adults this time and rather have managed to slipped unto millennial as well; investors ready to put their shirts on results, markets bucking up for slump or bulge and gen Z hopeful of a leader with the secular and liberating slant.
If numbers are to be believed, America is expecting a larger turning up of voters in these elections as they call it crucial and decisive for the future of America.
Witnessing the election ball in the kitty of team Biden, though with a margin, the wave among people seems strong and willful to put an accountable, acting and engaging leader than just a hope monger. With both parties indulging in as rabble-rousers, the world holds its breath for the upcoming leader not only pens the future of America but also of other countries.
India seemed have got along well under Trump administration as both the leaders shared an amiable bond, with Trump-supporting, implicitly and at times overtly, many of the decisions made by Indian administration like uplifting section 360 and passing legislation concerning the citizenship act.
Even Prime Minister Narender Modi had been to America on several occasions, like at Houston- famously called “Howdy Modi” and had shared a stage with an American president for the first time in history.
Though in recent past amendments in-laws like in migration law by Trump haven’t been a favourable one for India Biden proposes to rewire and make alterations to it and the majority of the beneficiaries will constitute of Indians.
India and America have had a history of strong and reliable relations and have taken a stand for each other. The newly elected president shall also be expected to act in the same line and work for mutual growth and robust ties.
The US-China relationship
We all saw what the US-China relationship looked like under the administration of Mr Trump. It was a cold war. From trade war to power tussle and war of words, it was a never-ending show.
However, with a new sheriff in town, what will become of the US-China relationship. A continued hostile relationship? Or a more relaxed one? Either way, it still might not be favourable to China.
From our analysis, China favours Mr Trump’s presidency because of his divisive trait at home, and isolationist trait abroad. This helped China spread her wings and accumulated more power and allies.
Joe Biden on the other hand has promised to repair America’s alliances, and this may prove more effective in constraining China’s superpower ambition.
The Russian impact
There’s no doubt that the US-Russia relationship, irrespective of who’s at the helm of affairs, will remain deeply hostile.
Recently, Mr Biden said Russia is the biggest threat to America, and I’m sure Moscow heard that loud and clear.
In 2011, Mr Biden was reported to have said if he were Mr Putin, he wouldn’t run again for the presidency, as it would be bad for the country and himself. I’m sure Moscow hasn’t forgotten that, as it has a long memory.
Let’s not also forget the accusation that Russia messed with the US 2016 presidential election and the world also remembers it. Well, this might be some payback time, now that a Democrat occupies the White House. And a Biden presidency is likely to reverse the Trumpian drift towards unilateralism.
However, with the recent report from a Russian newspaper that under Mr trump, the US-Russia relationship had plunged to the seabed, and likened Mr Biden to a dredger who was going to dig even deeper. This suggests Russia is already geared to match whatever it is that’s coming their way from the US.
The United Kingdom
The United States and the United Kingdom are old allies and have enjoyed a long-lasting special relationship.
However, after the US election, the world will see Biden as US president, the long-standing beautiful relationship between UK and USA may suffer a dip.
Let’s not forget, Mr Biden was once reported to have described the UK Prime Minister as Donald Trump’s physical and emotional clone.
Also, when the UK voted to leave the European Union, Mr Biden didn’t shy away from his displeasure and his preference for another outcome, other than Brexit. Also, Mr Biden showed his displeasure at the recent tactic used in negotiating Brexit, prompting him to have said he would not allow peace in Northern Ireland to become a casualty of Brexit if elected.
So it’s likely Mr Biden may not be willing to talk to London, and the special relationship they’ve long enjoyed could suffer a massive blow.
The US and African youths
Although Mr Biden didn’t say much about Africa during his campaign in a paper he submitted to his party, he wrote: The United States cannot afford to miss this moment to engage with African youths and to offer them a window into the American model of democracy.
This will be a welcomed development by many African youths, especially Nigerians, who seek measures for accountability and transparency in the manner their government is run.
However, this may not go down well with African leaders. They would rather Mr Biden stay clear.
What US election mean for the world economy
It is well known that the US economy is the largest and as a result, the US is the biggest player in the world economy and dictates the direction for markets, what US election mean for the world economy?
Having won the US election, the economic policy preferences of Mr Biden will have a weighty influence on the economic decisions that will be made across the globe.
For example; the US budget and economic growth incentives will most likely have a tough sway and knock-on effects on the major influencers of the global market such as commodities, equities, debts and currencies.
Conclusively, it remains yet to be known exactly how the events are going to turn out. But a lot of what is going to happen in the next four years from politics to the economy is largely going to be dominated by Mr Biden choices, actions, decisions, policies and preferences. We remain poised to see what the Biden presidency holds for the world.