The results of the much-anticipated U.S. presidential election hung in the balance for several days after Election Day. In the end, a number of key states finalized a historic level of vote tabulation resulting in Democratic challenger and former Vice President Joseph Biden accruing enough electoral college votes to secure victory as president-elect. Biden will be inaugurated as the 46th president of the United States on January 20, 2021.
In this second edition of our two-part series, we take a more indepth look at the projected impact of Biden’s policy approaches and the associated economic, business, market and real estate impacts within the United States, Europe/Middle East/Africa (EMEA) and Asia-Pacific (APAC) markets.
It is important to note that, although still undecided, it is unlikely that Democrats will take outright control of the Senate, or with a majority significant enough to create broad, bipartisan support on key issues. In addition, while Democrats retained control of the House, they did concede several seats to Republicans. As a result, it is anticipated that most of Biden’s more progressive initiatives will be vigorously challenged and potentially upended altogether by Senate Republicans. We expect most near-term policy changes to be enacted via executive order or through less-aggressive legislation that can potentially garner bipartisan support.