Categories: Market Overview

Biden prepares for White House while Trump presses legal attack

President-elect Joe Biden plans further meetings on Wednesday to lay the groundwork for his new administration while President Donald Trump pursues a flurry of lawsuits challenging the election results in an effort to cling to power. Trump’s unsupported charges of election fraud have gained little traction so far. His campaign said on Tuesday it planned to file a lawsuit in Michigan to halt the state from certifying its results, a day after it brought a similar action in the battleground state of Pennsylvania.

Judges so far have tossed lawsuits in Michigan and Georgia brought by Trump’s campaign, and legal experts say the litigation has little chance of changing the outcome of the Nov. 3 election. Trump suffered another possible setback on Tuesday when Democrats said a postal worker who claimed he witnessed ballot tampering in Pennsylvania had recanted his allegations.

Some 80% of Americans, including half of Republicans, say Biden is the rightful winner, according to a Reuters/Ipsos poll released on Tuesday. Biden plans to meet with advisors on Wednesday who are helping him prepare to take office on January 20, 2021. He has tapped finance, trade and banking regulation experts for his transition team that range from core Democrats to progressive activists, reflecting ongoing debate within the party about how to address climate change, wealth inequality and other issues.

The outcome is still undecided in several states. Trump leads 50.0% to 48.7% in North Carolina, while Biden leads 49.5% to 49.2% in Georgia and 49.4% to 49.0% in Arizona, according to Edison Research.

U.S. Secretary of State Mike Pompeo on Tuesday predicted a “second Trump administration,” in comments at odds with congratulatory phone calls from the leaders of Britain, France, Germany and Ireland to Biden.

Trump installed loyalists in top positions at the Pentagon, one day after firing Defense Secretary Mark Esper, which could potentially make it easier to use U.S. troops to respond to domestic protests.

Biden prepares for White House while Trump presses legal attack, Reuters, Nov 11

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This team of professional journalists announces the most interesting and influential articles from the major financial media as a brief summary. All such news may have sufficient potential to affect the course of trading assets.

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