Donald Trump has won the US election and will make a historic return to the White House. The Republican told jubilant crowds in Florida: “America has given us an unprecedented and powerful mandate.”

Of the seven crucial swing states, Trump won North Carolina, Georgia, Pennsylvania and Wisconsin, and is ahead in Michigan, Nevada, and Arizona. Kamala Harris is yet to concede or address supporters – dejected crowds left her watch party well before the final result came in

Republicans have also taken the Senate back from Democrats after flipping a string of seats.

According to the BBC, shares in US companies and the value of the dollar spiked upwards as Donald Trump swept to victory. Promised tax cuts will pump money into the US economy while his threat to put tariffs on foreign exports are considered likely to push prices higher.

Higher inflation could mean the rate of expected interest rate cuts will slow and the cost of US government borrowing will rise. The value of crypto-currency Bitcoin also soared to a new record while shares in American banks jumped on expectations that a Trump presidency will lead to further financial deregulation.

Companies that stand to benefit from tariffs on Chinese imports rose – including a 13% rise in shares of Elon Musk’s Tesla electric car firm, while Chinese shares fell slightly.