After President Donald Trump won the 2024 US elections yesterday, Tuesday 5 November, the MP for Kingston and Surbiton and leader of the Liberal Democrats, Sir Ed Davey, took to Instagram to share his thoughts on President Trump's victory.

In his Instagram post, Ed Davey MP said: "This is a dark, dark day for people around the globe. The world's largest economy and most powerful military will be led by a dangerous, destructive demagogue.

"The next President of the United States is a man who actively undermines the rule of law, human rights, international trade, climate action and global security.

"Millions of Americans – especially women and minorities – will be incredibly fearful about what comes next. We stand with them.

"Families across the UK will also be worrying about the damage Trump will do to our economy and our national security, given his record of starting trade wars, undermining NATO and emboldening tyrants like Putin.

"Fixing the UK's broken relationship with the EU is even more urgent than before. We must strengthen trade and defence cooperation across Europe to help protect ourselves from the damage Trump will do.

"Now more than ever, we must stand up for the core liberal values of equality, democracy, human rights and the rule of law – at home and around the world."

However, there are already proven benefits under President Trump's presidency, including auges in the US dollar and bitcoin, along with potential tax cuts, increased tariffs, and rising inflation.

Thus, contrary to Ed Davey MP's thoughts, the election results may see a major impact on the global economy, according to the BBC.

The dollar has soared by about 1.5% against a host of different currencies, including the pound, euro and the Japanese yen.

In Japan, the benchmark Nikkei 225 stock index ended the session up by 2.6%, while Australia's ASX 200 closed 0.8% higher.

The major US stock indexes also look likely to open sharply higher. That came after the Dow Jones Industrial Average, S&P 500 and Nasdaq all closed more than 1% higher on Tuesday.

President Trump has also pledged to make the US the "bitcoin and cryptocurrency capital of the world".

The value of Bitcoin has now jumped by $6,000 (£4,645) to a record high of $75,371.69, surpassing the previous high of $73,797.98 seen in March this year.

Speaking about the election results, former UK Secretary of State for Defence, Ben Wallace wrote on X (formerly Twitter): "Whatever your feelings about the US election are the best insurance for all our security is to invest in our own defence & security right across Europe.

"We don't need ridiculous "European armies" or an EU defence rival to NATO. We need to all invest 3% GDP across the Alliance."