US House of Representatives votes along party lines to impeach Donald Trump. Market reaction muted since Trump is largely expected to be acquitted by Senate.
Trump Stumped: As expected, the US House of Representatives has voted to impeach President Donald Trump. And as expected, it has voted almost entirely along party lines.
The charges against Trump – abuse of power and obstruction of Congress – relate to his pressing the Ukrainian government to investigate Joe Biden (former US Vice President and Democratic Presidential rival).
On the first charge, the vote stood at 230-197 while on the second charge it was 229-198. WSJ
The matter now moves to the Senate, which, unlike the House, is controlled by Trump’s Republican Party. Therefore, Trump is likely to be acquitted after the January trial ends. Presently, Trump remains very much President of the United States.
Throughout American history, only two Presidents have been impeached – Bill Clinton and Andrew Johnson. Both were acquitted by the Senate.
How Markets Reacted: Globally, market reaction to Trump’s historic impeachment has been limited since investors and observers widely expect the Republican-majority Senate to acquit him. More details here.
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