Harris concedes as world prepares for Trump's return

What happened

World leaders congratulated President-elect Donald Trump Wednesday on his decisive electoral victory. President Joe Biden invited him to the White House to start the presidential transition, and Vice President Kamala Harris made her own congratulatory phone call to Trump before giving a concession speech to the country.

Who said what

Harris told supporters it was important to "accept the results of this election," because Americans "owe loyalty not to a president or a party but to the Constitution." But "while I concede this election, I do not concede the fight that fueled this campaign," she added. "Do not despair. This is not a time to throw up our hands. This is a time to roll up our sleeves."

The vice president's "defiant and emotional" 12-minute concession speech at Howard University was more than Trump "ever offered" her or Biden "after they defeated him in 2020," The New York Times said. Trump has still "not conceded that race, in public or private." Trump spokesperson Steven Cheung said that when Harris called to congratulate the president-elect, Trump "acknowledged" Harris "on her strength, professionalism and tenacity throughout the campaign."

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"U.S. markets, banks and bitcoin all stormed higher" yesterday, The Associated Press said, as "investors looked favorably on a smooth election" and anticipated lower taxes and less regulation.

What next?

As Trump starts choosing his Cabinet and other high-ranking officials, special counsel Jack Smith has begun "discussing how to wind down the two federal prosecutions of the president-elect," given that the "Justice Department has long recognized that presidents are immune from criminal prosecution while in office," The Washington Post said. Winding down the cases "could give Smith time to deliver a final report detailing the findings of his two probes to Attorney General Merrick Garland," who has indicated he would "make special counsel reports public if they reached his desk."