Who Is Above The Law? ‘NOBODY’

The saying goes: ‘great power comes with great responsibility,’ especially if you are granted the power to be the President of the most powerful country in the world. Donald Trump, the 45th President of the United States, will now make history as the 3rd US President to be impeached by the House of Representatives, following former Andrew Johnson in 1868 and Bill Clinton in 1998. 

The House voted a total of two charges, one for the abuse of power and another for the obstruction of Congress, and Speaker Nancy Pelosi had passed both on Wednesday. The impeachment results showed the lack of confidence towards President Trump, who will face trial in the Senate that decides on whether or not Trump can keep his presidential status.

The first charge for abuse of power passed by a vote of 230 – 197, arise from allegations towards President Trump for pressuring Ukraine to launch an investigation on Democratic political rival, Joe Biden. The second charge for obstruction of Congress passed by a vote of 229 – 198, was due to allegations that the President refused to co-operate with the impeachment inquiry, while also withholding documentary evidence. 

Both charges were voted ‘pass’ as the US impeachment process requires only a simple majority of 51% to be approved. As of now, the Senate will vote on whether or not to convict President Trump, whereby if the vote to convict reaches two-thirds (67%) of the total votes, Trump will be forced out from the office while Vice President, Mike Pence will take over as President. 

Although the impeachment was passed, further details on when the trial will be carried out remain elusive. However, from the investors’ point of view, concerns are concentrated more on how the outcome would affect global markets. 

One matter, familiar by most, would be the impact of the impeachment on the US-China trade front. Would it affect current negotiations? Would China prepare a contingency plan which bets on Trump being removed as President? Would Trump be more eager to reach a deal with China before the trial? These questions remain as the key driver in the market as it comes for a Christmas season and new year.

Photo Credit: https://ipolitics.ca/