FORMER president Donald Trump cruised to victory in the Iowa caucus, warding off a late challenge from rivals Ron DeSantis and Nikki Haley and cementing his status as the clear Republican frontrunner in the race.

News organisations including the Associated Press, CNN and CBS News called the contest for Trump about 30 minutes after caucuses opened at 7 pm Central time. It was called before some caucus sites even had a chance to begin voting. Full official results are expected later on Monday (Jan 15).

Trump was aiming for a resounding victory in the caucuses to further his pivot to a potential general election rematch with President Joe Biden. It is unclear yet as to Trump’s margin of victory and how record cold may have impacted turnout.

The focus now turns to whether Haley or DeSantis finishes in second place. Whoever emerges as runner-up retains momentum heading into the next primary in New Hampshire on Jan 23 and sends a signal to donors who still want an alternative to the former president at the top of the ticket.

Monday’s caucus result moves Trump a step closer in his 2024 White House comeback bid. Allies and adversaries around the world are closely watching the 2024 US presidential contest where Trump and Biden are offering starkly different visions for America’s global role.

A December Morning Consult/Bloomberg News poll showed Trump leading Biden in the seven swing states that will likely decide the outcome of the election.

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Investors and industries are bracing for shifts in economic and tax policy following the election as well as the US security posture towards Russia and China. Trump’s first term was marked by a tit-for-tat trade war with China and his renegotiating of trade agreements with US neighbours Mexico and Canada.

Looking ahead to a second term, Trump’s so far floated the idea of encircling US industry with a 10 per cent tariff, potentially disrupting supply chains. He plans to make permanent the 2017 individual tax cuts that he enacted as president while keeping corporate tax levels unchanged. He’s also vowed a more stringent border policy that would include mass deportations.

Trump’s super pac, the main outside group backing his campaign, seized on the early race call to demand his rivals drop their challenges.

DeSantis’ campaign denounced the early call as election interference. BLOOMBERG