Mr. Biden withdraws from the U.S. presidential election - Harris intends to secure the nomination.

President Biden (81) revealed in a post on X (formerly Twitter) on the 21st that he was withdrawing from the presidential election. He then made it clear that he supports Vice President Harris (59) as the Democratic presidential candidate.

With less than four months to go before the presidential election and the Democratic National Convention (DNC) just weeks away, the decision was made.

Biden posted, "I had intended to seek re-election, but I believe that stepping back and focusing on fulfilling my duties as president for the remainder of my term is in the best interest of the party and the country." He said he will provide detailed explanations to the public later this week.

Biden explained that he has decided to devote all his energy to his duties as the incumbent president for the remaining term without accepting the presidential nomination.

He posted, "I fully support Kamala (Vice President Harris) becoming the Democratic Party's candidate in this year's election. It is time for the Democratic Party to unite and defeat Mr. Trump."

Vice President Harris, honored by Biden's support, stated in a declaration, "I will do my utmost to unite the Democratic Party and the entire country to aim to defeat Donald Trump."

Prominent Democrats are showing signs of solidifying their support for Harris. The Clinton former president and first lady jointly posted a statement in support of Vice President Harris with President Biden. Senator Warren and several members of the House from battleground states also expressed their support for Harris.

Governor Newsum of California and Governor Whitmer of Michigan, who were seen as strong alternative candidates if Biden withdrew, have expressed their intent not to compete for the nomination following Biden's endorsement of Vice President Harris. Reported by CBS News based on information from sources.

Former President Obama released a statement praising Biden's achievements. However, a source familiar with his thinking revealed that Obama does not intend to support any candidate until the nominee is finalized. It is said that Obama has taken this approach in past elections as well.

President Biden Source: Bloomberg

After a disastrous outcome in the first debate, concerns spread among Democratic lawmakers, donors, and voters about whether Biden can win the election, and if he does, whether he can serve another four-year term. Furthermore, Biden's election campaign was also hit by his contraction of the new coronavirus.

Mr. Biden's withdrawal comes as polls show Mr. Trump's lead expanding. Mr. Trump stated in an interview with CNN on the 21st that he believes Ms. Harris is easier to beat. He mentioned that Mr. Biden will likely be remembered as the worst president in US history.

In the international community and financial markets, there is a growing belief that Mr. Trump will win the November election, leading to significant policy shifts. Investors have already embarked on the 'Trump Trade' expecting an increase in trade barriers and inflation rates.