Democrats rally behind Kamala Harris; raises $50 million after Biden exits race

German Chancellor Olaf Scholz views U.S. Vice President Kamala Harris as an “experienced and competent politician,” a government spokesperson said Monday, according to Reuters.

The spokesperson added that Scholz has previously met with Harris on several occasions and established “a certain closeness and familiarity.”

Earlier in the day, German Foreign Minister Annalena Baerbock praised U.S. President Joe Biden’s decision to renounce his re-election bid and endorse Harris, as a sign of his prioritizing national interests over personal ones.

— Ruxandra Iordache

Moscow is closely monitoring political developments in the United States and cannot yet give an assessment of U.S. Vice President Kamala Harris as a contender for the top job in the White House, Kremlin spokesperson Dmitry Peskov said Monday, according to Google-translated comments reported by Russian state news agency Tass.

He noted that Moscow had observed no contribution to U.S.-Russian ties from Harris, while claiming that the Kremlin does not anticipate “anything good for Russia” from the outgoing U.S. administration, in which she has served.

Peskov added that the Kremlin was not surprised by Biden’s decision to pull out of the electoral race, noting that the future of Russian-American relations, which are “currently experiencing the worst period in history,” is very important.

The relationship between Moscow and the White House has severely deteriorated since Russia’s February 2022 large-scale invasion of Ukraine, which Washington has backed with funds and military equipment.

— Ruxandra Iordache

Kamala Harris has already made history as the first woman, and the first Black and Asian-American woman, to serve as vice-president in the U.S. — and she has found strong support among sections of the electorate, particularly among young female voters.

But Harris’ poll ratings have remained close to those of her boss, the 81 year-old President Joe Biden, suggesting she has not significantly differentiated herself or her political identity.

Inderjeet Parmar, professor of International Politics at City, University of London, told CNBC Monday that, even if Harris wins the Democratic presidential nomination, she will need to convince voters she offers something different to Biden.

“There are much deeper questions which had alienated a lot of Democratic voters,” with sectors of the electorate “not committed” to the Democrats, he told CNBC’s “Squawk Box Europe.”

“That included Muslim and Arab-Americans in swing states, it included a very large number of Millennials and young voters around [issues of] indebtedness and lack of career prospects, and many other issues, and we haven’t even got into the wars that the U.S. has been supporting,” he said.

“So in terms of the difference it [a Harris nomination] would make in those areas I’m not sure … it may well do much more for the top of the party and its candidates than it might do for the confidence of voters that there is something significantly different on offer from Kamala Harris,” he said.

— Holly Ellyatt

Former President Donald Trump could impose sweeping new tariffs on China within the first 100 days of his presidency if elected in November, TD Securities’ head of global strategy said Monday.

Richard Kelly told CNBC that the Trump administration would be much quicker to implement restrictive trade policies in its second term than it was during its first, noting “they know how to do it, they know what they want to do.”

“The expectation is within the first few months of the Trump administration being sworn in — whether we’re talking March, April, May — I would expect those tariffs in place,” he told “Street Signs Europe.”

Kelly said Trump should be taken “at his word” that he would impose 60% tariffs on products from China and 10% levies on products from the rest of the world.

He noted that such policies would likely increase U.S. inflation by 0.5 to 1 percentage points, adding to growing concerns that Trump’s protectionist economic agenda could reignite global inflation.

— Karen Gilchrist

U.S. Vice President Kamala Harris’ newly launched presidential campaign has raised nearly $50 million in less than a day since incumbent President Joe Biden stepped out of the race and endorsed her as Democratic nominee.

She has yet to gain the Democrat Party’s official nomination.

“Since the president endorsed Vice President Harris yesterday afternoon, everyday Americans have given $49.6 million in grassroots donations to her campaign,” a campaign spokesperson for Biden said Monday, referring to ordinary citizens. The comment was reported by Reuters.

A few hours prior, the progressive donation platform ActBlue announced it had raised over $45 million after Harris launched her campaign, as support surged.

Harris was initially part of Biden’s reelection ticket. It remains to be seen who she will select as her running mate.

— Ruxandra Iordache

Yossi Beilin, a former Israeli minister of justice, expressed hopes that the successor to U.S. President Joe Biden will retain good relations with the Jewish state.

“[Biden] was, I think, one of the best leaders of the free world,” Beilin told CNBC’s Dan Murphy, disclosing a roughly forty-year acquaintance with the White House leader. “And I think that his successor, hopefully Kamala Harris, but whoever will replace him, will keep the same kind of relations because of the joint values.”

Washington has broadly backed Israel during its ongoing military offensive against Palestinian militant group Hamas in the Gaza enclave. The White House has, however, urged restraint from the Israeli administration of Benjamin Netanyahu, which has been accused of disproportionally harming the Palestinian population. Israel maintains it is only at war with Hamas and does not explicitly target civilians.

“Despite the criticism against us, which is partially right and partially unjustified, you have Israel as a beacon of democracy in the Middle East. And I think that any American administration will continue this kind of relations,” Beilin said, noting that Biden has been a friend to both Israel and the Palestinian people.

— Ruxandra Iordache

U.S. President Joe Biden’s decision to exit the upcoming presidential race proves he is putting national interests ahead of his own, German Foreign Minister Annalena Baerbock said Monday.

“I have great respect for the US president’s decision,” Baerbock said, according to comments carried by Reuters. “Biden has also done an incredible amount for transatlantic relations, and not just during his term as president.”

The U.S. has been a strong ally of Germany and the broader European region under Biden’s administration, stepping in with military equipment and funding to assist Ukraine since Russia’s full-scale invasion of Ukraine in February 2022.

— Ruxandra Iordache

Trump Media shares rose 2% Monday in premarket trading after U.S. President Joe Biden on Sunday dropped his re-election bid.

Shares in Trump Media & Technology were 1.6% higher in premarket trading at 4:56 a.m. ET, off earlier highs.

Trump Media, the parent company of social media platform Truth Social, has experienced volatile trading throughout the election race. The company’s stock plummeted nearly 50% in the three weeks following the felony conviction of former President Donald Trump, who is also the firm’s majority shareholder.

— April Roach

Israeli Prime Minister Benjamin Netanyahu said the Jewish state will remain “America’s indispensable and strong ally,” irrespective of who emerges victorious in the upcoming presidential race.

Netanyahu is heading to Washington to address both houses of the U.S. Congress, amid Israel’s ongoing battle with Palestinian militant group Hamas in the Gaza Strip. Washington has backed and financed Netanyahu’s administration throughout the conflict, but has previously called on Israel to minimize damage to Palestinian civilians.

“I will tell my friends on both sides of the aisle that regardless who the American people choose as their next president, Israel remains America’s indispensable and strong ally in the Middle East,” he told reporters, according to footage shared by the Israeli prime minister on social media.

Netanyahu also said he intends to meet with Biden, whom he has known for over 40 years.

“This will be an opportunity to thank him for the things he did for Israel in the war, and during his long and distinguished career in public service,” Netanyahu noted, adding, “In this time of war and uncertainty, it’s important that Israel’s enemies know that America and Israel stand together today, tomorrow and always.”

— Ruxandra Iordache

U.S. Vice President Kamala Harris would be “in a strong position to win this upcoming election” if she becomes the next Democratic nominee, according to Allan Lichtman, U.S. presidential historian and professor at the American University in Washington.

The historian, who said he is postponing a prediction on who will clinch the presidency this year, said that Harris’ campaign benefits from her charisma and incumbency in a high-profile White House job.

“If Democrats grow a spine and become smart, they will unite behind Harris and lock down the contest key” to avoid an internal battle for the nomination, Lichtman added.

— Ruxandra Iordache

Governor of California Gavin Newsom — who’s been mooted as a potential replacement for Biden on the Democrat ticket this fall — has showered praise on Vice President Kamala Harris.

“Tough. Fearless. Tenacious,” Newsom described Harris in a social media post. “With our democracy at stake and our future on the line, no one is better to prosecute the case against Donald Trump’s dark vision and guide our country in a healthier direction than America’s Vice President.”

Newsom’s support of Harris comes after President Joe Biden dropped out of the race and endorsed Harris, although she is not yet the official Democratic nominee.

Prior to joining the U.S. Senate, Harris served as district attorney of San Francisco and as attorney general of California.

Trump, who is pursuing a second presidential mandate on behalf of the Republican Party, was in late May found guilty on 34 felony counts of falsifying business records.

— Ruxandra Iordache

Former U.S. President Donald Trump, who is standing as Republican nominee in the fall elections, has fired a bevy of social media posts criticizing current White House leader Joe Biden.

“If he can’t run for office, he can’t run our Country,” Trump said in the wake of Biden’s decision to pull out of the presidential race, for which he had secured the Democrat ticket. He further stressed that Biden is “not fit to serve” and suggested that the Republican Party that Trump represents should be compensated for expenses undertaken while campaigning against Biden to date.

“So, we are forced to spend time and money on fighting Crooked Joe Biden, he polls badly after having a terrible debate, and quits the race. Now we have to start all over again,” Trump said. “Shouldn’t the Republican Party be reimbursed for fraud … Just askin’?”

There is no official national deadline to apply to run for U.S. president, though such a contender must meet the filing and timeline requirements of individual states.

— Ruxandra Iordache

White House Press Secretary Karine Jean-Pierre praised Joe Biden as “one of our greatest presidents” after his decision to bow out as Democrat nominee in the U.S. presidential campaign.

Extolling Biden’s achievements during his first mandate, she said in a social media post, “He is also an honorable man. A decent man. And a person who has always put the country first.”

Jean-Pierre assumed her post as White House press secretary in May 2022, succeeding Jen Psaki.

— Ruxandra Iordache

U.S. Vice President Kamala Harris has issued a fundraising call after confirming she will run in the fall presidential campaign, following White House leader Joe Biden’s withdrawal. Biden has endorsed Harris, who must still receive the official Democrat nomination.

“I am honored to have the President’s endorsement and my intention is to earn and win this nomination,” she said, pledging to build on the feats achieved during Biden’s mandate of “making historic progress in reducing prescription drug costs, upgrading our nation’s infrastructure, fighting climate change, and more.”

She urged supporters to split a donation between her campaign and the Democratic Senatorial Campaign Committee (DSCC).

“In the coming days, as I hit the campaign trail to meet with Americans and lay out the choice in front of voters in the fall, I cannot imagine two more starkly different visions for where we want our country to go,” she said, with reference to the rival platform of former U.S. President and Republican nominee Donald Trump.

— Ruxandra Iordache

Jaime Harrison, chair of the Democratic National Committee, has pledged a “transparent and orderly process” to replace President Joe Biden as the Democratic candidate in the upcoming U.S. presidential election.

“The work that we must do now, while unprecedented, is clear. In the coming days, the Party will undertake a transparent and orderly process to move forward as a united Democratic Party with a candidate who can defeat Donald Trump in November. This process will be governed by established rules and procedures of the Party,” he said in a statement on social media platform X.

“As we move forward to formally select our Party’s nominee, our values as Democrats remain the same – lowering costs, restoring freedom, protecting the rights of all people, and saving our democracy from the threat of dictatorship. We have and will continue to make this case to the American people,” he noted.

Biden has endorsed current Vice President Kamala Harris in the election.

— Ruxandra Iordache

A majority of the Democratic Party’s 57 state party leaders voted to back Kamala Harris to replace incumbent U.S. President Joe Biden as the Democratic nominee in this year’s presidential election, declaring “overwhelming support” for her candidature, according to the Association of State Democratic Committees (ASDC).

The ASDC represents state party interests within the Democratic National Committee, which elects the presidential nominee.

No ASDC member voted against Harris, a statement said, with a handful of members abstaining for in-state procedural reasons.

“I am proud that state party chairs, vice-chairs, and executive directors across the country are overwhelmingly uniting behind Vice President Kamala Harris,” said the organization’s chair Ken Martin. “With our democracy on the ballot, there is no one more qualified than Vice President Harris to prosecute the case against Donald Trump.”

— Ruxandra Iordache

Biden’s exit from the presidential race on Sunday elicited reactions from leaders worldwide.

Biden’s “difficult” decision was acknowledged by Polish Prime Minister Donald Tusk and Czech Prime Minister Petr Fiala as driven by the larger interest of the U.S. Meanwhile, Canadian Prime Minister Justin Trudeau called Biden “a true friend” and a “partner to Canadians.”

Israeli Defense Minister Yoav Gallant thanked Biden for his “unwavering support of Israel over the years.” Ukrainian President Volodymyr Zelenskyy also expressed gratitude to Biden’s “unwavering support in the Russia-Ukraine war.

—Lee Ying Shan

Correction: This post was updated to reflect that Donald Tusk is prime minister of Poland. A previous version misstated his title.

• 10:00AM ET: Secret Service Director Kimberly Cheatle testifies before the House Oversight Committee
• 11:30AM ET Vice President Kamala Harris delivers a speech at an event for college athletes at the White House.
• 1:30PM ET Republican vice presidential nominee Sen. JD Vance holds a rally in Middletown, Ohio.

U.S. President Joe Biden will spend the day in Rehoboth, Delaware, where he is isolating and recovering from Covid-19. He does not have any scheduled public events.

— Christina Wilkie