American voters have chosen Donald Trump as the next president of the United States, handing him a commanding victory against Vice President Kamala Harris.

A call in the state of Wisconsin in favor of Trump by the Associated Press on Wednesday morning put him over the top, with Trump now set to have the distinction of being the 45th and the 47th US president.

"This was, I believe, the greatest political movement of all time," he told supporters early Wednesday morning as he neared victory. "And now it's going to reach a new level of importance."

The former president was powered by strong support among men and an intense voter focus on inflation that has been evident in nearly every poll in the years since consumer inflation peaked at a 9.1% annual rate in June 2022.

"America has given us an unprecedented and powerful mandate," Trump also said on Wednesday, noting his win in the electoral college and his lead, as of Wednesday morning, in the popular vote.

Inflation has moderated in recent years, but it has nonetheless remained front and center in voters' minds, which Trump proved able to use to win Joe Biden voters back to his side and bring new voters who sat out previous contests to the polls.

“We are going to turn our country around,” he promised voters in his final rally late Monday night in Grand Rapids, Michigan. “I will end inflation very quickly.”

It was a refrain he repeated at nearly every campaign stop, including on Wednesday morning, where his podium read, "Trump will fix it."

Trump’s plans for inflation

Trump's main campaign promises — a new wave of tariffs and a “mass deportation” of undocumented immigrants — could put new upward pressure on prices, many economists say.

A note from Capital Economics late Tuesday night crystallized some of the macroeconomic worries. The authors wrote that they expected Trump to push forward on his proposed immigration curbs and tariffs and, as a result, “we are minded to reduce our GDP growth forecast ... by roughly 1% and add 1% to our inflation forecast over the same period.”

Read more: What are tariffs, and how do they affect you?

Trump has remained undeterred on the campaign trail, pledging to impose new blanket tariffs on Mexico during a stop in North Carolina on the final day of campaigning.

"You're the first ones I've told it to," Trump told a crowd in Raleigh. "Congratulations, North Carolina."

Trump has also promised things like 60% tariffs on China and 20% tariffs on America's other trading partners in addition to his promises of duties on Mexico.