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Donald Trump pulled off a comeback to become President elect through his victory in the neck-and-neck competition with incumbent Vice President Kamala Harris in the 2024 US presidential election. The policies and stances of the candidates from the two parties during the campaign reflected fundamental ideological differences: the Republican Party embraces conservatism, supports low tax rates, and promotes capitalism and conservative economic policies, while the Democratic Party is built on American liberalism. These ideological differences, evident during Trump's first term as President and under the Biden administration, will further manifest into Trump's second term, particularly in the development of the U.S. semiconductor policy.