Donald Trump: Time Person of the Year

  • 08/12/2016

Time magazine has named US President-elect Donald Trump Person of the Year, citing the upheaval in American politics brought about by the election campaign and victory of the New York businessman.

Donald Trump: Time Person of the Year

"It's hard to measure the scale of his disruption," Time said in its announcement on Wednesday, noting Mr Trump's eclectic career as real estate magnate and reality television star before winning the highest office in the land.

"For those who believe this is all for the better, Mr Trump's victory represents a long-overdue rebuke to an entrenched and arrogant governing class," it said.

Donald Trump: Time Person of the Year

The magazine said its short list included Mr Trump's rival in the 2016 presidential race, Democrat Hillary Clinton, as well as Turkish leader Tayyip Erdogan and singer Beyoncé.

US pharmaceutical and biotechnology stocks came under pressure after Mr Trump said in the Time cover article he will "bring down drug prices" and that "I don't like what has happened with drug prices".

Investors initially hailed Mr Trump's victory as a boon for drug and biotech stocks, with the Nasdaq Biotech Index up as much as 12 percent in the two days after the November 8 election.

Investors were relieved that Mr Trump's rival, Democrat Hillary Clinton, who had been critical of rising drug prices during the campaign, had not won the White House.

The NYSE Arca Pharmaceutical index of US and European drug-makers fell two percent to a three-year low.

In an interview with NBC's Today show shortly after the announcement Mr Trump said: "It's a great honour, it means a lot."

During the interview Mr Trump also said companies should welcome his actions because they will prosper under his administration, one day after Boeing Co's shares took a hit when he used Twitter to criticise one of its high-profile projects.

Donald Trump: Time Person of the Year

Mr Trump said he spoke with the head of Boeing on Tuesday about the cost of its work regarding new presidential planes, and "we're going to work it out".

He added: "That's what I'm here for. I'm going to negotiate prices."

Mr Trump added that markets should welcome his actions.

"I don't people are unnerved. It's just the opposite. Frankly, I think we're going to go up."