Time magazine names President-elect Donald Trump ‘Person of the Year’

President-elect Donald Trump has been selected as Time magazine’s Person of the Year for the second time.

The Republican was invited to the New York Stock Exchange to ring the bell after his win, attending with his wife Melania Trump, JD Vance and his children Ivanka and Tiffany.

“This is a tremendous honour,” Mr Trump said on Wall Street.

“This honour, for the second time, I think I like it better this time,” Mr Trump said.

Announcing Mr Trump as the choice, Sam Jacobs, editor-in-chief of Time magazine said: “For 97 years, the editors of TIME have been picking the Person of the Year: the individual who, for better or for worse, did the most to shape the world and the headlines over the past 12 months.

“In many years, that choice is a difficult one. In 2024, it was not,” he said.

In an interview with the outlet, Mr Trump said it was “sad” that he had now run his final presidential campaign.

“It’s sad in a way. It will never ­happen again,” Mr Trump said.

In brief remarks before ringing the bell on Wall Street, Mr Trump promised that his incoming administration would usher in “an economy the likes of which nobody’s ever seen before.”

“We’re going to give tremendous incentive like no other country has,” Mr Trump told the moneyed crowd, including by cutting taxes “very substantially.”

Mr Trump reiterated his plans to boost US oil drilling, promising that doing so would lower inflation and bring down grocery prices.

That claim contrasted with what he told Time when asked if his administration would be a failure if grocery bills stay high.

“I don’t think so. Look, they got them up. I’d like to bring them down. It’s hard to bring things down once they’re up,” Mr Trump told the magazine.

He also repeated at the New York Stock Exchange his vow to slash the corporate tax rate — which was already lowered to 21 per cent during his first term in office — to 15 per cent, but only for companies that choose to manufacture in the US.

“You pay 21 per cent if you don’t build here. If you do, we’re going to try and get it to 15 per cent, but you have to build your product, make your product in the USA,” Mr Trump told CNBC’s Jim Cramer after the bell.

Mr Trump, who is set to take office on January 20, was named “Person of the Year” in 2016 after his first election win, after defeating Democratic candidate, former Secretary of State Hillary Clinton.

- With CNBC