Washington, DC, United States of America

US President Donald Trump has -- for the first time -- openly acknowledged that Joe Biden will be the next president. This came a day after his supporters stormed the US Capitol in a stunning assault on American democracy as Congress was certifying Biden's victory.

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Trump, who as recently as Thursday morning had continued to claim falsely that the election had been stolen from him, said his focus would now turn to ensuring a smooth transition to a Biden administration in a video released in the evening. 

In the video, the president can be seen condemning Wednesday's violence, saying rioters had defiled the seat of American democracy.

"Serving as your president has been the honour of my lifetime," Trump, a Republican, said. 

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"And to all of my wonderful supporters, I know you are disappointed, but I also want you to know that our incredible journey is only just beginning."

The statement was a stark reversal for Trump, who faced growing calls for his resignation or ouster following Wednesday's assault. Trump has spent months insisting he prevailed in the November 3 election due to widespread fraud, despite no evidence.

His exhortation on Wednesday to thousands of supporters that they march to the Capitol to protest the election results whipped up a mob that overran police officers and invaded the Capitol building, forcing members of Congress into hiding for their own safety.

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To this end, the threat of a second impeachment loomed over Trump.

The 25th Amendment allows a majority of the Cabinet to remove a president from power if he is unable to discharge the duties of the office.

But Vice-President Mike Pence, who would have to lead any such effort, was opposed to using the amendment to oust Trump from the White House.

If Pence fails to act, House Speaker Nancy Pelosi signalled she would likely reconvene the House to initiate impeachment proceedings against Trump for his role in Wednesday's violence, which claimed five lives, including that of a Capitol Police officer, whose death was confirmed on Twitter by US Representative Dean Phillips.

Earlier in the wee hours of Thursday, Trump hinted at a potential 2024 run.

"Even though I totally disagree with the outcome of the election, and the facts bear me out, nevertheless there will be an orderly transition on January 20th," Trump said in a statement minutes after the US Congress formally certified Biden's victory.

"While this represents the end of the greatest first term in presidential history, it's only the beginning of our fight to Make America Great Again," he added.

The presidential election was held on November 3. Biden and Harris won a record number of popular votes, more than 80 million and earned as many as 306 Electoral College votes.

Biden and Harris are now scheduled to be sworn in as the president and vice-president of the country on January 20. The inauguration is going to be a low-key affair given the COVID-19 pandemic.