He thus delivered perhaps the greatest shock to the American political system in modern times.

Here’s how Mr. Trump’s victory looks to some of our columnists, and to other observers.

We’re offering unlimited access to The Times through Thursday.

_____

• Financial markets slumped as the election results rippled around the globe. Markets pared some losses after Mr. Trump’s victory speech, and the dollar recovered somewhat against major currencies, including the euro. But the ink was still decidedly red.

Mr. Trump’s victory could upend international relations. “A world is collapsing in front of our eyes,” the French ambassador to the U.S. said, in a tweet he later deleted.

_____



• For President Vladimir V. Putin of Russia, the election’s outcome was in some ways less important than the chance to use the entire campaign as evidence of Western decline.

From this point of view, the result itself was an unexpected bonus. “Trump’s presidency will make the U.S. sink into a full-blown crisis, including an economic one,” said one Russian analyst.