Washington DC - President Joe Biden says he will "stand down," and has endorsed Vice President Kamala Harris to run for reelection against Republican candidate Donald Trump.

In an unprecedented move that has the country in shock, President Biden posted a statement on social media announcing his decision to step down as the Democratic candidate for president.

"Over the past three and a half years, we have made great progress as a Nation," he began, going on to praise the accomplishments that the country has achieved under his administration.

"It has been the greatest honor of my life to serve as your President," he continued.

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"And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term."

Biden added that he will further explain his decision to the nation later this week.

In a separate post, he officially endorsed Vice President Kamala Harris for the Democratic Party nomination in his stead.

"Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year," he wrote.

"Democrats – it's time to come together and beat Trump. Let's do this."

Although pundits from both sides of the political aisle have made relentless calls for the 81-year-old to step down in favor of a younger candidate more up to the rigors of the job, this development has the world stunned and speculating over what comes next with the presidential election mere months away.