We derive the electrodynamic conductivity tensor for 2DESs with dc drift with account for the high-frequency Hall effect (interaction of dc current with ac magnetic field). We demonstrate the limitations of the quasistatic approach which neglects this effect. With the help of electrodynamic conductivity we find a novel two-dimensional transverse electric (TE) electromagnetic mode. This mode is non-reciprocal with dispersion ω = ku0 and manifests itself in lowering the reflection coefficient of 2DES at the resonance frequency. In addition, we predict birefringence of an incident evanescent TE wave on a 2DES system with drift and find hints of Cerenkov amplification in the low frequency limit. We discuss the limitng cases when the quasistatic approach is suitable.