Wall Street · Iran · Democrats · Donald Trump · Fortune Technology
Wall Street is bracing for a fresh wave of tariffs, Iran action (and potentially a government shutdown) after the midterms
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Though analysts have been wrong before, many observers expect the Democrats to claw back some political power in this week’s midterm elections.
Key facts
- Trump signed the Continuing Appropriations and Extensions Act on September 2, which funded federal agencies through a 72-day window to December 11
- After the Supreme Court struck down Trump’s emergency tariffs, temporary 10% blanket rates ultimately gave way to a more permanent structure under Section 301
- According to a Pew Research study last month, 14% of voters said they strongly approve of President Trump’s handling of the military conflict with Iran, with a further 20% said they “somewhat” approve
- At the time of writing, Harvard University’s polling gives a 96% chance that the Democrats take the House, and a 78% likelihood of the Democrats taking both the House and the Senate
Summary
At the time of writing, Harvard University’s polling gives a 96% chance that the Democrats take the House, and a 78% likelihood of the Democrats taking both the House and the Senate. Tariffs will also likely become an increasingly important revenue source in the coming months. But any efforts to reduce these deficits will likely get bogged down in a more divided government, according to ING’s James Smith. “Remember tariffs?” Smith wrote. The White House’s course of action in the Middle East, post-midterms, remains an unanswered question.