Democrats Win Majorities in US House and Senate

In Tuesday's midterm elections, the Democratic Party secured majorities in both the US House of Representatives and the Senate, dealing a significant setback to President Donald Trump's Republican Party. The results give Democrats control of Congress for the remainder of Trump's term, with the new session beginning in January.

Vice President JD Vance, in a lengthy post on social media, said the war with Iran was the primary reason for the Republican defeat. He noted that many voters who supported the Trump-Vance ticket in 2024 switched their allegiance this time, frustrated by rising living costs and the conflict. President Trump, speaking to reporters at the White House, agreed that the war had contributed to the loss, particularly through higher petrol prices, but insisted he would make the same decision again, citing the need to prevent Iran from developing nuclear weapons.

The Democratic leader in the House, Hakeem Jeffries, announced his candidacy for Speaker of the House. If elected by the full chamber in January, he would become the first Black person to hold the position, which is third in line to the presidency. Jeffries said the new majority would focus on addressing high costs and the war in Iran, and that Congress would act as an independent body providing oversight of the executive branch.

Financial markets reacted positively to the election outcome. Global oil prices dropped to their lowest level in two months, and stock indices rose, as traders anticipated a possible de-escalation or end to the Iran war. In Canada, Ontario Premier Doug Ford called the results "a victory for Canada," expressing hope that the new political dynamics could lead to the removal of US tariffs, though many tariffs were imposed by executive order and may not change quickly.

While control of both chambers is now clear, some individual races remain undecided, including Senate contests in Mississippi and Alaska where margins are extremely narrow and vote counting continues.