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New Congress Global Role
The Democrats’ sweeping victory in the midterm elections and their control of both chambers of Congress have raised international questions about the implications for the war in Iran, energy prices, trade, technology, and Ukraine. Vice President J.D. Vance acknowledged that the war contributed to the Republicans’ losses, while observers are watching to see whether the election results will spur peace talks. Before the war, the Strait of Hormuz carried about 20% of global supplies of oil, petroleum products, and liquefied natural gas. Trump may face greater scrutiny of his policies, including his threat to impose tariffs of up to 100% on European countries. Democrats may also propose new aid for Ukraine, amid expectations of increased regulatory pressure on artificial intelligence and technology companies.
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