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Democrats Win U.S. Congress: What It Means for Canadian Tariffs and Your Wallet

  Canadian Money Brief • Wednesday, November 4, 2026 Democrats have won control of both the U.S. House and Senate, including seats in states Donald Trump carried by double digits two years ago. For Canadians, the big question is simple: does this end the tariffs? The short answer is not yet. What happened The Associated Press and major U.S. networks called the Senate for Democrats late Tuesday night and the House early Wednesday. Democrats flipped seven Republican-held Senate seats, according to Forbes’ tally of AP calls, including Maine, North Carolina, Iowa, Ohio and Texas. In the House, roughly 75 races were still undecided at last report, and the new Congress does not take over until 2027. Democratic leaders framed the result as a call for change, while news outlets widely described it as a rebuke of President Trump. Trump told the New York Times he was “absolutely willing” to accept the results and said Republicans would work with Democrats. Why it matters in Canada Democrati...
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Market Momentum: Futures Rise Amid Tariff Uncertainty

U.S. stock futures showed gains early Monday as investors navigated a mix of optimism and caution. The S&P 500 futures climbed 0.5%, while Nasdaq 100 futures rose 0.8%, and Dow Jones Industrial Average futures edged up 0.4%. This comes after a volatile February, with markets now bracing for key developments this week.

A major focus is the looming tariff deadlines set for March 4, which could impact trade with Canada, Mexico, and China. While 25% duties are planned, officials have hinted at potential adjustments, leaving markets in a "fluid situation." Investors are also eyeing the Federal Reserve's next meeting and Friday's nonfarm payrolls report, which is expected to show modest job growth with unemployment steady at 4%.

Adding to the mix, cryptocurrencies surged after President Trump announced the inclusion of Bitcoin, Ethereum, and other digital assets in a new U.S. strategic cryptocurrency reserve. This move has sparked significant market activity, with Bitcoin briefly surpassing $94,000.

As the week unfolds, retail earnings from companies like Target and Costco will provide further insights into consumer resilience amid economic uncertainties. Markets remain on edge, balancing hopes for growth against the challenges of global trade and economic policy.

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