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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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U.S. Signals Deadline for Russia-Ukraine Peace Talks

The United States has hinted at stepping away from its efforts to mediate peace between Russia and Ukraine if significant progress is not achieved in the coming days. U.S. Secretary of State Marco Rubio, speaking after high-level talks in Paris, emphasized the urgency of determining whether a peace deal is feasible in the short term.

Rubio described the discussions, which included U.S., Ukrainian, and European officials, as constructive and noted that they had outlined potential steps toward peace. However, he stressed that the U.S. cannot continue its involvement indefinitely without clear signs of progress. A follow-up meeting is expected to take place in London soon, which could be pivotal in deciding the future of these peace efforts.

The talks come amid growing concerns in Europe about the ongoing conflict and its broader implications. While some progress has been made, significant challenges remain, including disagreements over security guarantees and the conditions for a ceasefire. The U.S. administration has also faced mounting frustrations over the lack of resolution to this and other geopolitical challenges.

Rubio's remarks underline the delicate balance the U.S. is trying to maintain—pushing for peace while managing its own strategic priorities. The coming days will reveal whether these efforts can yield a breakthrough or if the U.S. will indeed "move on" from its mediation role.



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