Donald Trump’s red MAGA movement has been hit by a blue tsunami.
Democrats have seized control of Congress in a clean sweep, with stunning upsets in Republican heartlands like Texas.
Donald Trump’s historically low approval rating has materialised at the ballot box.
Voters delivered their verdict on his broken promises of lower prices and no new wars, amid higher petrol costs and the ongoing conflict with Iran.
But even this stunning win could result in gridlock. Mr Trump is threatening to exercise a presidential veto on all legislation and it’s predicted by most geopolitical strategists that, as a result of a domestic gridlock, Donald Trump will look offshore and ramp up attacks on Iran after the midterms.
Rabobank’s geopolitical strategist Michael Every joined The Business for his take on what the midterms outcome will mean for markets and the oil price.
He says markets are on tenterhooks because “we are still thinking it could be days or potentially even hours before we see further action in the Middle East.”
“On the foreign policy front, to retreat from the Middle East now would leave a historical mark against his name, which isn’t necessarily the case if he believes, and I stress if he believes, he can still pull a rabbit out of the hat and somehow win this,” he said.
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