Democrats Win Congress, Trump Keeps Tariff Power: Key Market Dates Ahead

The split outcome is the real story: a Democratic Congress cannot by itself unwind tariff authority that stays with the White House, so the Section 232 and 301 tools remain live even as legislative risk shifts. The divergence on election day — broad equities up while semis and crude fell sharply — suggests markets were pricing sector-specific tariff and demand exposure rather than a clean risk-on signal. The near-term test is whether the November 10 exemption lapse hardens that split, with Nvidia earnings, the Fed meeting and the December 11 funding deadline stacked behind it as the next catalysts to watch.