Coface North America economist Marcos Carias said in a note that even if the Democrats win the upcoming midterms, U.S. president Trump is unlikely to ease tariffs on other countries because he will retain control over trade and foreign policy and Congress will have limited room to act. He warned tariffs remain a material risk to return to the policy spotlight regardless of the midterm outcome, and that pre-election caution by market participants and policymakers is likely to fade after the vote.