Nomura Research Institute says Democratic control of both US chambers after the midterms could curb the Trump administration’s policy momentum, making further tariff hikes or a tougher Iran stance harder to push through. That would limit downside risks to US–Japan trade terms and ease upside pressure on oil. Nomura adds President Trump could still pivot to foreign policy, where he may face fewer domestic constraints.

2026-11-04

Nomura Research Institute says Democratic control of both US chambers after the midterms could curb the Trump administration’s policy momentum, making further tariff hikes or a tougher Iran stance harder to push through. That would limit downside risks to US–Japan trade terms and ease upside pressure on oil. Nomura adds President Trump could still pivot to foreign policy, where he may face fewer domestic constraints.