Democratic Midterm Sweep Creates Divided Government, Squeezing Energy and Mining Policy

A Democratic sweep of both the Senate and the House of Representatives has established a divided U.S. government, triggering fresh regulatory scrutiny for conventional energy, mining, and AI infrastructure. President Donald Trump retains unilateral authority over trade tariffs and foreign policy, leaving existing import duties intact despite corporate headwinds. Bipartisan permitting legislation faces longer odds, with TD Cowen cutting passage probability from 40% to 25%, while a $54.4 billion Alaska LNG pipeline and South Korean nuclear deals face delays. Equities advanced and gold rose 2.7% above $4,038 per ounce.