Trump recognizes Republican defeat, says Democrats will control the House and Senate and promises to use the veto

President Donald Trump said, in a telephone interview with Fox News on the night of the 2026 midterm elections, that he was "a little surprised" by the result, which projects Democrats in control of the House of Representatives and the Senate. He said he expected a better performance from the Republican Party and that he intends to use his veto power to block projects he considers "insane."

According to host Bret Baier, the House and Senate are projected to be Democratic, although the margin in the Senate is not yet known. This means that Trump will have to govern the last two years of his term in front of an opposition Congress.

Veto as a negotiating instrument

Trump said the veto is "one of the strongest powers" of a president and that it has been used in similar situations. In his opinion, the Democrats will send proposals that he considers unacceptable, he will veto them and, after a few months, the opposition tends to look for him to negotiate. The president said he had already received calls from two Democratic senators and three deputies, and that three others were waiting to speak to him.

Even so, he defined the terrain: he stated that it would be difficult for there to be an agreement on immigration with an open border, on men's participation in women's sports or on gender transition procedures in children. He said, however, that he could work with the Democrats "on many things", and cited immigration as an area in which he still sees room.

Explanations: gasoline, Iran and candidates

Asked about the causes of the result, Trump attributed part of it to the war with Iran and, mainly, to the price of gasoline. According to him, the electorate supports his action against Tehran, but would not be willing to bear the short-term consequence of paying more for fuel. He classified the problem as short-term and said the price would fall again. He also stated that Iran would be two weeks away from a nuclear weapon and that the ongoing naval blockade had increased the volume of oil passing through the Strait of Hormuz, citing a report from the Wall Street Journal.

Trump also argued that he was not on the ballot, which reduced base mobilization. According to him, the rallies were the largest ever seen, but part of the electorate was not excited about some candidates, and some of the names they supported faced resistance. He also mentioned Texas, where he had reservations about candidate Ken Paxton, and said that the Republican base remains strong.

When commenting on the economy, he stated that the country is US$25 trillion richer since he returned to office and that tens of trillions of dollars in investments are on the way. The numbers are statements by the president and were not checked in the interview.

What changes for the market

The presenter did not discuss direct effects on the stock market, interest rates or the dollar, and the transcript does not include market projections. For the investor, the relevant data is political: a divided Congress tends to limit the approval of new agendas, including those of a fiscal and tax nature, and leaves the veto as the Executive's main tool. The trajectory of the price of gasoline and the outcome of the confrontation with Iran, themes that the president himself linked to the result, remain variables to be observed.

Asked about 2028, Trump said it was too early to name names and that the party had "a strong talent pool". In the end, he congratulated the Democrats, who, according to him, "worked very hard" for a victory they had been seeking for years.

Automatically translated from Portuguese.