FT News Briefing Trump’s economy on the ballot
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Nov 3, 2025 
Lauren Fedor, Deputy Bureau Chief at the Financial Times, brings her insights on the political landscape as voters approach pivotal state elections that may reflect on Trump's economic policy. She dives into how candidates in New Jersey frame economic issues amidst inflation concerns and the tight gubernatorial race. The conversation also reveals potential challenges for private equity firms facing a wave of 'zombie' investments. Additionally, Fedor explores how these local contests could reshape midterm strategies and voter sentiment.
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Supreme Court To Decide Tariff Emergency Power
- The Supreme Court will decide whether Trump can use emergency powers to impose broad tariffs, which affects tens of billions in extra revenue.
- Two lower courts struck down the authority, but Trump's lawyers argue blocking it risks economic catastrophe.
Campaign Trail Momentum In New Jersey
- In New Jersey the Republican Jack Ciattarelli trails in a close race but shows momentum and energy on the trail.
- Voters told Lauren Fedor they see this as their party's chance to take back the state.
Pocketbook Issues Drive Local Framing
- Both candidates frame the contest around cost-of-living and energy prices but assign blame differently.
- Republicans blame state Democrats; Democrat Mikie Sherrill links the Republican candidate to Trump's trade policies raising consumer prices.