The Fin Two elections: A moment of truth for Trump and Netanyahu?
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Oct 28, 2026 Jessica Gardner, the Australian Financial Review’s Washington correspondent, covers US politics and foreign policy. Nicci Smith, a foreign affairs reporter focused on the Middle East, examines Israel. They explore Trump’s midterm vulnerability, cost-of-living anger, Democratic contenders and market risks, alongside Netanyahu’s election battle, coalition uncertainty and Israel’s deeper social divisions. The fallout reaches energy prices, critical minerals and democracy.
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Why These Midterms Could Break Trump’s Power
- Midterms function as a presidential report card, with all House seats and 35 Senate seats contested.
- Democrats need only four seats to capture either chamber, making Republican control unusually fragile.
Fuel Prices Built Trump’s Approval Crisis
- Trump’s approval has fallen to 32% as fuel, food and farm costs punish voters who expected rapid relief.
- Gasoline rose from roughly $3 to $4.20 a gallon, while diesel climbed from $3.50 to $6.50.
Trump’s Winning Coalition Feels Betrayed
- Latino Americans and young men helped elect Trump after promises to lower prices, but inflation and tariffs undermined those commitments.
- Inflation reached 3.7%, eroding wages and living standards.