Trump's midterm defeat gives China, Canada, India and Africa's largest economy fresh leverage in US trade talks
Published . Updated .
Key takeaways
- China, Canada, India and South Africa could gain fresh leverage in trade negotiations with Washington after Democrats seized control of both chambers of the US Congress, weakening President Donald Trumps political position amid growing discontent over the Iran war, rising
- Exposed: XLI, XRT, KWEB, SMH, AFK
- Market reaction: XRT +5.5% on the day (still updating); XLI −1.2% on the day (still updating); BABA +6.6% on the day (still updating)
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China, Canada, India and South Africa could gain fresh leverage in trade negotiations with Washington after Democrats seized control of both chambers of the US Congress, weakening President Donald Trumps political position amid growing discontent over the Iran war, rising
Directly affected
- No company is named in this report.
Indirectly affected
- XLI Industrial Select Sector SPDR-0.3% 30d
Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “trade talks” (tariffs and trade) in this story.
- XRT SPDR S&P Retail ETF
SPDR S&P Retail ETF: it holds companies hit by import costs and trade rules. Linked by “trade talks” (tariffs and trade) in this story.
- KWEB KraneShares CSI China Internet ETF-4.6% 30d
KraneShares CSI China Internet ETF: it holds Chinese internet companies. Linked by “china” (Chinese tech) in this story.
- ITA iShares U.S. Aerospace & Defense ETF+1.1% 30d
iShares U.S. Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “war” (defense) in this story.
- EWC iShares MSCI Canada ETF+0.9% 30d
iShares MSCI Canada ETF holds stocks listed in Canada, which this story is about (“canada”).
- FXI iShares China Large-Cap ETF-5.1% 30d
iShares China Large-Cap ETF holds stocks listed in China, which this story is about (“china”).
- CAT Caterpillar-23.2% 30d
Caterpillar (construction machinery and equip): importers and exporters pay or lose sales when tariffs change. Linked by “trade talks” (tariffs and trade) in this story.
- DE Deere-0.6% 30d
Deere (farm machinery and equipment): importers and exporters pay or lose sales when tariffs change. Linked by “trade talks” (tariffs and trade) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| XLI | -1.66% | -2.29% | base | -1.23% | after close | after close | after close |
| XRT | -2.30% | -0.06% | base | +5.48% | after close | after close | after close |
| KWEB | -1.33% | -2.26% | base | +4.96% | after close | after close | after close |
| ITANo price data for this ticker | — | — | — | — | — | — | — |
| EWC | +2.17% | +0.68% | base | +2.32% | after close | after close | after close |
| FXINo price data for this ticker | — | — | — | — | — | — | — |
| CAT | +14.53% | -0.17% | base | -6.42% | after close | after close | after close |
| DE | -3.81% | +1.40% | base | +1.35% | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Trump's midterm defeat gives China, Canada, India and Africa's largest economy fresh leverage in US trade talks Business Insider Africa
Source: Business Insider Africa
Select Sector Spdr Tr (XLI) since this story, compared with the market
| Company | When | Move | Status |
|---|---|---|---|
| Caterpillar (CAT) | that day | -6.42% | still updating |
| Caterpillar (CAT) | three days earlier | -0.17% | final price |
| Caterpillar (CAT) | five days earlier | +14.53% | final price |
| DE | that day | +1.35% | still updating |
| DE | three days earlier | +1.40% | final price |
| DE | five days earlier | -3.81% | final price |
| Ishares Msci Canada Etf (EWC) | that day | +2.32% | still updating |
| Ishares Msci Canada Etf (EWC) | three days earlier | +0.68% | final price |
| Ishares Msci Canada Etf (EWC) | five days earlier | +2.17% | final price |
| Kraneshares Csi China Internet Etf (KWEB) | that day | +4.96% | still updating |
| Kraneshares Csi China Internet Etf (KWEB) | three days earlier | -2.26% | final price |
| Kraneshares Csi China Internet Etf (KWEB) | five days earlier | -1.33% | final price |
| Select Sector Spdr Tr (XLI) | that day | -1.23% | still updating |
| Select Sector Spdr Tr (XLI) | three days earlier | -2.29% | final price |
| Select Sector Spdr Tr (XLI) | five days earlier | -1.66% | final price |
| Spdr Series Trust (XRT) | that day | +5.48% | still updating |
| Spdr Series Trust (XRT) | three days earlier | -0.06% | final price |
| Spdr Series Trust (XRT) | five days earlier | -2.30% | final price |
Congressional stock trades in Select Sector Spdr Tr (XLI)
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around Select Sector Spdr Tr (XLI)
Companies mentioned with this story
- XLI Select Sector Spdr Tr
In “Trump's midterm defeat gives China, Canada, India and Africa's largest economy fresh leverage in US trade talks,” Select Sector Spdr Tr (XLI) is linked, with no stored direction, medium confidence. Reason on file: Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “trade talks” (tariffs and trade) in this story
- XRT Spdr Series Trust
Spdr Series Trust (XRT) is linked, with no stored direction, medium confidence in the 4 Nov 2026 story “Trump's midterm defeat gives China, Canada, India and Africa's largest economy fresh leverage in US trade talks.” Reason on file: SPDR S&P Retail ETF: it holds companies hit by import costs and trade rules. Linked by “trade talks” (tariffs and trade) in this story
- KWEB Kraneshares Csi China Internet Etf
Kraneshares Csi China Internet Etf (KWEB) is linked, with no stored direction, medium confidence in the 4 Nov 2026 story “Trump's midterm defeat gives China, Canada, India and Africa's largest economy fresh leverage in US trade talks.” Reason on file: KraneShares CSI China Internet ETF: it holds Chinese internet companies. Linked by “china” (Chinese tech) in this story
- SMH Vaneck Etf Trust
In “Trump's midterm defeat gives China, Canada, India and Africa's largest economy fresh leverage in US trade talks,” Vaneck Etf Trust (SMH) is linked, with no stored direction, medium confidence. Reason on file: VanEck Semiconductor ETF: it holds chipmakers. Linked by “china” (semiconductors) in this story
- AFK Vaneck Etf Trust
Vaneck Etf Trust (AFK) is linked, with no stored direction, medium confidence in the 4 Nov 2026 story “Trump's midterm defeat gives China, Canada, India and Africa's largest economy fresh leverage in US trade talks.” Reason on file: VanEck Africa Index ETF holds stocks listed in Africa, which this story is about (“africa”)
- EWC Ishares Msci Canada Etf
In “Trump's midterm defeat gives China, Canada, India and Africa's largest economy fresh leverage in US trade talks,” Ishares Msci Canada Etf (EWC) is linked, with no stored direction, medium confidence. Reason on file: iShares MSCI Canada ETF holds stocks listed in Canada, which this story is about (“canada”)
- CAT Caterpillar
For “Trump's midterm defeat gives China, Canada, India and Africa's largest economy fresh leverage in US trade talks,” Caterpillar (CAT) is linked, with no stored direction, medium confidence. Reason on file: Caterpillar (construction machinery and equip): importers and exporters pay or lose sales when tariffs change. Linked by “trade talks” (tariffs and trade) in this story
- BABA Alibaba Group Holding
In “Trump's midterm defeat gives China, Canada, India and Africa's largest economy fresh leverage in US trade talks,” Alibaba Group Holding (BABA) is linked, with no stored direction, medium confidence. Reason on file: Alibaba Group Holding (business services, with business in China): Chinese tech names move with Beijing policy and US-China relations. Linked by “china” (Chinese tech) in this story
Select Sector Spdr Tr (XLI)
On 4 Nov 2026, “Trump's midterm defeat gives China, Canada, India and Africa's largest economy fresh leverage in US trade talks” is the story that connects Select Sector Spdr Tr (XLI) to this story.
Select Sector Spdr Tr (XLI) is on the page because Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “trade talks” (tariffs and trade) in this story
Spdr Series Trust (XRT) is here too. Its reason reads: SPDR S&P Retail ETF: it holds companies hit by import costs and trade rules. Linked by “trade talks” (tariffs and trade) in this story
Dates and price levels for Select Sector Spdr Tr (XLI)
KWEB traded between 22.90 and 25.02 across 20 sessions. The latest close on file is 23.13. XLI traded between 163.00 and 172.33 across 20 sessions. The latest close on file is 169.73.
What the saved facts support for Select Sector Spdr Tr (XLI)
46 out of 100Price not final
“Trump's midterm defeat gives China, Canada, India and Africa's largest economy fresh leverage in US trade talks” scores 46 out of 100. The score uses 1 sources, and 8 linked companies. The price is not final yet.