Asia hopes Democrats can curb Trump's Iran war and tariffs: Russell
SPY•Asian nations hope Democrats can constrain President Donald Trump’s Iran war and trade tariffs. Singapore gasoil remained 80% above its prewar level at $164.18 a barrel on Tuesday, while North Asian spot LNG prices had tripled to $32.50 per million British thermal units.
1. Energy costs rise
The Iran conflict has driven up energy prices across Asia, particularly for refined fuels. Singapore gasoil reached a record $199.89 a barrel on March 30 and later eased to $164.18, still 80% above its prewar level of $91.42. Spot LNG prices for North Asia had tripled to $32.50 per million British thermal units, and Australian thermal coal had risen 30% to $151.15 a metric ton.
2. Supply and trade concerns
Asian countries have also faced challenges securing supplies, as the continent was the destination for about 80% of crude oil and refined fuels from the Middle East. Australia leveraged coal and LNG exports to help secure liquid fuel supplies. US allies including Japan, South Korea and India are also hoping Democrats can moderate the effects of Trump’s tariffs.
3. What Democrats could change
Democrats were on track to claim both chambers of Congress, with early results showing gains against Republicans. They could use congressional powers to control spending and launch investigations, while the author says bipartisan support could sustain US investment in critical-mineral supply chains outside China. The article also notes uncertainty over whether Democrats can constrain Trump and concern about actions he may take before the new Congress sits on January 3.
