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Unions spent millions of dollars and mobilized thousands of members to get out the vote for Democrats in the midterm election. Now they want to see action. View More

watch nowVIDEO5:0705:07The union vote is changing. Here's what it means for DemocratsMarkets and Politics Digital Original VideoWhen Brody Rutledge wasn't working 60-hour weeks or raising his four children this year, he was busy helping secure political victories for Democrats.The 25-year-old was part of a group of Ohio union members who planned social-media blitzes in support of Amy Acton's campaign for governor and Sherrod Brown's effort to reclaim a Senate seat. On his lunch hour, during break times and after his kids went to sleep, the electrician created posts and videos to help raise the profiles of the two candidates among blue-collar voters. The posts attracted more than 15,000 views.Rutledge's efforts paid off: Acton and Brown won their respective races, part of the blue wave that swept Democrats to power in Washington and in state houses across America — including in many states, like Ohio, that had been considered Republican-leaning, or reliably Republican."People are realizing that there needs to be a change," Rutledge told CNBC. "We are extremely excited with the results."Rutledge was a part of what organized labor considered one of its biggest political efforts yet. Unions spent millions of dollars and mobilized thousands of members to get out the vote for Democrats in the midterm election. Now, they expect newly elected politicians to deliver. Democrats, they say, need to get a handle on inflation, enact worker protections and deliver union jobs.Historic mobilizationThe AFL-CIO launched a seven-figure paid media campaign for the election and said its members since Labor Day had engaged with nearly 15 million voters. By the AFL-CIO's count, more than 600 members of unions themselves were elected in the midterm, including dozens heading to Washington and hundreds who are bound for statehouses.The CNBC Voter Poll shows midterm voters who were union members or lived in a union household went for Democrats over Republicans by a margin of 22 percentage points, the highest of the last four election cycles. That's more than double the margin for the rest of the electorate: When looking at voters in non-union households, the gap shrunk to 10 percentage points."We are very proud of the impact that the labor movement made on this election," said Liz Shuler, president of the AFL-CIO, a federation of unions that represents almost 15 million workers. "It was our biggest and boldest effort ever."In some cases, unions got involved before party nominees had been decided. In Michigan, the United Auto Workers organized behind Democrat Abdul El-Sayed ahead of what became a contentious primary race for U.S. Senate that he eventually won against Haley Stevens. The union believes that about one out of every 10 early voters in the August primary were UAW members."It was incredibly impactful," Connor Farrell, a progressive fundraiser who worked with El-Sayed, said of the UAW's endorsement. "I'm not sure we would have won without them."United Auto Workers members rally on the eve of the mid-term election with Abdul El-Sayed and other top Democratic candidates.Jim West | UCG | Universal Images Group | Getty ImagesEl-Sayed and Jocelyn Benson — the Democratic nominee for Michigan governor, who also had early backing from the UAW — cruised to victory in last week's general election. It was a sharp reversal for the Wolverine state, which backed President Donald Trump in 2016 and 2024.The UAW held a rally on the eve of Election Day headlined by El-Sayed and Benson, along with other Democrats running for statewide office. The Detroit-based union said its volunteers knocked on more than 100,000 doors and made half a million phone calls for the election.The CNBC Voter Poll showed union households made up about 22% of the electorate in Michigan in the 2026 midterm, above the 16% mean nationwide. Union households in Michigan broke for El-Sayed and Benson by higher-than-average margins of 25 and 27 points, respectively. "There's a direct correlation between a ballot box and a bread box," said UAW President Shawn Fain, who described the union's 2026 political efforts as the largest in his lifetime. "What we bargain for today can be taken away in the legislative halls tomorrow."In Nevada, another swing state, members of AFL-CIO unions canvassed for a list of candidates including Aaron Ford, the Democrat who unseated Republican Gov. Joe Lombardo. Down ballot, the AFL-CIO endorsed candidates in state assembly, mayoral and city council races.Vladimir Ortega, a member of the National Association of Letter Carriers living in North Las Vegas, said displeasure with how Republicans had managed the economy led him to volunteer to canvas with the AFL-CIO for the first time. The 34-year-old met Ford and other candidates at political events, and he plans to volunteer for candidates backed by AFL-CIO again in 2028."People felt like they had to be there," Ortega said. "Their money hurt, and they want to do something about it."Vladimir Ortega poses for a picture with Nevada Governor-Elect Aaron Ford.Courtesy: Vladimir OrtegaBreaking malaiseFor generations, union voters and their families were a core bloc of the Democratic base. But the party's iron grip on organized labor had slipped in recent election cycles as union members, like other working-class voters, grew frustrated by high inflation and affordability challenges, according to Paul Clark, a Pennsylvania State University professor.The National Election Pool's Poll showed union households voted for Democrats by a margin of 16 and 15 percentage points in the 2020 and 2022 contests, respectively. That narrowed to just 8 points in 2024, when voters' economic frustrations led Republicans to win a trifecta of power in Washington: the presidency and both houses of Congress.The Teamsters declined to back either Trump or former Vice President Kamala Harris in 2024, snapping a long history of Democratic endorsements. The union, with more than one million members, said internal polling showed members preferred Trump over Harris. Teamsters General President Sean O'Brien said on social media that he voted for Ashley Moody, the victorious Republican candidate for U.S. Senate in Florida, in the 2026 midterm. The Teamsters didn't respond to a CNBC request for comment. "Obviously, 2024 was very disappointing for unions and the American labor movement," said Clark at Penn State, who has authored books on collective bargaining and organized labor. "That caused some introspection on the part of unions in terms of their political strategies and how they communicate with their members about politics."Democratic senatorial candidate for Michigan Abdul El-Sayed speaks during a campaign rally at UAW Local 600 in Dearborn, Michigan, on Oct. 30, 2026.Jeff Kowalsky | AFP | Getty ImagesThis time around, there appeared to be more excitement among card-carrying union members heading to the polls. AFL-CIO polling showed 83% of union voters were "very motivated" to vote, an increase of 10 points from the last midterm election in 2022.Following their midterm defeat, Clark said he wouldn't be surprised to see Republicans courting unions ahead of the 2028 presidential election. But that could be an uphill battle, given the party's history of advocating for business interests over workers, Clark said. Great expectationsLooking ahead, organized labor has big expectations for Democrats after helping the party to power in Washington and state capitols across the country. In Ohio, Rutledge said that his International Brotherhood of Electrical Workers chapter is focused on ensuring new data center construction projects use union labor. In Michigan, UAW President Fain said the union expects a majority-Democrat state legislature to approve a law guaranteeing unemployment insurance for striking workers. "The days of just blindly giving our endorsements to people because of party affiliation are over," Fain said. "They're going to earn our support."President of the United Auto Workers union Shawn Fain speaks during a midterm election night party for Democrat senatorial candidate Abdul El-Sayed at The Department at Hudson's in Detroit, Michigan, Nov. 3, 2026.Jeff Kowalsky | AFP | Getty ImagesIf Democrats don't act when they have legislative majorities in Washington, union leaders warn that they will pull their support in 2028 and beyond.Across the nation, Shuler, the AFL-CIO president, said union voters went to the polls last week in hopes of enacting policy that will level the economic playing field. The CNBC Voter Poll found that 70% of respondents believed the U.S. economy favors the wealthy over the middle- and working class. "Republican, Democrat, independent, we'll be with you if you're with us," Shuler said. "It just so happens that we had a big wave of Democratic candidates who were talking about working-class issues." 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This Diwali, Indians turned to the quick commerce platform for last-minute festive preparations. Their purchases included gold, silver and sweets while also ordering party supplies and gifting items. View More

Says the company could not achieve its planned savings in H1, but expects the second half to be significantly better View More

The steelmaker is monetizing surplus mining capacity while testing imported ore blends ahead of 2030 mine expirations and targeting up to ?10,000 crore in annual India cost savings. View More

Adani Group's Kutch Copper Ltd has signed an MoU with Chile's state-owned Codelco to explore the Kaburkaala copper project in northern Chile. The partnership aims to combine Adani's investment and technical capabilities with Codelco's geological expertise, potentially securing long-term copper supplies for the group's Mundra smelter as India seeks to strengthen its domestic copper supply chain. View More

Adani Group 's Kutch Copper Ltd (KCL) on Thursday signed a Memorandum of Understanding (MoU) with Chile's state-owned copper producer Corporación Nacional del Cobre de Chile ( Codelco ) to establish a strategic exploration partnership for the Kaburkaala copper project in northern Chile. The agreement sets out the key terms of cooperation for exploring the project, located in the Calama copper belt in the Antofagasta region, one of the world's most prolific copper-producing districts. The MoU was signed during LME Week 2026 in London in the presence of Kutch Copper Director Jeet Adani, Adani Natural Resources CEO Vinay Prakash and Codelco Chairman Bernardo Fontaine. ET Online Adani-Codelco partnership: What does the copper exploration deal involve? Under the proposed partnership, Adani will contribute capital, technology-led exploration capabilities and large-scale project execution expertise to advance the Kaburkaala project. Codelco will bring its geological expertise and international experience in copper exploration. Read more - China’s army-linked university was served Nvidia chips despite US sanctions For Adani Group, the partnership is part of its strategy to build an integrated and globally diversified copper value chain, connecting upstream resources in Chile with its copper smelting complex at Mundra in Gujarat. Live Events The arrangement could also provide Adani with long-term access to copper, a critical mineral used in electrification, renewable energy, infrastructure, advanced manufacturing and the global energy transition. For Codelco, the proposed collaboration is part of its efforts to unlock value from its exploration portfolio through public-private partnerships, share project risks and accelerate the development of promising copper assets. Jeet Adani on securing India's copper supply Commenting on the agreement, Jeet Adani said securing access to global copper resources was important for India's long-term economic and industrial growth. "Critical resources, led by copper, are at the very heart of our future transformation. More than just a mining asset, we view this strategic partnership as a long-term investment in India's future," he said. "By securing robust access to global copper resources, we are building supply chain resilience for the critical industries driving our nation's growth, spanning renewable energy, advanced manufacturing, infrastructure, and technology. This partnership is a testament to our commitment to enhancing India's resource security and supporting its journey to becoming a global economic powerhouse," Adani added. What Codelco said about its partnership with Adani Codelco chairman Bernardo Fontaine said the agreement marked an important step in the company's engagement with Adani Group over the past year. "This MoU represents an important step in the work we have carried out with Adani over the past year. This process demonstrates Codelco's ability to attract world-class partners and create value from its exploration portfolio, while safeguarding the long-term interests of the company and the State of Chile," Fontaine said. The proposed collaboration is also expected to strengthen India-Chile cooperation in critical minerals, as both countries look to secure reliable supplies of resources needed for their industrial and energy transitions. Why is Adani Group looking at copper resources in Chile? India relies on copper imports to meet domestic demand, with consumption supported by infrastructure development, electrification, renewable energy projects and manufacturing. Adani's proposed exploration partnership with Codelco could help strengthen its access to overseas copper resources and support its downstream operations in India. By linking the Kaburkaala project in Chile with its Mundra copper smelting complex, the group is looking to develop a more integrated copper supply chain. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;width: 100%;box-sizing: border-box} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

U.S.-Canada trade tensions persist as Trump's tariffs drive up costs, threaten investment and complicate negotiations between the two countries. View More

Canada's ambassador to the U.S., Mark Wiseman, speaks at the B20 summit in Washington, Nov. 11, 2026.Source: U.S. Chamber of Commerce / B20 Summit livestreamCanada's ambassador to the U.S. warned Wednesday that President Donald Trump's tariffs are driving up investment costs and discouraging business expansion, as new Federal Reserve research points to more price hikes for American consumers next year."Uncertainty increases your cost of capital," Ambassador Mark Wiseman said at the B20 summit, a gathering of global business leaders in Washington hosted by the U.S. Chamber of Commerce."If you're going to build a new plant, add a new ship, spend money on R&D, the more certainty you have, the more likely you're going to do that," said Wiseman, a former BlackRock executive who became Canada's ambassador in February.His warning comes as Washington and Ottawa struggle to resolve a tariff quarrel affecting one of the U.S.'s largest trading relationships. The two countries exchanged roughly $570 billion in goods during the first nine months of 2026, according to U.S. Census Bureau data. That's an increase from the same period in 2025, the first year of Trump's second term, but lower than the comparable nine months during the previous three years, when Joe Biden was president.U.S. customs duties calculated on imports from Canada reached $10 billion in 2025, compared with $400 million in 2024, according to the Congressional Research Service.An October study by New York Fed researchers found that nearly 90% of tariff costs were passed on to U.S. importers, with about a quarter of tariff increases eventually reaching consumer goods prices and further price pressures expected in 2027. The findings come as Labor Department data showed consumer prices rose a higher-than-expected 0.4% in October, adding to inflation concerns after Republicans' sweeping midterm losses.Trump has defended his tariffs as necessary to protect U.S. manufacturers and workers, accusing Canada of discriminatory trade practices that disadvantage U.S. exporters. The two governments have resumed negotiations after talks collapsed in August, with discussions focused on reducing tariffs on Canadian steel and automobiles. Trump has imposed duties of up to 50% on certain Canadian products, prompting retaliatory measures targeting billions of dollars in U.S. exports.Wiseman called for the removal of tariffs imposed under Sections 232 and 338 of U.S. trade law, saying a resolution would help businesses make long-term investment decisions."The sooner, the better," he said.The political stakes have shifted following the midterms, with Democrats preparing to challenge Trump's tariffs when they take control of Congress in January. Still, Canadian Prime Minister Mark Carney said Tuesday that the Trump administration remains Canada's principal negotiating partner."We've had comprehensive free trade with the United States since 1988," Wiseman said, describing Canada's objective as returning "as close as we can to free trade" while creating the certainty businesses need.European ambassadors echoed those concerns at the B20 summit. Germany's ambassador to the U.S., Jens Hanefeld, said businesses could adapt to tariffs but struggled with an "ever-changing regulatory environment" that forced companies to spend more on lawyers to navigate shifting trade rules.Speaking on the same panel, France's ambassador, Aurélien Lechevallier, urged greater cooperation on AI and energy rather than continued trade disputes. "We've spent, I think, a lot of time the last years working and dealing with regulations, tariffs," he said. "Businesses are eager to do more business." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The Trump administration had established some form of equity position in 41 companies as of November, according to the CATO Institute's tally. View More

In this articleNPSA-FFFollow your favorite stocksCREATE FREE ACCOUNT With Republicans in charge of the White House and Congress, President Donald Trump has embedded the federal government in private sector companies' affairs in unprecedented ways. That could change once Trump's Democratic adversaries take over the House and Senate following the blue wave midterm.Democrats, planning to root out alleged corruption involving Trump, his family and their business associates, have signaled they will closely scrutinize companies that have curried the president's favor. Their investigations may extend to Intel and the dozens of other companies that have clinched equity stakes with the government during Trump's second term. Democratic lawmakers in July asked law firm Skadden Arps for details about its involvement in the Intel deal.The dynamic could affect how Trump approaches relationships with private sector companies, after spending two years involving the government in their affairs through stock agreements or, in the case of U.S. Steel, acquiring a "golden share" when the company was acquired by Nippon Steel.Read more CNBC politics and policy coverageTrump's successors already fighting over who to blame for GOP midterm wipeoutChina panel chair demands answers on Huang's alleged affair with a Chinese spyPete Hegseth decries impeachment push, defends Iran war handlingThe golden share, which allows a holder to outvote other shareholders, was negotiated as part of the June 2025 deal. The highly unusual arrangement gives Trump veto power over several key areas of the steelmaker's business, including those related to employee salaries, capital investment and even the company name. In a unique twist, the company's amended charter specifies that after Trump leaves office, the veto power passes not to his successor, but to the Treasury and Commerce departments as representatives of the U.S. government.U.S. Steel CEO David Burritt said Wednesday that the government's representative on its board, Commerce Department official David Shapiro, typically abstains from voting but has access to company discussions."He gets to hear everything we're doing," Burritt told CNBC's Megan Cassella at the U.S. Chamber of Commerce's B20 summit in Washington, adding that the arrangement has not constrained the company's operations."The government has not stepped in and said 'you can't do this or can't do that,' but we know what the rules are," Burritt said.President Donald Trump speaks in the James S. Brady Press Briefing Room of the White House on Nov. 9, 2026 in Washington, D.C.Chip Somodevilla | Getty ImagesThe U.S. Steel intervention turned out to be just the beginning of the U.S. government taking stakes in companies, a highly unusual move stateside. A month after acquiring the golden share, the Trump administration agreed to a $400 million stock deal with rare earths company MP Materials. The month after that, Trump announced the U.S. would take a 10% stake in chipmaker Intel.By January, one year into Trump's second term as president, the administration had established some form of equity position in 14 companies, according to the CATO Institute's tracker. That number skyrocketed to 41 by November, including nine such announcements in May alone, the tracker shows. The holdings include both publicly traded and privately held companies, and CATO tracks deals that are closed as well as others that have been made public but are still being negotiated.Following Republicans' decisive defeat in the Nov. 3 midterm election, the federal government has not revealed any new stock positions. But Trump, entering lame-duck status and on the verge of losing political power over Congress, could keep trying to steer his government to forge more equity deals with companies, said Indiana University associate professor Sarah Bauerle Danzman, who researches the intersection of national security and investment policy."He might feel he has less to lose," Bauerle Danzman, who is also a senior fellow at the Atlantic Council, told CNBC.White House spokesman Matthew Middleton told CNBC in a statement, "Through voluntary equity investments in willing companies, the Trump Administration has partnered with the private sector to rebuild America's industrial base and bring critical production back home.""Moving forward, the President is willing to work with anyone to advance solutions that strengthen our economy and put more money back in the pockets of American workers," Middleton said.But Trump's so-far unimpeded efforts may face sudden resistance once Democrats take majority control of the House and Senate in January.Democratic lawmakers are openly gearing up to score wins against Trump and his associates as they vow to crack down on alleged rampant government corruption. Those probes are expected to center on tech giants like Apple, Meta Platforms and Elon Musk's companies, whose executives have spent millions cozying up to the administration. Democrats are also poised to dig into potential conflicts related to the bevy of critical minerals deals Trump has struck. Lawmakers of both parties are also looking at Nvidia CEO Jensen Huang, the close Trump ally engulfed in scandal after admitting an extramarital affair with a suspected Chinese spy.The administration's equity interventions could become a target in that mission, said Bauerle Danzman, predicting that Democrats might seek to boost oversight efforts even if they don't try to cancel the existing stock arrangements.The next Congress could try to ensure the government is taking stakes that are "forwarding genuine national security priorities" and that do not provide "special favors to political and family connections," she said."The story there is more about kind of tying these issues to ones of accountability and anti-corruption, as opposed to necessarily cost," Bauerle Danzman said.David Burritt, president and CEO of United States Steel Corporation speaks during CNBC's Invest In America Forum in Washington, D.C. on April 15, 2026.CNBCAsked whether U.S. Steel was preparing for potential congressional investigations after Democrats take control, Burritt said he was unaware of any investigation but would cooperate if one materialized."I am not aware that they're investigating, but if they are, we're happy to work with them," Burritt said. "It's not a big deal for us because we know we did the right thing."It's not clear how strongly Republicans would try to defend Trump's golden share or his government's equity stakes should they become a Democratic target. Conservatives traditionally espouse free markets and denounce excessive government meddling in the private sector. Republicans, including Trump, spent much of the midterm campaign warning that Democrats aim to destroy the U.S. capitalist system and impose economy-killing big government socialism.Some Republicans have criticized the Trump administration's corporate interventions, but the moves have received little pushback from the president's party overall.But in the wake of a crushing electoral defeat, some Republicans "might feel emboldened and actually join with the Democrats" in trying to clamp down on Trump, Bauerle Danzman said.Burritt, despite embracing the government's involvement in U.S. Steel, said corporate leaders should retain responsibility for running their businesses."We need to keep accountability at the right place. We need to keep it with, with the leaders of companies and with the companies individually," he said. "We need to be capitalists." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Traders report difficulties executing limit orders amid BSE F&O price update issues; NCDEX introduces steel scrap futures to help manufacturers and traders hedge price risks View More

The launch addresses the need for a credible market-linked benchmark and an organised hedging mechanism in the steel scrap segment View More

Raana will supply 12-inch Czochralski systems for Swelect’s planned 1GW ingot facility, supporting the development of an indigenous supply chain for silicon ingots and wafers. View More