Mamdani has attempted to be a unifying force since his win, but Wall Street and the city's financial sector remain jittery about him being handed the keys to America's most important and dynamic city.
"I think the lesson for the president is that it's not enough to diagnose the crisis in working-class Americans' lives," Mamdani said at his first press conference as mayor-elect on Wednesday. "You have to deliver."
In California, voters easily approved a redistricting measure that could gain Democrats five more seats in the U.S. House of Representatives. Its passage was a solid win for Democratic Governor Gavin Newsom, who has made it his mission to be Trump's national foil. Newsom is widely expected to run for president in 2028.
Tuesday left a party that was in dire need of good news after last year's elections in a slight state of unexpected euphoria. But ending a losing streak doesn't suddenly make a team a title contender. Democrats remain saddled with unfavorable poll ratings nationally, and next year's midterms, which will determine control of Congress, still look to be an uphill climb.
But the White House is paying attention. Trump blamed his party's losses on voters ticked off about the month-long government shutdown, but he has also blamed the shutdown on the Democrats – so his logic doesn't quite bear scrutiny. His political team says the real lesson is that voters are still feeling the pain of high consumer prices and will punish candidates who don't address their concerns. Expect Trump to talk a lot about that next year as he tries to keep his Republican Party in power in Congress.
Adding to the uncertainty for Republicans is a potential ruling from the Supreme Court invalidating Trump's emergency tariffs as a misuse of presidential power. Justices expressed skepticism at oral argument this week that the import duties pass muster.
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