President Donald Trump is gambling the Republican majorities on a risky move that has many conservatives nervous outside the administration.
The president promised Americans on his first day back in office that he would quickly bring down prices and stabilize the economy, but instead his chaotic first 100 days have tipped the country into turmoil and rattled financial markets – which have dragged down his poll numbers and threatens GOP chances in next year's midterms, reported Politico.
“He’s all in on the tariffs, and that’s a really big bet for him,” said Douglas Holtz-Eakin, president of the conservative think tank American Action Forum and a former White House economic adviser to George H.W. Bush. “I’m going to be honest: I don’t think it’s a good bet.”
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The president's trade war has shaken global markets and businesses, and Trump allies worry that he's squandering political capital on a policy that will likely increase prices and turn off voters – many of whom have already soured on his presidency, with four in 10 respondents in one recent poll grading his presidency so far as an "F."
“Is it concerning? Sure it is,” said Stephen Moore, a Trump outside economic adviser. “As a Republican that wants Trump to succeed, you need the political capital to move ahead your agenda.”
White House spokesman Kush Desai insisted Trump's first 100 days have been an economic success, but aides readily admit the tariffs would force Americans to endure some "pain" as trade alliances and supply chains are disrupted and reshaped, but they argue those hardships will be brief and worthwhile in the long term.
“From our point of view, a lot of great foundational progress has been laid,” said one White House official. “This isn’t a thing that’s going to be resolved within 100 days.”
West Wing officials have watched the polling data but believe Trump's declining approval rating won't cut into his base of support, and his allies are confident they'll rebound as his economic policies bear out.
“President Trump’s base is solid,” said Trump pollster John McLaughlin. “There may be some changes at the margins on some swing voters, but they’ll come back because there’s time to get the tax cuts passed.”
But that confidence doesn't extend across the Republican Party, whose members of Congress have to face voters in next year's midterms.
“There are some bad data points out there to be worried about,” Holtz-Eakin said. “But nothing focuses the mind like a one percentage point increase in the unemployment rate.”
Republican lawmakers are working to extend Trump's 2017 tax cuts to avoid a drastic tax hike on top of his tariffs, but they're struggling to put together legislation that would offset billions of dollars in spending.
“Failure is not an option here,” said Moore, adding that this package was crucial to next year's elections. “If they can’t get this done, then all the taxes go up … and then there’s no way Republicans can keep control of the House and Senate.”
