Michael Goodwin: Trump bets the White House and GOP control of Congress on tariffs
Maybe all that winning was becoming boring. Whatever the reasons that led President Trump to rock the globe with his “Liberation Day” tariff regime, the immediate result has been a world of hurt for millions upon millions of Americans.The stock market meltdown that wiped out some $6.4 trillion of value last Thursday and Friday means many households saw 10% or more of their nest eggs suddenly erased. Their pain is matched only by their confusion about why the president triggered the sell-off. After all, Trump 2.0 was scoring major successes by sealing the border and deporting alien criminals. The DOGE audit was proving his claims of massive government waste and fraud.Similarly, his crackdown on Columbia and other universities that allow Hamas supporters to harass and intimidate Jewish students is rattling the radicals where it hurts most — in their multimillion dollar federal grants. Meanwhile, his election provided a big boost to the economy, which has been humming along.
Because he has been faithful to his campaign promises, polls show Trump with the highest approval rating he’s ever had.Say goodbye to that. His winning streak is not the only thing in jeopardy.Given the tumult on Wall Street and in markets around the world, it’s reasonable to conclude that Trump is betting his presidency and GOP control of Congress on the tariff gambit.That probably wasn’t his plan, but like it not, that’s how it’s playing out. The early returns are not promising.
By 15 percentage points, voters hold a negative view of Trump’s handling of inflation and most oppose his emphasis on tariffs, a Wall Street Journal poll finds.Negative views of his economic stewardship outweigh positive views by 8 points, according to the survey, which was completed before markets tanked last week.Public doubts about the economy are dramatic when you recall how important the subject was to Trump’s victory.
His attacks on “Bidenomics” and inflation became a key reason why...