Economists on both the left and the right are warning that President Donald Trump’s steep new tariffs could lead to harsh inflation, unemployment and a painful recession. But Trump and members of his administration, including Commerce Secretary Howard Lutnick and trade adviser Peter Navarro, are insisting that the tariffs will be great for the U.S. economy and create a manufacturing renaissance.
Trump and Lutnick acknowledge that the tariffs could bring some short-term discomfort, maintaining that the economy will flourish in the end.
According to Politico’s Liz Crampton, however, Trump voters may lose patience if they don’t see results soon enough.
In an article published on April 20, Crampton explains, “Trump’s trade agenda has already rattled Washington and Wall Street, and it is also beginning to take a political toll. Trump’s job approval ratings, exceeding 50 percent when he first took office, are now underwater. The public’s mood about the economy has soured, with a majority of Americans in an Economist/YouGov poll this week saying the economy is getting worse. Trump is warring with Jerome Powell after the Federal Reserve chair warned tariffs will likely drive up prices.”
GOP consultant Jonathan Felts doesn’t expect voters to have a lot of patience.
Felts told Politico, “If the economy just completely tanks, then its Political Science 101 that the incumbent is in trouble…. A lot of people are willing to shoulder some short-term pain…. When early voting starts, if you’re going to McDonald’s and there’s no dollar menu left, that’s a problem.”
Similarly, Jesse Willard, chairman of the Decatur County Republican Party in Georgia, told Politico, “In the short term, it’s going to be a little bit painful, but I’d much rather buy American than anything else…. But the pain can’t last forever. If it takes six months, a year you may see a little bit of people grumbling a little. But if it takes more than a couple years, you’re going to see people not being OK with that.”
Source: Alternet / Digpu NewsTex