Not even 24 hours after his party lost a key Wisconsin race and underperformed in Florida, President Donald Trump followed the playbook that has defined his political career: He doubled down.
Trump’s move Wednesday to place stiff new tariffs on imports from nearly all U.S. trading partners marks an all-in bet by the Republican that his once-fringe economic vision will pay off for Americans. It was the realization of his four decades of advocacy for a protectionist foreign policy and the belief that free trade was forcing the United States into decline as its economy shifted from manufacturing to services.
The tariff announcement was the latest and perhaps boldest manifestation of Trump’s second-term freedom to lead with his instincts after feeling his first turn in the Oval Office was restrained by aides who did not share his worldview. How it shakes out could be a defining judgment on his presidency.
The early reviews have been worrisome.
Financial markets had their worst week since the onset of the COVID-19 pandemic, foreign trade partners retaliated and economists warned that the import taxes may boost inflation and potentially send the U.S. into a recession. It’s now Republican lawmakers who are fretting about their party’s future while Democrats feel newly buoyant over what they see as Trump’s overreach.
Democratic activists participated in rallies across the country Saturday in the largest demonstrations since Trump returned to office in January. “The winds are changing,” said Rahna Epting, who leads MoveOn, one of many organizing groups.