Trump's economic troubles put Republicans on the defensive
President Donald Trump's full-speed-ahead approach to making radical change has forced his allies to fight from a defensive posture.
WASHINGTON — President Donald Trump's full-speed-ahead approach to making radical change has forced his allies to fight from a defensive posture — explaining his plans after they have been executed — and raised alarms in his Republican Party that it could all end in a wreck.
The concerns are particularly acute when it comes to the economy, with the Dow Jones Industrial Average having lost about 7% of its value this month and many economists projecting either slower growth or a coming recession. Those fears haven't deterred Trump from continuing to impose tariffs on foes and friends — which figure to raise prices on U.S. consumers — and slash federal government jobs, grants and contracts.
"There are worries," said a person who has been involved in discussions about the economy with White House officials. Those effects on the markets and the economy are felt immediately, while policies aimed at spurring growth — including cutting taxes and regulations — will take much longer to implement, this person said.
Privately, officials at the White House's National Economic Council have indicated fears that it could be difficult to rebound quickly from a downturn, two people familiar with internal White House discussions said.
A second person who speaks frequently to administration officials said the White House is trying to take a long view of the economic tremors. But that approach comes with significant risk — both to the economy and to Republicans' political standing — if the turnaround doesn't happen. Many of those administration officials think tariffs aren't sound policy — and won't ultimately be enacted for any extended period of time — but, this person said, Trump "doesn't want to talk to them right now."
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