Ease Tariff Conflicts and Prioritize Tax Reductions

With the stock market officially entering correction territory and polls reflecting discontent with Team Trump’s management of the economy, it’s evident that President Donald Trump should take a step back from the daily tariff back-and-forth.

It’s time to allow your broader economic strategy a chance to take effect first, Mr. President.

Focus on reducing energy prices, eliminating job-killing regulations, and pushing tax cuts forward before inciting more challenging economic shocks.

Trump himself has acknowledged that tariffs can cause short-term discomfort, even if they bring about long-term advantages later on.

However, these benefits will take time to materialize, and the current climate is not suitable for causing this kind of pain.

The Biden administration left the economy in a precarious position, with prices having surged by an astonishing 21% over four years and inflation remaining high when Trump took office.

At the same time, labor-force growth has stagnated, and the Federal Reserve now predicts the economy will contract by 2.8% (on an annualized basis) this quarter.

Moreover, Trump’s 2017 tax cuts are set to expire this year—resulting in a significant financial blow unless Congress intervenes, and the House and Senate are still visibly struggling to address this matter.

On top of that, the ongoing tariff discussions—including Trump’s threats and reversals along with retaliatory measures from other countries—create an atmosphere of chaos, which is the least favorable setting for fostering economic optimism, regardless of how growth-oriented the President’s plans may be.

Polls indicate that American voters are anxious: Reuters/Ipsos found that 57% (including nearly a third of Republicans) see Trump’s actions as “too erratic,” while only 32% disagree.

Quinnipiac reports a 41%-54% approval-disapproval rating for the president’s economic policies, showing a significant downturn from last month’s 44%-48%.

Many are puzzled by his apparent anger toward . . . Canada.

Indeed, tariffs can be effective in persuading nations on critical issues and adapting the U.S. economy for the benefit of working individuals in the long run.

Yet, average Americans are looking for tangible benefits now.

If Republican control in Washington fails to deliver solid economic growth by the end of this year, the GOP risks losing the House in the 2026 midterms.

Trump’s leadership is crucial for prompting Congress to act swiftly on renewing the 2017 tax cuts (and eliminating at least some taxes on Social Security, overtime pay, and tips, as he has promised).

And the public understands: They support the 2017 tax cuts by a margin of 64% to 21%, according to a recent McLaughlin & Associates poll.

This includes a majority of Democrats (53%) and Independents (55%).

Similar proportions wish for these cuts to be made permanent.

To be clear, we support some tariff adjustments to create a fairer playing field.

However, the current rapid pace is ill-timed.

It’s essential to slow down.