Donald Trump perceives a chance to “alter the fabric” of the United States through his extensive plan to implement new global tariffs — a policy that has left the markets in turmoil for days while fissures appear in his political base.
Yet, despite the president, administration officials, and key allies insisting that he will persevere with his tariff initiative, they are seeking methods to alleviate the concerns of nervous supporters. These strategies include promoting the possibility of negotiating deals with crucial trading partners, highlighting tax cuts as a means to offset the economic repercussions, and dispatching officials to engage with anxious business groups.
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“The sentiment among Hill Republicans is we need to initiate the tax cuts immediately,” remarked a senior Senate Republican aide. “We must provide some incentives to the business sector to ensure their confidence and support pro-growth policies.”
Two administration officials confirmed that they were in touch with business groups and arranging private meetings to calm their concerns.
“The Trump administration regularly communicates with business leaders, industry associations, and American citizens, particularly regarding major policy initiatives like President Trump’s reciprocal tariff actions,” White House spokesperson Kush Desai stated. “However, the only special interest influencing President Trump’s decisions is the best interest of the American populace — including addressing the national emergency of our country experiencing chronic trade deficits.”
The tariffs — which could quickly become a hallmark policy of his second term — create a conflict between two fundamental identities of Trump: the protectionist who has long advocated for stricter tariffs to counter what he believes are unfair practices by trading partners, and the deal-maker, a persona he cultivated during his years in New York’s real estate and his time on “The Apprentice.”
“No one but me would undertake this,” Trump told reporters Monday in the Oval Office. “It would be pleasant to have an easy term, but we have a chance to change our country’s fabric. We can reset the trade landscape.”
Allies push back
Markets have been unenthusiastic about this reset. The Dow Jones Industrial Average and the S&P 500 experienced minor dips Monday as administration officials emphasized deal-making, with a misleading headline briefly leading investors to think Trump was pausing the tariff measures. Since last Wednesday, when Trump announced his tariffs — based on a widely criticized formula using U.S. trade deficits with other nations — both the Dow and S&P 500 have plummeted by over 10%.
Trump’s billionaire supporters and business leaders are sounding alarms. JPMorgan Chase CEO Jamie Dimon asserted on Monday that Trump’s tariffs would harm the economy and increase prices. Bill Ackman, a prominent Trump supporter and billionaire hedge fund manager, criticized the policies in several social media posts over the weekend, urging Trump’s advisers to modify their tariff calculations “before the President commits a major mistake,” warning that all capital gains could be wiped out by 2025. Dave Portnoy, the founder of Barstool Sports and an outspoken Trump supporter, braced for a tumultuous market day Monday, dubbing it “#orangemonday,” in a thinly veiled jab at the president.
White House chief of staff Susie Wiles reportedly made a phone call over the weekend to inquire about the level of concern within the private sector regarding the market decline, according to a source close to the White House.
Another business figure expressing discontent with Trump’s tariff agenda is Elon Musk, the billionaire CEO of Tesla and SpaceX, who has been a close ally of Trump in swiftly cutting government programs and jobs. Musk advocated for free trade and criticized Peter Navarro, Trump’s main trade adviser, stating that Navarro “ain’t built s–t.” He also mocked Commerce Secretary Howard Lutnick’s reasons for imposing tariffs on an uninhabited island.
A senior White House official, who insisted that Trump’s team is unconcerned about growing divisions in the coalition, stated, “Elon can express his own views.”
Amidst all this, Trump kicked off his Monday by urging supporters to endure the turbulence.
“The United States has an opportunity to accomplish something that should have been done DECADES AGO,” he posted on his Truth Social platform. “Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!). Be Strong, Brave, and Patient, and GREATNESS will follow!”
A White House official emphasized Monday that the president and the White House do not have a fixed timeframe for how long they would withstand the market pressures, stressing that providing such a timeline could leave Trump open to further criticism if they exceed it.
However, administration officials, including Trump, have recently highlighted how many countries are reaching out to negotiate and mitigate or reduce the new tariffs, with multiple officials claiming outreach from 50 countries.
“They’re proposing things we wouldn’t have even thought to ask for,” Trump stated on Monday in the Oval Office.
The White House official mentioned Vietnam, Cambodia, Israel, and Poland as nations eager to quickly finalize agreements. Both Trump and Treasury Secretary Scott Bessent commended a conversation with Japanese officials to negotiate a deal while denouncing China for reacting swiftly to Trump’s new tariffs. Trump has threatened to escalate actions against China if it does not withdraw its retaliatory tariffs by Tuesday, warning that he would implement an additional 50% tariff on top of those already proposed.
There exists a scenario wherein the Trump administration enhances the trade conflict with China while simultaneously negotiating agreements with other nations. Steve Bannon, a Trump ally and former senior White House advisor, noted on Monday that the trade war will inevitably shift its focus more towards China.
“China dared to retaliate against Trump after being forewarned,” Bannon asserted. “The long-standing Trade War they have waged against America is about to heat up. Isolated from the global stage, this is a conflict China cannot win.”
‘The markets don’t scare him’
The White House and the president continue to deliver inconsistent messages regarding their strategy. When asked Monday if the tariffs would be permanent or open to negotiation, Trump maintained that “both can be true.”
Other administration officials have been more emphatic that the tariffs will be implemented regardless of any negotiations. Lutnick stated on Sunday during CBS’s “Face the Nation” that “the new tariffs are not subject to postponement,” asserting that it wouldn’t be long before “the army of millions of individuals assembling iPhones will come to America.”
“They will undoubtedly remain in effect for days and weeks,” Lutnick asserted about the measures.
When asked about Vietnam in a Sunday interview on Fox News, Navarro stated, “This is not a negotiation.” On Monday, he conveyed on CNBC that Vietnam’s offer to lower its tariffs to zero “is inconsequential to us, as it’s the non-tariff cheating that truly matters.”
Senator John Kennedy, R-La., noted that clearer communication regarding the tariffs from Trump “would be very helpful.”
“Some of the president’s aides are claiming we need to implement this to generate revenue; others argue we need to do this to compel foreign countries to compensate us for decades of unfair trade practices,” Kennedy mentioned. “Others claim it’s a positive development due to many countries wishing to reduce their tariffs, in some cases to zero, which I personally view as good news. They seem quite scattered in their messaging.”
“It would be beneficial if they could coordinate with the president to deliver a unified message,” he added. “It could actually improve things if some of them would hold back, though that’s unlikely.”
A senior Senate GOP aide supporting Trump’s initiative to reshape global trade reiterated that congressional Republicans “are largely in the dark about the situation.”
“This has been his aspiration throughout his entire life,” the individual stated. “And he is unfazed. He genuinely believes this and seeks to rectify it. The markets do not intimidate him. He’s determined to follow through.”
The White House sought to promote backing for Trump’s policy on Monday, underscoring endorsements from groups such as the United Auto Workers and the National Council of Textile Organizations.
“There are those who support his approach and acknowledge the necessity for temporary discomfort to address long-standing trade disparities, and some who perceive this as mere chaos with no coherent strategy,” remarked a Republican strategist previously affiliated with the White House. “The corporate realm is frustrated by the ambiguity. The political sphere is discontent that he and the White House have not clearly articulated their position.”
Congressional unrest
On Tuesday and Wednesday, U.S. Trade Representative Jamieson Greer is scheduled to testify before the Senate and House regarding Trump’s trade policy. In his opening statements on Tuesday, he intends to inform senators that countries such as Argentina, Vietnam, and Israel have already expressed willingness to reduce their tariffs and non-tariff barriers to negotiate agreements.
While seven Senate Republicans have already signed onto a bill to limit Trump’s tariff authority — a measure he vowed to veto if passed — two Republicans who spoke with NBC News indicated that House Republicans are more apprehensive about the tariffs than their Senate peers. These rank-and-file House members are beginning to panic over the market conditions and seek greater direction from the White House regarding Trump’s long-term strategy.
During a Sunday conference call among House GOP members, Rep. Darrell Issa, R-Calif., inquired whether a detailed briefing from the White House on tariffs could be arranged, according to two participants on the call. House Speaker Mike Johnson, R-La., assured members he would confer with Trump and promised to arrange for an administration representative to brief the conference. Sources disclosed that Johnson advised members during the Sunday call to have faith in the tariff process and support Trump’s trade policy, arguing that he was crucial in delivering a robust economy during his first term.
However, signs of anxiety are emerging even among GOP leaders. Johnson has indicated, both in a “Dear Colleague” letter over the weekend and during the conference call, that swift consensus on a budget resolution is essential — a step required for Republicans to unlock Trump’s tax and spending cut proposal — due to the prevailing market instability.
“A pivotal decision lies ahead,” Senator Ted Cruz, R-Texas, noted on his podcast Monday. “If President Trump capitalizes on this moment as leverage, he has an extraordinary opportunity to reduce tariffs on every nation’s goods entering the U.S. and reciprocate by lowering our tariffs as well. Conversely, there are factions within the White House advocating for high tariffs indefinitely. The president is caught between conflicting advisers. I hope he heeds the voices of reason.”
Stephen Moore, a former economic adviser to Trump, expressed that the president needs to more effectively target his tariffs. Ultimately, the goal should be negotiating new trade agreements.
“In the end, I believe the only viable resolution will involve other countries reaching out to the Oval Office and striking deals with Trump,” he stated.
Trump spent the past weekend on the golf course at his Mar-a-Lago club in Florida, providing ample fodder for critics who suggested he wasn’t taking the market downturn seriously.
A person present at the LIV Golf Tournament mentioned that tariffs and the market decline were not major topics of discussion.
“It wasn’t a focal point of conversation,” the individual remarked. “There was certainly a sense of unease, but it wasn’t the appropriate setting to bring it up, and attendees weren’t inclined to mention bad news or challenge Trump.”
Democratic activists organized large, nationwide protests on Saturday opposing his administration’s policies, during which some demonstrators displayed signs lamenting the impact of his strategies on their 401(k) investments.
A White House official told NBC News that Trump was unfazed by the optics of golfing during the economic downturn.
This individual described Trump’s golfing during the market turmoil as akin to “attending a birthday party after a friend has undergone surgery,” asserting that he can enjoy his time in Florida while still being available for work as necessary on weekends.
The official concluded with what administration officials remain assured of — at least for now.
“The economy will be fine,” this person stated.
