President Trump's economic policies, particularly tariffs on China, have faced significant pushback from various sectors. Major companies and financial markets have pressured the administration to reconsider its stance, fearing a looming financial crisis reminiscent of 1929. Automakers, tech giants like Apple, and major retailers such as Walmart and Target have urged the White House to reduce tariffs, which could drop to 50%-65% levels. Meanwhile, Federal Reserve Chair Jerome Powell has highlighted the potential dangers of current tariffs on interest rates and economic growth, suggesting a possible shift in strategy to balance inflation and employment pressures.
Public sentiment reflects dissatisfaction with Trump's economic approach, with a majority of Americans—across political lines—criticizing his tariff policies as arbitrary. This discontent is echoed by a coalition of Democratic states, which have legally challenged the tariffs, citing economic harm and constitutional overreach. The economic environment, marked by declining consumer confidence and recession fears, has forced Trump to soften his initial hardline tactics, acknowledging the complex realities of global supply chains and economic indicators.
