In what may be the most prolonged criticism President Donald Trump has encountered from the Republican Party, dissent within the GOP regarding the current market chaos is growing.
Stephen Moore, a Trump economic advisor who has cast doubts on his trade policies, told Politico in a report published Tuesday it's a question of “what the pain threshold is for the American people and the Republican voters."
“We’ve all lost a lot of money," Moore said, adding Republicans were able to get behind almost every issue that the president ran on, but this issue "divides the party."
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The economic upheaval caused by the White House's sweeping tariffs is causing concern throughout the Republican Party. Worried officials fear that the administration is steering the United States toward a recession and could jeopardize the GOP's success in the upcoming midterms.
The Politico report also quoted Jessica Riedl, a senior fellow at the conservative Manhattan Institute, who said the current situation is causing voters to "reassess the policies as well as reassess the president who refuses to respond to economic reality."
“The American people voted for tariffs,” Riedl said. But if voters didn’t vote for something, it’s the S&P [500] dropping 19 percent."
Republican Party pollster Whit Ayres noted Trump was "elected in part to lower inflation and juice the economy."
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“Higher prices and slower growth are exactly the opposite of what Americans voted for," Ayres added.
The Politico report further said the "backlash marks perhaps the most sustained criticism Trump has faced."
Wall Street leaders, who initially supported Trump's election in hopes of economic growth, are beginning to express their anxiety, publicly calling on the White House to temper its trade conflict. Republican lawmakers, observing the daily fluctuations in the stock market, are preparing for the political consequences as constituents see their retirement savings dwindle and employers reduce hiring.
Global economic analyst Rana Foroohar said Friday the markets have never seen anything like the Trump administration's recent policy actions, warning of a "classic inflationary spiral" and a "disaster scenario."
"Trade war is overshadowing everything," she said during an appearance on CNN Friday morning. "The markets have never seen anything like the policy actions that we have just seen."
Last Wednesday, Trump disrupted the global trading system by introducing a sweeping set of global tariffs. He argued that the U.S. is experiencing a serious economic crisis due to trade imbalances with various countries around the world.