FT News Briefing Swamp Notes: Trump’s ‘you break it, you buy it’ moment
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Apr 26, 2025 
John McHenry, VP of North Star Opinion Research, offers insights on Republican voter sentiments, while FT's economics editor Sam Fleming examines Trump's fluctuating tariffs. They discuss the political fallout of Trump's trade strategies and the GOP's balancing act with rising economic concerns. With Trump's assurance not to fire Fed chair Powell despite earlier criticisms, both guests explore how these moves might affect midterm elections and the broader economic landscape, revealing intricate connections between policy and public perception.
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Tariff Backpedaling Insight
- The Trump administration softened its tariff stance due to poor financial market reactions and corporate America concerns.
- High tariffs on China risk disrupting US supply chains and consumer prices, pushing the administration to negotiate deals.
Republican Voter Tariff Views
- Republican voters mostly support tariffs on China but are concerned about tariffs on other countries.
- Tariffs represent Trump's weakest job approval rating even among his base, unlike immigration or border policies.
Congressional GOP's Tariff Dilemma
- Republicans in Congress avoid opposing Trump publicly due to fear of primary challenges.
- The economy is the top voter issue, making GOP vulnerability high if economic troubles worsen before midterms.