Friday, February 14, 2025

Trade War, Deportations and Funding Freeze

Musk, his son, and Trump in the Oval OfficeMusk, his son, and Trump in the Oval Office
Photo: Eric Lee / The New York Times

As of January 31, 2025, ten days into the new administration, President Donald Trump began with a 49 percent approval (9 national polls in RCP, 11 in 538) and a 44,544 DOW.

The first weekend, Trump announced tariffs on Canada, Mexico, and China as immigrant raids and deportations started. He immediately suspended Canada and Mexico’s tariffs for negotiations.

The second week saw a freeze of federal funding for grant programs, forced buyout of federal employees, the end of USAID, the rumored end of the Department of Education and a White House musing on a Riviera in Gaza.

Is there an executive order that Americans won’t tolerate? Congress is mostly silent and the courts are cumbersome and slow. It is still early, but reaction to the looming trade war, deportations, and massive budget cuts may begin to show up in public opinion and economic data.

Will the guardrails (see below) begin to restrain the “shock and awe,” channel its direction or even stop it? Or is the road ahead clear and fast?

Five Guardrails 1-31-25

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