The United States is “in a great position of strength,” according to President Donald Trump. Commemorating more than 100 days in the Oval Office, Trump participated in a NewsNation town hall by telephone. The event featured Bill O’Reilly and Stephen A. Smith as panelists, but Chris Cuomo hosted it, interviewing the president and other guests on both sides of the political aisle. As many Americans attempt to understand what the current administration is doing, Trump tried to make it clear: It is about rebalancing global trade and ushering in a new golden age for America.
Talking Trade at a Town Hall
Tariffs have been the talk of the town over the last 100 days. When President Trump was elected, nobody could have envisioned that his second term would consist of overhauling international commerce. While the real estate billionaire mogul espoused the “beautiful” tariff word throughout the 2024 campaign, many economic observers and political pundits believed his strategy would emulate what transpired in his first term. In other words, ruffle some feathers, talk tough, and impose some levies without upending growth prospects.
A few months into his second stint in the White House, consumers and businesses are worried about their material well-being, a revival of inflation, and economic growth prospects. His inner circle and supporters say to “trust in Trump,” but this could be difficult without understanding what he is trying to achieve.
The United States is in a “transition” period to rebalance global trade, says Trump, and these efforts are meant to turn the world’s largest economy into a producing nation and push other markets to enhance their domestic consumption.
“We’ve been ripped off by other countries,” Trump said, adding that the prescription to remedy this decades-long movement is tariffs that are “a good thing.”
Nearly a month after “Liberation Day,” more than 100 countries have contacted the White House “morning, noon, and night” to make a deal with his administration. “We’re in a great position of strength,” Trump said on NewsNation. “We’ll make great deals, and where we don’t make great deals, we’re just going to set the deals.”
White House officials have been coy about who is reaching out to 1600 Pennsylvania Avenue and what is being discussed. The only available information is that U.S. negotiators have been talking to Japan, South Korea, Vietnam, and India. Still, according to Trump, his administration has “potential deals” on the cusp of being established.
“We are sitting in the catbird seat. They want us. We don’t need them. They’ve been ripping us off. South Korea has been ripping us off. We pay for their military, they take advantage of us on trade,” Trump said. “These are friend and foe, and we often do better with foe – meaning the enemy – than we do with the friends. The friends have been brutal to this country on trade.”
What Do Voters Think?
Before the NewsNation town hall, the media outlet released the latest Decision Desk HQ poll results. The survey of 1,448 registered voters found that 44% strongly disapprove of Trump’s handling of his job as president. The survey found that voters are increasingly worried about the economy, with 82% concerned about a possible recession. Economic fears were prevalent across party lines.
Indeed, this was not supposed to be the case with Trumponomics. But is it all media manipulation? It is no secret that widely watched measures, whether the University of Michigan’s Consumer Sentiment Index or the National Federation of Independent Business’ Small Business Optimism Index, have tanked. However, while the economic literature adamantly opposes tariffs, the hard data suggest the national economy is intact, meaning pearl clutching could be premature.
The president’s remarks came after the Bureau of Economic Analysis reported that the US economy contracted 0.3% in the first quarter, driven mainly by a spike in imports and a decline in government spending. Additionally, the federal government revealed price pressures are forming with various quarterly inflation measurements rising and topping market estimates. At the same time, the Federal Reserve’s preferred inflation gauge, the personal consumption expenditure (PCE) price index, slowed sharply in March.
Ultimately, the April jobs report could signal either more pain ahead or that the public has been freaking out based on the mainstream media’s perpetual outrage over Orange Man Bad.
Fed Chair Jerome Powell stated at the Economic Club of Chicago last month that the Trump administration is undergoing fundamental policy changes, be it trade or immigration. Like other aspects of economics, Trump’s policy shifts, particularly on tariffs, have a lag effect. The United States might not know the true extent of these adjustments – good or bad – until later this year.
It’s All Part of the Plan
In the 2008 superhero picture The Dark Knight, Heath Ledger’s Joker character says, “It’s all part of the plan.” The last 100 days have been a whirlwind of emotion, particularly on the economic front, from market turmoil to collapsing business and consumer sentiment. Despite ubiquitous consternation, President Trump and senior administration officials insist that their policy pursuits are for the greater good. They intend to reverse the world’s last four decades of ripping off the United States by shocking the world order, even if it means some short-term pain. After all, it is all part of the plan.
