President Donald Trump’s 12th week in office will likely be dominated by the fallout from last week’s announcement of several new tariffs and the visit of Israeli Prime Minister Benjamin Netanyahu. “HANG TOUGH,” Trump said on social media Saturday while defending new U.S. tariffs, adding that “it won’t be easy, but the end result will be historic.”
These comments come as Trump’s third month in office is set to revolve around his recent decision to impose new tariffs on dozens of countries—a policy he claims will eventually “supercharge” the economy as part of his “economic revolution.” However, serious concerns remain about the potential economic downsides of the new tariffs. The worries were amplified late last week when the S&P 500 and Nasdaq experienced their steepest declines in a decade, and the Dow Jones Industrial Average dropped 2,231.07 points, or 5.5%, on Friday, further intensifying apprehension over Trump’s trade policies.
Senate Minority Leader Chuck Schumer called the tariffs a “massive assault on American families” during an appearance on CNN over the weekend, arguing that the policy will only serve to “help the billionaires” even as the richest Americans took big hits when the markets dipped on Friday and Monday. Still, Trump appeared ready to double down on his tariff push in the week ahead, vowing the trade plan will be a “win” in the long run. “We are bringing back jobs and businesses like never before. Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast! THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN,” Trump wrote Saturday on Truth Social.
Meanwhile, Trump is set to host Netanyahu at the White House on Monday. The two leaders are expected to discuss not only the 17% tariff imposed on Israel—a longtime U.S. ally—but also the ongoing expansion of the Israeli invasion of Gaza. Additionally, Trump is likely to keep a close eye on Congress in the coming week as GOP lawmakers work to advance his multi-trillion-dollar spending agenda.
Over the weekend, the Senate approved Trump’s budget blueprint, which now must be approved by the House to advance toward the budget reconciliation process. However, doubts linger that Trump’s agenda can secure passage in the lower chamber this week, given the GOP’s slim majority and deep internal divisions.