logo
Things Aren't Going Donald Trump's Way

Things Aren't Going Donald Trump's Way

Yahoo21 hours ago
The Atlantic Daily, a newsletter that guides you through the biggest stories of the day, helps you discover new ideas, and recommends the best in culture. Sign up for it here.
In the annals of the American presidency, Donald Trump has almost certainly complained more about journalists than any of his predecessors have, maybe more than all of them combined. So when Trump deemed a query 'the nastiest question' he's ever gotten from a member of the press, it was a notable distinction.
The moment came back in May, when CNBC's Megan Cassella asked Trump about 'TACO,' an acronym for 'Trump always chickens out.' The phrase had gained popularity in the financial sector as a derisive shorthand for the president's penchant for backing down from his tariff threats. During an otherwise routine Oval Office event, Trump sputtered angrily at Cassella, claiming that his shifting tariff timelines were 'part of negotiations,' while admonishing, 'Don't ever say what you said.'
Trump's appetite for confrontation is being tested again this week, with the arrival of two of the most important self-imposed deadlines of his second term, related to the tariffs and the conflict in Ukraine. Both present fraught decisions for Trump, and they come at a time when he faces a confluence of crises. A president who, less than a year ago, staged a historic political comeback and moved to quickly conquer Washington and the world now confronts more obstacles than at any point since his inauguration. Three central campaign promises—that he would end the wars in Ukraine and Gaza, and boost the economy—are in peril. And for the first time in his 200 days back in office, the White House has begun to worry about members of the president's own party defying him.
Tomorrow, the clock runs out on the two-week window that Trump gave Russia to reach a cease-fire with Ukraine. The president has been upset by his inability to end the war. Without an agreement, he has said that he will impose sanctions on Russia. But doing so would represent the first time in his decade in politics that he truly punished President Vladimir Putin. Trump likewise has grown exasperated with Israel's prosecution of the war in the Gaza Strip, a conflict that could soon escalate; Prime Minister Benjamin Netanyhu said today that his military plans to fully occupy the famine-plagued Strip.
[Tom Nichols: Putin's still in charge]
The other deadline is Trump's latest vow on tariffs, which go into effect today for 60 nations, with rates ranging from 10 to 41 percent. This time, Trump appeared to relish declaring that there would not be another TACO moment, writing on social media last night, 'IT'S MIDNIGHT!!! BILLIONS OF DOLLARS IN TARIFFS ARE NOW FLOWING INTO THE UNITED STATES OF AMERICA!' Since the panic triggered by Trump's 'Liberation Day' tariff announcement in April, Wall Street has learned to shrug off Trump's scattershot statements. But the economy has shown new signs of weakness, with stubbornly high prices potentially set to rise again because of the tariffs and, most potently, a recent jobs report poor enough that Trump lashed out against the bureaucrat who compiled it; last week, he fired the Bureau of Labor Statistics commissioner, claiming, without evidence, that the jobs numbers were bogus. That unprecedented act of petulance risks undermining Wall Street's confidence in the economy and undercutting Trump's campaign pledge to give the United States another economic 'golden age.'
Those geopolitical and economic headwinds have been joined by forceful political ones. Since going out on August recess, Republican lawmakers have been heckled at town halls while trying to defend the president's signature legislative accomplishment, the One Big Beautiful Bill. And some of those same Republicans, in a rare act of rebellion, have questioned Trump's handling of the Jeffrey Epstein matter, a scandal that the president, try as he may, simply has been unable to shake.
The mood in the White House has darkened in the past month, as the president's challenges have grown deeper. The ongoing Russia-Ukraine war has become intensely frustrating for Trump, two White House officials and a close outside adviser told me. The president had truly believed that his relationship with Putin would bring about a quick end to the conflict. But instead, Putin has taken advantage of Trump's deference to him and has openly defied the president—'embarrassed him,' one of the officials told me—by ignoring his calls for a cease-fire and ratcheting up his strikes on Ukrainian cities. Trump has sharply criticized his Russian counterpart in recent weeks as he mulled what to do.
Yesterday, Trump said that his personal envoy, Steve Witkoff, had a productive meeting with Putin in Moscow, leading the U.S. president to return to his original plan to end the war: a summit. A third White House official told me that Trump has informed European leaders that he wants to meet with Putin as soon as next week in a new effort to get a cease-fire. A Kremlin spokesperson accepted the White House offer but said its details needed to be finalized. Trump also told European leaders that he would potentially have a subsequent meeting with both Putin and Ukrainian President Volodymyr Zelensky, but the Kremlin did not immediately agree to that.
One of the officials told me that Trump is still considering how and whether to directly punish Putin if Moscow doesn't hit tomorrow's deadline. The U.S. does little trade with Russia, so direct levies would be useless, and the West Wing is divided as to the merits of slapping secondary sanctions on nations that do business with Moscow. Trump signed off on sanctioning India this week because, the official told me, he was already annoyed at the lack of progress on a trade deal with Delhi. But he is far more leery of sanctioning China—another major economic partner of Russia's—for fear of upending ongoing trade negotiations with Beijing.
Witkoff's visit to Moscow came just days after he had been in Gaza to urge Netanyahu to ease a blockade and allow more aid and food to reach Palestinians. Although Israel agreed this week to allow some more food in, the humanitarian crisis has not abated. Trump, who badly wants the conflict to end, believes that Netanyahu is prolonging the war and has told advisers that he is wary of Israel's new push to capture Gaza. Even so, officials told me that Trump is unlikely to break with Netanyahu in any meaningful way.
Any president, of course, can be vexed by events outside his nation's borders. Trump's superpower at home has long been to command intense loyalty from fellow Republicans. Yet that power might be hitting its limit. He was able to pressure the GOP to pass his One Big Beautiful Bill last month, but some Republicans, seeing its shaky poll numbers, have already tried to distance themselves from it; Senator Josh Hawley, for instance, has said he wants to roll back some of the Medicaid cuts that the bill, which he voted for, included. And lawmakers who are trying to defend the bill are facing voter anger. Representative Mike Flood was loudly heckled by a hostile crowd at a town hall in his Nebraska district on Monday. One of the White House officials told me that the West Wing has told House leadership to advise Republican members against holding too many in-person town halls.
Then there is Epstein. Trump has desperately wished the story away. He feels deeply betrayed by his MAGA supporters who believed him when he intimated during the campaign that something was nefarious about the government's handling of the case, and who now have a hard time believing him when he says their suspicions are actually bogus. The president has snapped at reporters asking about Epstein, told House Speaker Mike Johnson to send Congress home early to avoid a vote on whether to release the Epstein files, and sued his on-again, off-again friend Rupert Murdoch for $10 billion after The Wall Street Journal reported that Trump had sent Epstein a lewd birthday card in 2003. Murdoch hasn't backed down. Neither have a number of MAGA luminaries and Republican lawmakers who keep demanding to see the files.
[Read: Inside the White House's Epstein strategy]
Trump's own efforts to manage the story have only fed it. His account of why he and Epstein had a falling out two decades ago has shifted multiple times. One of the White House officials and the outside ally told me that advisers have told Trump repeatedly to stop saying he has the right to pardon Epstein's former partner, Ghislaine Maxwell, who is serving a 20-year prison sentence for sex trafficking and related offenses, to avoid drawing more attention to his previous friendship with Epstein. Despite hopes that the story would dissipate over the August recess, the White House is preparing for Trump to take more heat from Republicans in the weeks ahead.
Some Trump allies still believe that the president, even as a lame duck, will keep Republicans in line. 'Having survived Russiagate, Hillary Clinton, two impeachments, four trials designed to put him in jail, and two assassination attempts,' former House Speaker Newt Gingrich told me, 'it's unlikely the current situation will be much of a problem.'
The White House also pushed back against the idea that Trump is in a perilous moment. 'Only the media industrial complex and panicans would mischaracterize this as a challenging time. They simply haven't learned anything after covering President Trump for the last 10 years,' the spokesperson Steven Cheung told me in a statement. 'The successes of the first 200 days have been unprecedented and exactly what Americans voted for, which is why this country has never been hotter.'
But others in the party sense signs of trouble. 'He's spending the political capital he's accumulated for a decade,' Alex Conant, a GOP strategist who worked in President George W. Bush's White House and on then-Senator Marco Rubio's presidential campaign, told me. 'Below the surface of the Republican Party, there's an intense battle brewing over what a post-Trump GOP looks like. And that surfaces on issues like Israel, the debt, and Epstein. How Trump navigates that fight over the remainder of his presidency will be a big test.'
There was a time, years ago, when August could be counted as a slow news month in Washington. That's now a distant memory, in no small part because the current president has an insatiable need to be in the news cycle. In August 2017, while Trump was vacationing at his golf club in New Jersey, I asked one of his senior aides why Trump had declared that he would deliver 'fire and fury' on North Korea. The aide told me that Trump was looking to intimidate Pyongyang—but that he was also annoyed that he hadn't been the central storyline on cable news. The bellicose rhetoric worked: Suddenly, Trump had changed the news cycle.
[Read: The desperation of Donald Trump's posts]
In this particular summer of his discontent, Trump is now again trying to regain control of the political narrative. But his efforts have been more haphazard and less effective: a threat to strip Rosie O'Donnell of her citizenship, a revival of the 'Russia hoax,' an announcement of a new White House ballroom, even a walk on the West Wing roof. None of those things changed the news cycle, and instead they only reinforced that, at least to some extent, he is at the mercy of events outside his control.
Trump has long believed that he can create his own truth, often by telling the same falsehood over and over again. He seems to be trying that tactic again, too, especially with the economy. Trump's response to the disastrous July jobs report was to assert, with no evidence, that the Bureau of Labor Statistics had incorrectly reported the statistics to hurt him politically—and then fire the commissioner. That sent a chill through the markets and the business world, which need reliable statistics to function, and sparked fears that Trump will try to bend other government data to his whims.
When it comes to his own political standing, Trump is also trying to create his own reality, seeming to will away the challenges he faces. In an interview with CNBC on Tuesday, he insisted that he has 'the best poll numbers I've ever had,' claiming his approval was north of 70 percent. But that number represented his approval among Republicans, the interviewer told him. In fact, his overall approval rating is hovering at just about 40 percent. When corrected, all Trump could do was call the whole thing 'fake.'
Article originally published at The Atlantic
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

DOJ subpoenas NY AG over whether she violated Trump's civil rights, source says
DOJ subpoenas NY AG over whether she violated Trump's civil rights, source says

Yahoo

time12 minutes ago

  • Yahoo

DOJ subpoenas NY AG over whether she violated Trump's civil rights, source says

The Justice Department expanded its investigation into New York Attorney General Letitia James, subpoenaing James for her office's handling of the civil fraud investigation into President Trump, according to a Trump administration source familiar with the investigation. Another subpoena was sent to James' office regarding her office's investigation into the National Rifle Association. The U.S. Attorney's Office for the Northern District of New York is leading the investigations, the source said. The subpoenas are an indication that the Trump administration is continuing to investigate the president's political adversaries. James investigated Mr. Trump before his 2024 election victory. The New York Times first reported the subpoenas. A spokesperson for the U.S. Attorney's office in the Northern District of New York did not immediately respond to a request for comment. A Justice Department spokesperson declined to comment. CBS News has reached out to James' office for comment. Her attorney Abbe Lowell said in a statement, "Investigating the fraud case Attorney General James won against President Trump and his businesses has to be the most blatant and desperate example of this administration carrying out the president's political retribution campaign." Lowell accused the Trump administration of "[w]eaponizing the Department of Justice to try to punish an elected official for doing her job" and said it was "an attack on the rule of law and a dangerous escalation by this administration." "If prosecutors carry out this improper tactic and are genuinely interested in the truth, we are ready and waiting with the facts and the law," Lowell said. In May, CBS News reported that a criminal fraud probe led by the FBI had been launched into James for alleged mortgage fraud. This is a developing story and will be updated. Global stock markets react to Trump's sweeping tariffs in effect now Sean "Diddy" Combs wants to go back to Madison Square Garden in the future, attorney says Why Trump is calling for Intel CEO's immediate resignation

Josh Hawley is pushing for a $600 tariff rebate check for ‘hardworking Americans' — here's what it means for you
Josh Hawley is pushing for a $600 tariff rebate check for ‘hardworking Americans' — here's what it means for you

Yahoo

time12 minutes ago

  • Yahoo

Josh Hawley is pushing for a $600 tariff rebate check for ‘hardworking Americans' — here's what it means for you

Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. How would you feel about getting a $600 check from Uncle Sam? That's exactly what Senator Josh Hawley is proposing. On Monday, he introduced the 'American Worker Rebate Act of 2025' — a bill that would send rebate checks to working Americans, funded by revenue from President Donald Trump's tariff policies. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now 'Like President Trump proposed, my legislation would allow hard-working Americans to benefit from the wealth that Trump's tariffs are returning to this country,' Hawley said in a statement. Trump himself is open to the idea. Asked at the White House about a possible rebate for Americans from tariff revenue, he told reporters: 'We're thinking about that. We have so much money coming in, we're thinking about a little rebate.' To be fair, Trump also said the 'big thing we want to do is pay down debt' — but added that 'a little rebate for people of a certain income level might be very nice.' So, how much money are we talking about and who would qualify? How the rebate would work According to Hawley's press release, the bill would provide rebate checks of 'at least $600 per adult and dependent child (e.g. $2,400 for a family of four).' If tariff revenue exceeds projections for 2025, the bill could allow for 'a larger credit per person.' However, the benefit phases out for higher earners — joint filers with an adjusted gross income over $150,000 and single filers earning more than $75,000 would receive a reduced amount. The press release also noted that U.S. tariff revenue hit nearly $30 billion in June and several forecasts suggest it could surpass $150 billion for the year. While a rebate check might sound appealing, critics argue that the money could be better used elsewhere — particularly to reduce America's growing debt burden. 'I don't think [a rebate] would be particularly good policy,' Alex Durante, senior economist at the Tax Foundation, told CNBC. 'I would prefer that the revenue was used for deficit reduction rather than just cutting checks to people.' Others warn the checks could add fuel to inflation — an issue still lingering after the pandemic-era stimulus measures. 'People will go out and spend some of that money and that would further put upward pressure on prices and probably magnify inflationary effects,' said Joseph Rosenberg, senior fellow at the Urban-Brookings Tax Policy Center. Hawley's rebate checks are still just an idea — but you don't have to wait for Washington to act to receive a financial boost. Savvy investors have long created their own passive income streams. Here are two simple ways to get started. Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Dividend stocks Dividends are payments companies make to shareholders from their earnings, typically on a quarterly basis. Investing in dividend-paying companies allows you to generate passive income without selling your shares — and it can be surprisingly satisfying. As John D. Rockefeller, one of the richest Americans in history, once said, 'Do you know the only thing that gives me pleasure? It's to see my dividends coming in.' While stock prices can rise and fall, companies with a strong track record of paying — and growing — dividends offer investors a steady cash flow. Over time, those increases can compound into a powerful income stream. If you'd rather not pick individual stocks, dividend-focused exchange-traded funds (ETFs) offer a simple alternative. These funds hold a basket of dividend-paying companies, providing instant diversification across industries. Many also offer automatic reinvestment, allowing investors to compound their returns over time without lifting a finger. The beauty of ETF investing is its accessibility — anyone, regardless of wealth, can take advantage of it. Even small amounts can grow over time with tools like Acorns, a popular app that automatically invests your spare change. Signing up for Acorns takes just minutes: link your cards and Acorns will round up each purchase to the nearest dollar, investing the difference — your spare change — into a diversified portfolio. With Acorns, you can invest in a dividend ETF with as little as $5 — and, if you sign up today, Acorns will add a $20 bonus to help you begin your investment journey. Real estate Real estate is another popular way to generate recurring income. When you own a rental property and tenants pay rent, you earn a steady monthly cash flow. It's also a popular hedge against inflation, as property values and rental income tend to rise alongside the cost of living. However, while real estate investing has clear benefits, being a landlord comes with challenges and barriers to entry. Managing a property involves finding and screening tenants, collecting rent and handling maintenance and repair requests (out of your own pocket) — and that's assuming you can save enough for a downpayment and get a mortgage to buy the property in the first place. The good news? These days, you don't need to buy a property outright to reap the benefits of real estate investing. Crowdfunding platforms like Arrived offer an easier way to get exposure to this income-generating asset class. Backed by world class investors like Jeff Bezos, Arrived allows you to invest in shares of rental homes with as little as $100, all without the hassle of mowing lawns, fixing leaky faucets or handling difficult tenants. The process is simple: browse a curated selection of homes that have been vetted for their appreciation and income potential. Once you find a property you like, select the number of shares you'd like to purchase and then sit back as you start receiving any positive rental income distributions from your investment. Another option is First National Realty Partners (FNRP), which allows accredited investors to diversify their portfolio through grocery-anchored commercial properties without taking on the responsibilities of being a landlord. With a minimum investment of $50,000, investors can own a share of properties leased by national brands like Whole Foods, Kroger and Walmart, which provide essential goods to their communities. Thanks to Triple Net (NNN) leases, accredited investors are able to invest in these properties without worrying about tenant costs cutting into their potential returns. Simply answer a few questions — including how much you would like to invest — to start browsing their full list of available properties. What to read next Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Here are 5 simple ways to grow rich with real estate if you don't want to play landlord. And you can even start with as little as $10 Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

3 things you need to know about Trump's nominee for the Fed
3 things you need to know about Trump's nominee for the Fed

Yahoo

time12 minutes ago

  • Yahoo

3 things you need to know about Trump's nominee for the Fed

President Donald Trump's nominee to the Federal Reserve Board has implications for the central bank's monetary policy decisions. The president nominated Council of Economic Advisers Chairman Stephen Miran to the Fed to replace Fed governor Adriana Kugler, who is stepping down Friday. Miran will hold that seat for a few months until the Jan. 31 term expires while the president looks for a different candidate to nominate for a full 14-year term as Fed governor. But how will the nomination impact the central bank and the decisions it makes on setting interest rates? Here are three things you need to know about Miran's views and what they could mean for the Fed. Miran wants lower interest rates Miran, who criticized the Fed last fall for cutting rates, warning that lower rates could perpetuate inflation further, is now in favor of cutting rates. Miran, who holds a PhD in economics from Harvard University, believes that the Trump administration's policies, from immigration to trade and deregulation, which he has helped create, are disinflationary. This contrasts with many on the Fed who believe the president's tariffs could lead to higher inflation. If the Senate were to confirm Miran in time for the Sept. 16-17 policy meeting and the full committee is not convinced to lower rates at that time, Miran would likely dissent in favor of cutting rates. That would mark three on the committee who could dissent: Fed governors Chris Waller and Michelle Bowman both dissented at the July policy meeting, preferring to lower rates by 25 basis points. Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments Miran's 'Mar-a-Lago Accord' favors a weaker dollar Miran favors a weaker dollar as a way to offset higher inflation from tariffs while also increasing exports, narrowing the trade deficit, and boosting growth. He is the author of what he dubbed the "Mar-a-Lago Accord," a reference to the 1985 Plaza Accord that succeeded in depreciating the dollar's value. The Mar-a-Lago Accord seeks to devalue the dollar while retaining the greenback as the world's reserve currency. As one who favors a weaker dollar, Miran favors lower interest rates, which could lead to a weaker dollar if US rates are lower than the interest rates of other central banks around the world. The president has pushed for a 3 percentage point drop in the Fed's benchmark policy rate. Investors will watch for how much Miran will push for the policy rate to drop if confirmed. Miran wants a less independent Fed Miran has advocated for major changes to the Fed. In a paper co-authored in 2024 with the now chief of staff to Treasury Secretary Scott Bessent, Miran called for an overhaul of the central bank by Congress that would give the White House more control over firing Fed governors, as well as not allowing Fed governors to serve in the executive branch for four years following their term as governor. He also argued for subjecting the Fed's independent budget to congressional appropriations. The proposals for allowing the president to dismiss Fed officials at will have stirred fears that the move could politicize the central bank and push the Fed to make policy according to the whims of the political cycle and not the economic cycle. Read more: How jobs, inflation, and the Fed are all related Still, as only one governor on the Fed, and possibly a temporary one, Miran himself isn't expected to tip the scales all that much. Any major changes to the structure of the central bank would have to come from Congress, and there's still a 19-member committee that will make decisions on rates led by Fed Chair Jerome Powell, who, like the majority of the Fed, remains in a "wait-and-see" mode for the impact of tariffs on inflation. Jennifer Schonberger is a veteran financial journalist covering markets, the economy, and investing. At Yahoo Finance she covers the Federal Reserve, Congress, the White House, the Treasury, the SEC, the economy, cryptocurrencies, and the intersection of Washington policy with finance. Follow her on X @Jenniferisms and on Instagram. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store