Republicans are feeling jittery after the latest jobs report showed the economy added far fewer jobs than previously estimated over the past three months.
President Trump and his economic team insist the economy is going strong and poised for significant growth, but their bullish projections are meeting skepticism from some in the GOP who worry Trump’s trade regime is creating economic headwinds.
“It definitely is indicative of a weakened economy, an economy that’s not acting in a robust fashion. I’ve all along felt like there’s a lag between tariffs and actual economic downturn,” Sen. Rand Paul (R-Ky.) said.
Trump announced a new roundof tariffs, including steep tariff increases on Canada and Brazil, the same day the jobs report was released.
Paul argued the impact of tariffs are often delayed because companies usually sign contracts to set the prices of imports months in advance.
Once those contracts expire, the higher prices of imported raw materials or finished goods are then reflected in the next round of business agreements, he said.
Larry Kudlow, a leading host on Fox Business and a former director of the National Economic Council during President Trump’s first term, slammed one of the nation’s largest banks after the president alleged it turned away his business after he left the White House in 2020.
Former United Nations Ambassador Nikki Haley questioned President Trump’s trade moves with China and India on Tuesday, warning the U.S. shouldn’t “burn” its relationship with India.
Rep. Don Bacon (Neb.), a moderate Republican, said he’s concerned about the U.S. economy, noting his state saw a 6 percent annual drop in real gross domestic product (GDP) in the first quarter of 2025.
Federal Reserve Board Governor Lisa Cook will participate in a discussion on the central bank’s perspective on “the evolving global landscape” on Wednesday at 2 pm ET.