Republican strategist Melik Adbul said on CNN Wednesday that President Donald Trumpâs tariff policy appears to be effective so far.
Despite many economists forecasting that Trumpâs sweeping tariffs would see higher inflation and other negative effects, several economic indicators have shown strength. Abdul, on âCNN News Central,â noted the stock marketâs performance to bolster his claim.
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âWhat happened earlier on, there was a lot of consternation, a lot of noise being created around tariffs, because itâs something that our presidents of the United States havenât had as far as their economic agenda,â Abdul said. âDonald Trump has. And all of the gloom and doom that was predicted as far as the tariffs are concerned, they have not been realized.â
âSo I think that youâve seen what the markets are saying. You know, you have the great numbers that you just were talking about here. Until people actually feel the impact of whatever this gloom and doom scenario is, thatâs when it will probably hurt Donald Trump,â he continued. âBut at this point, Donald Trumpâs tariff policy seems to be working. And I think itâs very difficult for Democrats to actually give him credit for that.â
In addition to the strong stock market, manufacturing output rose 0.1% in June following an upwardly revised 0.3% increase in May, the Federal Reserve Board reported on July 16. U.S. jobless claims for the week ending July 12 also fell by 7,000 to 221,000, the Department of Labor reported on July 17, marking five consecutive weeks of decline.
U.S. retail sales growth also rebounded more than expected in June, increasing 0.6%, according to advance estimates from the U.S. Census Bureau released July 17.
Moreover, Trump announced new trade deals on Tuesday with Japan and the Philippines.
The president wrote in a Truth Social post that the Japan deal is âperhaps the largest deal ever made.â He added that Japan will pay 15% reciprocal tariffs to the U.S. as part of the trade deal.
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