Wendy Schiller

Schiller notes that President McKinley "walked back his massive protectionist tendencies" after initially passing the largest tariff bill in history. She observes Trump facing similar pressure: "He realizes that the last two years of his presidency will be quite unpleasant if the Democrats take both the House and the Senate." The Republicans are hearing that the "Senate is in play" specifically because "he hasn't brought manufacturing back" and tariffs are hurting concentrated industries (input costs up 25%). To save the Senate, Trump is likely to execute a "Buffalo Pivot" (softening trade stances). If Trump pivots away from hard protectionism to save his political capital, sectors currently depressed by trade war fears (Industrials, Retailers, and Auto Manufacturers dependent on global supply chains) will rally. Trump ignores political signaling and doubles down on tariffs; Democrats win the midterms regardless, leading to legislative gridlock.

Schiller notes that President McKinley "walked back his massive protectionist tendencies" after initially passing the largest tariff bill in history. She observes Trump facing similar pressure: "He realizes that the last two years of his presidency will be quite unpleasant if the Democrats take both the House and the Senate." The Republicans are hearing that the "Senate is in play" specifically because "he hasn't brought manufacturing back" and tariffs are hurting concentrated industries (input costs up 25%). To save the Senate, Trump is likely to execute a "Buffalo Pivot" (softening trade stances). If Trump pivots away from hard protectionism to save his political capital, sectors currently depressed by trade war fears (Industrials, Retailers, and Auto Manufacturers dependent on global supply chains) will rally. Trump ignores political signaling and doubles down on tariffs; Democrats win the midterms regardless, leading to legislative gridlock.

Schiller notes that President McKinley "walked back his massive protectionist tendencies" after initially passing the largest tariff bill in history. She observes Trump facing similar pressure: "He realizes that the last two years of his presidency will be quite unpleasant if the Democrats take both the House and the Senate." The Republicans are hearing that the "Senate is in play" specifically because "he hasn't brought manufacturing back" and tariffs are hurting concentrated industries (input costs up 25%). To save the Senate, Trump is likely to execute a "Buffalo Pivot" (softening trade stances). If Trump pivots away from hard protectionism to save his political capital, sectors currently depressed by trade war fears (Industrials, Retailers, and Auto Manufacturers dependent on global supply chains) will rally. Trump ignores political signaling and doubles down on tariffs; Democrats win the midterms regardless, leading to legislative gridlock.

Schiller notes that President McKinley "walked back his massive protectionist tendencies" after initially passing the largest tariff bill in history. She observes Trump facing similar pressure: "He realizes that the last two years of his presidency will be quite unpleasant if the Democrats take both the House and the Senate." The Republicans are hearing that the "Senate is in play" specifically because "he hasn't brought manufacturing back" and tariffs are hurting concentrated industries (input costs up 25%). To save the Senate, Trump is likely to execute a "Buffalo Pivot" (softening trade stances). If Trump pivots away from hard protectionism to save his political capital, sectors currently depressed by trade war fears (Industrials, Retailers, and Auto Manufacturers dependent on global supply chains) will rally. Trump ignores political signaling and doubles down on tariffs; Democrats win the midterms regardless, leading to legislative gridlock.