House Speaker Mike Johnson and other Republicans are dismissing stock market turmoil and recession concerns as they defend President Donald Trump’s tariff policies.
“It is a shake-up and he said there is going to be a shake-up right now but this is what is required, in my mind, to start the process of repairing and restoring the American economy,” Johnson said on Tuesday when asked if Trump needed to rethink an approach that’s provoking uncertainty that roiled Wall Street investors.
“I believe the strategy is going to work … I think you got to give it time,” Johnson added at the House GOP’s weekly press conference. “He’s been in office just over, what, 50 days? This is the 51st day in office. Give the president a chance to have his policies play out.”
Johnson then went so far as to contend the market meltdown is a result of Biden-era policies — a deflection also being used by the White House as Trump officials contend the U.S. is facing an “economic transition.”
“He’s got to reshape and shape things, because it’s in a real mess,” Johnson said. “The last four years was a disaster.”
Later on Tuesday afternoon, in a legislative maneuver, House Republicans successfully blocked Democrats from forcing votes and debate on Trump’s controversial tariffs.
To tee up Johnson’s temporary government funding bill, the House first needed to pass what’s known as “a rule” Tuesday afternoon. Buried inside the text of that rule is legislative language that prevents Democrats from forcing a potentially politically painful vote to end Trump’s tariffs on Canada, Mexico and China until at least January 2026.
Democrats are blasting the move.
“Guess what they tucked into this rule, hoping nobody would notice? They slipped in a little clause letting them escape ever having to debate or vote on Trump’s tariffs. Isn’t that clever?” Rep. Jim McGovern, the top Democrat on the House Rules Committee, said during floor debate Tuesday.
‘Everybody relax’
Despite pledging during the 2024 campaign that Trump would supercharge the economy on Day 1, House Republicans have so far appeared not to be bothered by the market upheaval and continue to blame Democrats for the state of the economy.
“Everybody relax. It’s going to be okay. Those of you that have your money in the market, don’t pull it out now,” Rep. Troy Nehls, a Texas Republican and staunch Trump supporter, told ABC News. Nehls contended “everything will rebound.”
Asked if what’s unfolding is hurting Trump politically, Nehls shifted to talk about Democrats, “What everybody is seeing is, obviously what they’re seeing is the Democrats don’t like what Donald Trump is doing, and they’re scaring the hell out of people.”
Rep. Nicole Malliotakis, a New York Republican, also isn’t concerned about recent events. She told ABC News, “I think that’s just temporary. You’ll see things get better.”
When asked about Trump’s campaign promises on the economy, Malliotakis also pivoted to blame the previous administration.
“You got to remember that we had four years of a terrible economy because of Joe Biden. Look at what Joe Biden did that was so destructive, the reckless, wasteful spending that was inflationary, the regulations that he added that were burdensome,” she said.
Rep. Rich McCormick, R-Ga., told ABC News he supports the tariffs and said their impact on the market will “depend on how permanent they are.”
“A threat can have volatility per day, but if it doesn’t stay permanent, that threat goes away,” he added.
Asked if Trump would be at fault if Americans ended up paying more because of the policies, McCormick argued they are already “paying more because we have unfair trade with other countries.”
Meanwhile, Senate Democratic leader Chuck Schumer placed the blame for recession fears squarely on President Donald Trump’s tariffs and rhetoric during floor remarks on Tuesday. He challenged Trump’s assertion that this would be a “golden age” in America, citing downturned markets and ballooning costs.
“More trouble for the Trump administration: The Trump economy. Donald Trump promised Americans a golden age on day one. Well today is day 50. And Americans are wondering, scratching their heads, where is this golden age? Can’t find this golden age in the inflation numbers because inflation has gone up under Donald Trump from groceries to retail to cars. The idea that he said in the campaign prices will be going down on day one that’s by the wayside that’s for sure,” Schumer said in floor remarks.
ABC News’ Allison Pecorin contributed to this report.
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