Republican senators have voiced their apprehensions about the potential political fallout of President Donald Trump‘s ongoing trade war on the GOP’s prospects in the 2026 elections.
What Happened: Republican lawmakers are drawing comparisons with the 1932 and 1982 elections, where trade wars and subsequent price inflation led to significant losses for the Republican party. They fear history may repeat itself due to the current trade war, reported The Hill.
Many Republicans see tariffs as a tax increase on American consumers. They point out that the last two instances of Congress enacting tax hikes similar to Trump’s recent tariffs resulted in the president’s party suffering significant losses in the following election.
Thom Tillis (R-N.C.), a key Democratic target in the upcoming midterm election, warned that if discussions about tariffs continue into February of next year, Republicans could pay a steep political price.
"No doubt, if we're having the same discussions about tariffs in February of next year, all the indicators would be ‘wrong track,” Tillis told The Hill.
Meanwhile, Sen. Ted Cruz (R-Texas) and Rand Paul (R-Ky.) have both expressed concerns about the potential economic and political fallout of the trade war. Sen. Susan Collins (R-Maine), another top Democratic target in the 2026 midterm election, has also spoken out against Trump’s tariffs on allies, particularly the 25% tariff on Canada, due to the economic impact on her home state.
SEE ALSO: Frenzied Chinese Sellers Push Dubious Tactics To Help US Amazon Merchants Dodge Tariffs: Report
Why It Matters: While stock markets initially rose after Trump announced a 90-day pause on most of the steepest tariff increases, they fell sharply again due to ongoing anxiety about the U.S. economy. This has caused distress among lawmakers due to the implications for the broader economy. Lawmakers were particularly concerned about the bond market sell-off due to its potential impact on the wider economy.
President Trump’s approval rating hit a new low since his inauguration, in March 2025. This decline in approval rating was largely due to dissatisfaction with his handling of the economy.
Despite this, Trump predicted a ‘tremendous, thundering landslide’ for the GOP in the 2026 midterms. He insisted that his latest round of tariffs would help solidify his party’s position in the House.
Notably, a report by the Tax Foundation estimated that Trump's tariffs are expected to raise annual government revenue as a percentage of GDP by 0.56%, marking the largest increase since Former President, Bill Clinton‘s 1993 tax hike.
Nevertheless, the recent concerns expressed by Republican senators suggest a growing unease within the party about the potential political repercussions of the ongoing trade war.
Image via Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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