Naturally, there was incredible relief on the Hill this morning when the White House announced that the United States and China would pause economic hostilities for 90 days, rolling tariff rates back toward “Liberation Day” levels. Sure, it was widely understood that the Trump team had capitulated in the face of impending economic calamity, but any misgivings were largely outweighed by the consolation that the next quarter may not be engulfed in economic tumult. Just 24 hours ago, Republicans were quietly fretting that the party was at risk of alienating even some of its most devoted voters. “They’ll do anything they can to support him,” explained one G.O.P. consultant, “until they can’t buy shoes for their kids.” Now, many are exhaling.
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