President Donald Trump admitted that he’s not sure if his economic policies will pay off for Republicans at the ballot box in 2026.
In an interview with the Wall Street Journal that was published late Saturday, he pointed to massive investment pledges that he’s secured since returning to the White House.
But when asked if Republicans will lose control of the House in next year’s midterm elections, Trump replied, “I can’t tell you. I don’t know when all of this money is going to kick in,” adding that forecasts say the second quarter.
Trump has previously touted as much as $21 trillion of investments pouring into the U.S., though recent commitments don’t come close to adding up to such levels.
Still, under trade deals Trump has negotiated, the European Union has vowed $600 billion in investment, Japan $550 billion, and South Korea $350 billion. Separately, Saudi Arabia has promised $1 trillion. Companies have also announced plans to invest hundreds of billions of dollars, though some of that includes money planned during the Biden administration.
While the timing of all the money is uncertain, not to mention how much will actually be spent, companies have expressed the need to diversify supply chains with more domestic production. Apple has said its $600 billion pledge to build U.S. factories will create a “domino effect” that ignites manufacturing across the country.
At the same time, Wall Street expects Trump’s tax cuts from his One Big Beautiful Bill Act to deliver a significant jolt of fiscal stimulus to the economy next year, potentially reaccelerating GDP growth.
That would come as voters made clear in last month’s off-year elections that affordability is their top priority. Inflation has cooled from its 2022 high, but prices are up sharply from pre-pandemic levels, and consumers are revolting over higher insurance, electricity and grocery bills. Even most Trump voters say the cost of living is bad.
Trump has dismissed the affordability issue as a Democratic “hoax” and insists prices are down. He told the Journal that he will lower prices.
“I think by the time we have to talk about the election, which is in another few months, I think our prices are in good shape,” Trump said.
“I’ve created the greatest economy in history. But it may take people a while to figure all these things out,” he added. “All this money that’s pouring into our country is building things right now—car plants, AI, lots of stuff. I cannot tell you how that’s going to equate to the voter, all I can do is do my job.”
Trump has floated some ideas to appease voters on affordability, including a 50-year mortgage to lower monthly payments and $2,000 “dividend” checks. He also continues to pressure the Federal Reserve to lower rates, even though it could worsen inflation, and rolled back tariffs on some food imports.
In his interview with the Journal, Trump didn’t say if he would cut tariffs on other goods. He also warned that if the Supreme Court strikes down his global tariffs, his alternatives are not as “nimble, not as quick.”
“I can do other things, but it’s not as fast. It’s not as good for national security,” Trump added.
