Maggie Haberman

You know, he knows exactly what he's doing, which doesn't do much to assuage the markets or concerned voters.

You know, he knows exactly what he's doing, which doesn't do much to assuage the markets or concerned voters.

The president thinks the experts are wrong, which is what the president has thought on a number of fronts. And again, to be fair to him, he has been shown in very specific circumstances that that has been true. That can be true. It can be true.

The president thinks the experts are wrong, which is what the president has thought on a number of fronts. And again, to be fair to him, he has been shown in very specific circumstances that that has been true. That can be true. It can be true.

And maybe his own poll numbers will be impacted to such an extent, his approval numbers will be impacted to such an extent that he changes course, that he takes a dramatic action of some kind. This is definitely a concern for his advisors who are worried about

And maybe his own poll numbers will be impacted to such an extent, his approval numbers will be impacted to such an extent that he changes course, that he takes a dramatic action of some kind. This is definitely a concern for his advisors who are worried about

The impact on his political standing, which at the moment they don't blame on voter response to tariffs and they don't even really blame it on the stock market reaction. They think that the ongoing nature of elevated consumer prices, eggs, so forth, is what is hurting Trump. That may not be the case forever. But Trump so far has not seen anything that has convinced him that he is wrong.

The impact on his political standing, which at the moment they don't blame on voter response to tariffs and they don't even really blame it on the stock market reaction. They think that the ongoing nature of elevated consumer prices, eggs, so forth, is what is hurting Trump. That may not be the case forever. But Trump so far has not seen anything that has convinced him that he is wrong.

And Trump is making, Michael, this enormous gamble. Right. It really is. Yes. On his economic policy and on the idea that everybody else is wrong. And Trump makes these massive gambles. Sometimes they really don't work out for him. Sometimes they do. And he takes those moments as affirmation that he was correct all along.

And Trump is making, Michael, this enormous gamble. Right. It really is. Yes. On his economic policy and on the idea that everybody else is wrong. And Trump makes these massive gambles. Sometimes they really don't work out for him. Sometimes they do. And he takes those moments as affirmation that he was correct all along.

To some extent, I don't think the entirety of it, but certainly the short-term economic picture and possibly the long-term, he is waging an enormous bet that his view of the economy is going to be correct in the face, to your point, of almost everyone's expert opinion as to why this approach is risky. So this has been very confusing for people to figure out what exactly the endgame is.

To some extent, I don't think the entirety of it, but certainly the short-term economic picture and possibly the long-term, he is waging an enormous bet that his view of the economy is going to be correct in the face, to your point, of almost everyone's expert opinion as to why this approach is risky. So this has been very confusing for people to figure out what exactly the endgame is.

So, Michael, I think that there will be competing impulses at play in Donald Trump's head as he is grappling with this. On the one hand... He is going to want to stick to his guns. This is something I think he does believe in. And I think he's going to want to show the experts that he's right.

So, Michael, I think that there will be competing impulses at play in Donald Trump's head as he is grappling with this. On the one hand... He is going to want to stick to his guns. This is something I think he does believe in. And I think he's going to want to show the experts that he's right.

On the other, there is an external reality, which is that he is not on the ballot again, but his party is.

On the other, there is an external reality, which is that he is not on the ballot again, but his party is.

In the next midterms. And the Republicans have a very, very narrow majority in the House. Trump and his advisers are extremely aware that if they lose the midterms, the number of investigations and subpoenas that they will face from a Democratic House will be vast. And that's not something they want to spend the final two years of his term dealing with.

In the next midterms. And the Republicans have a very, very narrow majority in the House. Trump and his advisers are extremely aware that if they lose the midterms, the number of investigations and subpoenas that they will face from a Democratic House will be vast. And that's not something they want to spend the final two years of his term dealing with.

And appearing to seem as if you don't hear voters' concerns about them.

And appearing to seem as if you don't hear voters' concerns about them.