White House Says Tariffs Push Is 'Just Getting Started'

The White House vowed to extend its tariff push after midterm losses as 62% of Americans back repeal in a Reuters/Ipsos poll and prices rose 0.4% in October.

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The White House said on Nov. 10 it will keep expanding its tariff program despite voter backlash over prices, one week after Republicans lost ground in the Nov. 3 midterm elections. Jim Goyer, director of the White House Office of Public Liaison, told business leaders at the B20 USA Summit in Washington: "We are just getting started. Our ambition is to continue this pace for the remainder of the president's term in office."

What Did the White House Say About Tariffs?

The administration defended tariffs as a tool to rebuild U.S. manufacturing, secure supply chains and cut dependence on foreign producers. Goyer's remarks came at a summit hosted by the U.S. Chamber of Commerce. The message confirmed that the election result has not changed the White House's trade strategy.

The position follows a legal setback in February. On Feb. 20, the Supreme Court ruled that the International Emergency Economic Powers Act does not authorize tariffs. A 10% global tariff under Section 122 of the Trade Act took effect on Feb. 24. The Court of International Trade later found those duties did not meet statutory requirements. Importers are now pursuing refunds of up to $166 billion on the struck-down levies.

How Strong Is Public Opposition?

Opposition is broad. The Reuters/Ipsos poll released Nov. 10 found 62% of Americans support repealing the tariffs, and only 21% approve of the president's handling of the cost of living. A CNBC voter poll found about two-thirds of voters said administration policies contributed to inflation, and nearly nine in 10 called the cost of living a major factor in their vote.

Price data point the same way. Consumer prices rose 0.4% in October, above economist forecasts. Annual inflation stood at 3.7% in September, well above the Federal Reserve's 2% target. A Federal Reserve Bank of New York study estimated that about 26% of tariff increases pass through to consumer prices, with a lag of nine to 12 months.

Why Are Business Leaders Divided?

Executives at the summit split on the policy. Gary Cohn, IBM (IBM) vice chairman and a former Trump economic adviser, called tariffs "a consumption tax on the U.S. consumer." He said buyers of big-ticket items such as cars absorb the cost, and he suggested a bipartisan deal could keep pressure on China while rolling back broader duties.

UPS (UPS) CEO Carol Tomé said supply chains are diversifying and regionalizing. Dow (DOW) Executive Chairman Jim Fitterling defended the policy while acknowledging its costs.

What Do Tariffs Mean for Interest Rates?

Persistent tariff-driven price pressure narrows the Federal Reserve's room to lower interest rates. With inflation at 3.7% and October's monthly gain above forecasts, the central bank faces a harder balance between price stability and growth. Tariff effects on consumer prices arrive with a lag, so duties already in place continue to feed through into 2027.

What Comes Next for Tariff Policy?

Democrats plan to challenge the tariffs when they take control of Congress in January. The White House holds the trade-policy levers, and the courts have shown they will limit the authorities it can use. Refund processing and any new statutory basis for duties are the next points of friction.

Outlook

The administration has chosen to hold its tariff course while opposition grows among voters, economists and parts of the business community. Over the next three to 12 months, the gap between that stance and the political and legal pressure will shape consumer prices, the Fed's rate path and the rules for global supply chains.