President Donald Trump finds himself at the center of escalating political and economic turmoil. On a single Wednesday, he received two crushing blows: a federal judge warned of potential criminal contempt charges against his administration, and the chairman of the Federal Reserve delivered a grim outlook on the consequences of his tariff policies.

Federal Reserve Chairman Jerome Powell stated that the president’s aggressive tariffs were “highly likely” to spark further inflation and hamper economic growth. Although Powell avoided using the word, experts noted that this toxic mix of stagnant growth and rising prices resembles the infamous stagflation that plagued the Carter administration in the 1970s.

For Trump, whose political brand has long been tied to his claim of economic strength, this warning is a serious red flag. Historically, American voters prioritize the economy above all else when judging a president. Indeed, economic dissatisfaction was a leading factor in President Joe Biden’s failure to secure a second term, ultimately losing to Trump in 2024.

Now, just two weeks after Trump declared “Liberation Day” while unveiling a sweeping set of tariffs, many are calling it the moment of reckoning. Critics argue that the consequences of those policies—once hailed as economic protectionism—are finally being felt by ordinary Americans.

Despite a political career marked by defiance of expectations and controversy—from the 2016 campaign to the January 6 Capitol riot—Trump has consistently emerged unscathed. However, this new challenge is different. It's not about rhetoric or scandals; it's about numbers that show up in Americans' 401(k) accounts and daily budgets.

According to the latest Economist/YouGov poll, Trump’s approval ratings have taken a significant hit. While he began his second term with a modest 49% approval versus 43% disapproval, the numbers have now reversed: 43% approve and 51% disapprove. His handling of the economy has also turned negative—only 41% of respondents approve, while 51% disapprove.

Even among those who voted for him in 2024, support is slipping. In late March, 75% of Trump voters approved of his economic performance. That number has now dropped to 66%, revealing cracks in his core base.

One area where Trump still enjoys majority support is immigration. Polls show a 50%-40% approval rating for his handling of immigration issues. This has long been the issue that drives enthusiasm among his base. To reinforce that strength, the White House made a strategic move late Wednesday by inviting Patty Morin, the mother of Rachel Morin—a Maryland woman murdered by an undocumented immigrant from El Salvador—to speak at a press briefing. The attacker had just been convicted of rape and murder.

Rachel Morin’s case was a major flashpoint during the 2024 campaign, and it appears the White House is again using the emotional weight of the story to justify aggressive immigration policies. Meanwhile, another controversy emerged involving the mistaken deportation of Kilmar Abrego Garcia, also from El Salvador, adding further fuel to the debate over Trump's hardline immigration stance.

Judicial Defiance and Public Outrage

The administration's possible defiance of a Supreme Court ruling has triggered alarm bells in the judiciary. Chief U.S. District Judge James Boasberg announced that he is weighing contempt of court proceedings after the administration allegedly ignored a March 15 order banning deportations of certain Venezuelan migrants under the Alien Enemies Act.

In Iowa, frustrations are boiling over. At a town hall in Fort Madison, Senator Chuck Grassley was heckled by voters who demanded answers about Trump's leadership and economic strategy. One man shouted, “Are you going to bring that guy back from El Salvador? He’s got an order from the Supreme Court and Trump just said ‘no.’” The question drew scattered applause from the crowd.

Grassley, a six-term Republican senator, tried to stay calm, saying, “There’s no president I’ve agreed with 100% of the time.” But the message from voters was clear—concern about tariffs hurting farm exports, potential cuts to Social Security, and broader fears about Trump's direction are growing.

The Price of Economic Nationalism

Unlike many crises that stem from natural disasters or global conflicts, Trump’s current troubles are the direct result of his own policy victories. He has long advocated for tariffs as a cure-all for economic woes, dating back to his days as a real estate developer in the 1980s. Now that they’ve been implemented, the consequences are becoming harder to ignore.

During a speech to the Economic Club of Chicago, Powell warned that the tariff burden would likely raise consumer prices and could push up unemployment. “Some of that cost will be paid by the public,” Powell stated, though he noted the extent of price hikes is still unclear.

Trump fired back on Truth Social, calling for Powell’s “termination” and urging the Federal Reserve to cut interest rates. But Powell emphasized that the Fed’s dual mandate—ensuring stable prices and maximizing employment—might be in conflict due to the current economic landscape. “In that case,” he said, “we’ll have to make what will no doubt be a very difficult judgment.”

In summary, Trump’s second term is facing its first major political and economic crisis. Whether it’s the falling stock market, the drop in retirement investments, or the strain on small businesses, the effects of his economic decisions are being felt nationwide. With tensions rising and support wavering, the durability of Trump’s presidency is once again under pressure—not from scandal, but from the very policies he championed.