What’s Next for Donald Trump?
Author: Greg Valliere
July 28, 2025
AFTER AN EXTRAORDINARY SIX MONTHS, filled with many victories, Donald Trump is fuming. His support from his MAGA base has dropped dramatically.
DATA THIS WEEK PROBABLY WILL SHOW decent economic growth, solid corporate earnings and a good but not great labor market. Maybe not quite a Goldilocks economy, but close.
TRUMP CAN BOAST ABOUT THE ENACTMENT of a massive tax cut, the destruction of most of Iran’s nuclear infrastructure, and trade deals with much of Europe (but not China and Canada, which could be long slogs).
BUT MANY OF HIS ALLIES IN CONGRESS HAVE BROKEN AWAY: The Jeffrey Epstein scandal has taken a toll; even Speaker Mike Johnson has distanced himself from Trump.
SO IT’S TIME TO CHANGE THE SUBJECT: Jerome Powell is convenient enough, and if there’s no rate cut later this week, Trump will erupt.
TRUMP WILL NEED OTHER ISSUES: Second term presidents usually focus on foreign policy, and there’s growing anger at the White House over Benjamin Netanyahu’s reluctance to send food to Gaza. The other hot spot is Russia, where Trump is prepared to launch an all-out negotiating blitz.
THERE’S NO QUESTION that Trump has exceeded expectations — and benefits from a weak opposition from the Democrats — but we’ve been stunned by the ferocity of the Epstein furor. It could cripple his presidency this fall.
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