Republicans are fracturing on the economy
livemint.comRepublicans will gather for their convention in Milwaukee next week united behind presidential candidate Donald Trump but divided on what the party stands for. There are, of course, widely aired disagreements over abortion and the war in Ukraine. But a potentially more consequential division has opened over economics.
On one side is a pro-business libertarian wing that backs low taxes, free trade and international openness. On the other is a growing contingent of conservatives skeptical of big business, ambivalent about tax cuts and vocally supportive of tariffs. While both wings back Trump, who straddles this divide, they have different priorities should Trump win this fall’s election and Republicans retake control of Congress.
Which side prevails has huge implications for the economy and business. The new Republican thinking was evident this week at the annual meeting of “national conservatism," one of many labels attached to the new movement (along with the “new right," “populist right" and “conservative economics"). Speakers interspersed attacks on the “Marxist" and “radical" left with condemnation of the “corporatist right," “free marketism" and “globalism." “Look at the libertarians who helped Ronald Reagan rescue the U.S.
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