'Emperor Trump's not wearing clothes!'

At last, someone seems to have stood up to him and told him to stop. Whether he will, is a different matter. But Trump's 'economic agenda' (sic) is under political and legal attack that would deter a less feisty president. His 'One, Big, Beautiful Bill' (OBBB), containing spending plans, has come up for criticism from Elon Musk, who describes it as 'more big than beautiful', before stepping down on Wednesday as Trump's special Agent DOGE to cut government flab. Musk's unceremonious departure, after having reportedly achieved less than one-tenth of the $2 tn spending cuts that he had announced on his boss' campaign trail, is an admission of failure. The administration is also worried that Musk's views on Trump's budget-bloat have found traction in the Republican Party. The bill needs Senate authorisation after being amended considerably in the House of Representatives. Modifications beyond a point could affect the tax giveaways upon which Trump has based his economic revival agenda.

The White House is also facing questions of overreach in announcing across-the-board tariffs against trading partners. There may be workarounds for a federal court block on tariffs on Wednesday, which deemed the April 2 'Liberation Day' executive order illegal. But Trump 2.0 will be forced to speed up a Supreme Court reference. Other means are piecemeal, cumbersome and time-barred, none of which makes negotiating with trading partners any easier. Utility of reciprocal tariffs as a bargaining tactic to gain market access has been eroded by Trump's on-again, off-again announcements. A legal challenge over POTUS' authority to impose sweeping duties makes the situation even more unpredictable.

Trump is sure to put up a fight. But his ability to inflict pain on the US economy - and, by extension, the world economy - is becoming limited. The Republicans will prevail over fiscal extravagance, and US law will settle the matter of tariffs. The US economy was turning protectionist even without Trump. It may be able to reach its comfort level without his shock tactics.